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Twin Bridges Insurance Agency

1881 Western Avenue, Suite 210
Albany, NY 12203

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Monthly Archives: March 2019

Renovating Your Home in 2019? Update Your Insurance

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If your home has suffered wear and tear over the years or you need more space to accommodate your growing family, you may want to renovate your Albany, NY abode. Home renovations provide a practical means for upgrading and restoring a home. If home renovations are in your immediate future, talk to us at NY Twin Bridges Insurance Agency to see how these renovations will affect your home insurance coverage and cost.

Increase in Home Value   

Major home improvements like a new roof, new bathroom and kitchen remodel will increase the value of your property, especially if you use costly materials to get that “designer look.” You’ll need to update your insurance to cover the new value of your home.

Ideally, you should have enough dwelling coverage to replace your home if it’s lost in a fire or natural disaster. Once renovations are done, your NY Twins Bridges Insurance agent can help you determine how much dwelling insurance you need to fully protect your home.

Protection for New Renovations

You’ll also need to update your policy to add home renovations to your coverage as they weren’t a part of your policy when you first got it.

Discount on Insurance Cost

Home upgrades that improve the safety and security of your home may qualify you for a discount on your home insurance premium. These include upgrades to your electrical, HVAC and plumbing system which can help reduce the risk of fire and water damage. A new alarm system or home automation system will enhance the security of your property which may result in paying less for your coverage. By updating your insurance policy you can take advantage of these savings.

To learn more about home insurance options, coverage and costs, contact NY Twin Bridges Insurance Agency in Albany, NY.

Is Car-Sharing Changing Auto Insurance Coverage

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Car owners are always in need of extra money, and the majority of them are considering listing their vehicle in a car-sharing service program. Online companies are offering drivers the option to rent their automobile to another licensed driver who is in immediate need of transportation. Each transaction is set up through an online service that matches renters with car owners in the same market. The outline of the car-sharing program is simple: the more days you make your car available on the app, the more money you stand to earn each month. 

However, the thought of allowing a total stranger to have access to your vehicle can become an uneasy situation. Most of the concern lies in the area of who is liable if an automobile accident occurs. Car owners must get verification on which party is responsible for the repairs. 

Individual Auto Insurance Policies Won’t Cover Car-Sharing Programs

It’s not shocking to learn that most car insurance providers will not cover an automobile used in a car-sharing program. Their biggest complaint is not knowing the driving history of the individual behind the wheel. Also, providers may have a problem with insurers using their vehicle in a money-making adventure. Agents from NY Twin Bridges Insurance Agency in Albany, NY can explain how expenses could exceed the cap set within an individual auto insurance policy. They will show how commercial auto insurance might be a better option for this style of driving. 

Car-Sharing Companies Offer a Wide Range of Insurance Coverage

The terms and policies may differ between each car-sharing companies, but all do offer auto insurance (collision, liability and comprehensive) coverage to car owners, renters, and third-party victims. The primary coverage goes into effect during the period when the owner delivers the vehicle to the renter for use and concludes when the automobile is returned. Collision and comprehensive coverage safeguards against theft, vandalism and other damages to the car. Having liability insurance will come in handy if the vehicle is involved in an accident and the renter is ruled to be responsible for the crash.