When you own the land upon which a contractor is building your new home, your current homeowners insurance may cover you for some liability, but in Albany, New York–and the rest of the nation–most standard policies will not cover theft or damage to your building materials. This includes materials sitting on your property or already installed in your new home.

One of you, your building contractor or yourself, must have a Builder’s Risk Policy to cover damage to your new property while it’s under construction. It depends on which of you and the contractor are the "owner" of the building materials. Only the "owner" has an insurable interest in the under-construction property.

More than building materials theft must be covered. as even more hazards face your under-construction home. Windstorms, fire and water damage can be even more risky with unoccupied, partially-complete houses in New York. Builder’s Risk insurance gives you the protection you need.

This policy covers the cost to rebuild your home, along with theft of building materials that are onsite during construction. Do not depend on your current homeowners policy to protect your new home construction period. In most cases, if you pay for the building materials delivered to your land for your contractor’s use, you–not your contractor–is the legal owner of these items. Therefore, it is you who have the insurable interest in this material.

When you build a new home on your property, do at least two things.

• Understand the ramifications of the "owners" of the building materials used.
• Understand the limitations of your current homeowners insurance coverage, to be sure you have sufficient liability coverage, should a visitor to your construction site suffer injury, and ensure you are covered for common risks of loss.

When you build a new home in Albany, Saratoga Springs or Schenectady, contact NY Twin Bridges Insurance Agency, serving the Albany area as an independent agent, with access to over 40 top rated insurance companies. You can get multiple online quotes to find the affordable you need to protect your new home.

Is it possible to actually profit from a disaster? Some homeowners might think so, by merely taking out two homeowners insurance policies on their home from two different companies, then collecting double the benefit when a disaster occurs. As it turns out, this probably isn’t a good idea, and it certainly won’t help you cash in on a disaster.

In Albany, New York, it is perfectly legal to have two homeowners insurance policies–that’s not the problem. The problem is that you are only going to get paid for whatever a single claim is worth, not both claims. If you have two insurance policies and you make a claim with both, you’ll get the exact same amount of money you would get from a single claim, and the insurance companies get to work out how much of that claim each one pays. In the meantime, you get the fun and excitement of paying two premiums to get the exact same coverage you would get from one. Not such a great scheme, is it?

Knowing that you really only benefit from having one homeowners insurance policy, you should really try to choose the best one possible. The best way to do that is with an independent agent who can get you comparative quotes on homeowners insurance. If you live in Schenectady, Saratoga Springs, Albany or elsewhere in New York, we here at NY Twin Bridges Insurance Agency are the independent agents who can do just that. You can use our website to get live comparative quotes from multiple insurers so that you can make the right decision and get the best possible coverage for the best possible price.

Depending on the source of the water damage, your homeowners insurance should cover the damage in your basement. Many homeowners may not realize that flood insurance, caused by a natural disaster, usually requires a separate policy. Although, if your water heater breaks, your bathtub or washing machine over flows, or your sump pump stops working, you should be able to file a claim for the water damage.

Speaking with your independent agent is the first step to take if you have damage to your basement in Saratoga Springs or Schenectady. We can help you determine if your current insurance policy will cover the damage. If you use your basement as a recreational area or a media room, you may have extensive repairs. With a quality homeowners insurance plan, you should be able to replace your pool table, gaming system, and huge flat screen television without a problem and in a short amount of time.

If you find out your current policy will not cover the damage, you will want to shop around and find another plan. An independent insurance agent can help you compare rates and quotes to find the best policy for your situation in Albany, New York. We want to help you and we care about helping you protect your home and your personal possessions. No one wants to live without their belongings or face the stress of filing an insurance claim. When you work with independent agents, they can help you find the policy you need for the price you can afford. Call us today.