If you’re stepping into homeownership for the first time, you will likely have questions about when and why home insurance is required. You may have heard that you are required to have home insurance under certain circumstances. This is indeed true!

Our NY Twin Bridges Insurance Agency team in Albany, NY, is here to assist you. If you’re obligated to have home insurance, we can guide you through the process. Working with a wide array of carriers, we help homeowners find the coverage that best matches their needs. Here’s what you need to know. 

Home Insurance Isn’t Required If You Pay in Cash

If you’re obtaining a mortgage to finance your home, you will be required to secure home insurance. Your mortgage lender will mandate this as a prerequisite for your loan. Commencing your shopping for home insurance early in the home-buying process ensures you’ll be ready to acquire your loan when it’s time.

If you have a home loan, you must maintain home insurance. If your home insurance policy lapses during this period, your mortgage lender may insist on you subscribing to their home insurance policy as an alternative.

Why You Should Consider Getting Home Insurance Anyway

Even if you’re paying in cash, there are a multitude of benefits to having a home insurance policy. Home insurance policies can offer recovery assistance following a covered event. Home fires and burglaries can cause significant setbacks, but recovery is much more manageable with a robust home insurance policy in place. To kick-start your home insurance experience, call NY Twin Bridges Insurance Agency, serving Albany, NY. Get in touch with us today.

A new surround sound system or another piece of entertainment equipment could potentially become damaged when you least expect it. Home insurance coverage will protect your assets, allowing you to repair or replace items as needed.

Risks Involved

If you own a lot of entertainment equipment, you might not be able to replace it if it becomes damaged easily. Assess the risks associated with owning equipment.

For instance, if you have items installed outdoors, you may be concerned about stormy weather ruining your items. Once you have determined your risk level, you can decide how much home insurance coverage you need.

Insurance coverage that protects against theft, vandalism, and storm damage will reimburse you for the cost of repairing or replacing your equipment.

Security Concerns

Minimize the risk of your items being destroyed. Address any security concerns as soon as possible. Using a lock box or another locking system will keep high-priced items protected.

Ensuring that entertainment equipment is installed correctly and well-maintained on a consistent basis will preserve the condition of your belongings.

If you own a lot of entertainment equipment, it may be in your best interest to invest in various security devices that will keep your possessions protected at all times.

Value Considerations

Before you purchase insurance for your equipment, consider the value of each item you own. Expensive entertainment devices should be supplied with plenty of protection. Review insurance products to determine which ones will provide the level of protection you prefer.

Additional Advice

For assistance with your home insurance policy, consult with one of our agents who serve Albany, NY. Contact a NY Twin Bridges Insurance Agency representative to schedule an appointment.

There are a few lesser-known coverage options and hazards that policyholders may or may not realize. Our team at NY Twin Bridges Insurance Agency in Albany, NY, offers these five things to be aware of regarding homeowner’s insurance.

1. Home Policies Have Exclusions and Special Limits

Every policy has certain exclusions, like earthquakes and floods. Some may have limitations on watercraft, mobile homes, jewelry, and other items. Supplemental policy add-ons can cover some of these.

2. Most Insurance Policies Don’t Cover Water Damage

Some insurance policies cover water damage that originates inside the home due to storm-created openings. However, water due to flooding or broken water mains isn’t and may require investing in separate flood insurance.

3. Your Coverage Amount Isn’t the Same as the Cost of Your Home

Your coverage may not equal what you paid or its market value, which is a common misconception. Should your house need to be rebuilt entirely, you may need extra coverage for materials, labor, and debris removal.

4. Inform Your Insurance Company About Updates and Changes to the Home

Remember to update changes with your agent if you’ve put on a new roof, renovated rooms, or installed an alarm system. Depending on your work, you may need extra coverage or a rate reduction.

5. Choosing the Cheapest Policy Isn’t Always the Best Option

Even frugal shoppers have discovered that sometimes you get exactly what you pay for. When comparing insurance quotes, keep in mind that cost is not always the best indicator of the right coverage for you.

Get Answers to Your Home Insurance Questions

Here at NY Twin Bridges Insurance Agency in Albany, NY, we are happy to clarify your policy and address any questions or concerns you have about your policy. Our agents can ensure you have the right coverage for your needs.

If you become a homeowner in 2024, you will also probably consider getting home insurance. While you may know the basics of this insurance type, there might be certain questions you want to ask. In this blog post, you will find the answers to the most common questions about homeowners insurance in 2024: 

Is it really necessary to carry homeowners insurance?

The simple answer is yes. Why is it so important? Home insurance is the most efficient protection against different risks that most homeowners have to deal with. For example, if a hurricane damages your home or someone gets injured while visiting your house, home insurance will cover it. Also, most mortgage lenders require homebuyers to have home insurance. 

What does a typical home insurance policy cover?

Every home insurance policy is individualized and matches the needs of a policyholder. However, the typical homeowner’s insurance policy covers the structure of a home, personal belongings, other structures on the property, and additional living expenses if a home becomes unlivable. 

Does home insurance cover a home business?

Usually, it is not covered. Therefore, if you run a business from home, you will most likely have to purchase a separate business insurance policy. 

Are you a resident of New York and live in Albany, NY, or a nearby area? Are you thinking of getting a home insurance plan? Go ahead and reach out to NY Twin Bridges Insurance Agency. We are an experienced team of professionals specializing in all types of insurance, including homeowners insurance. We work with clients in Albany, NY, and other nearby areas, and our mission is to help you get the perfect insurance plan. 

Here in the Albany, NY area, we experience a diverse range of weather conditions depending on the season. We are used to hot and humid summers offset by frigid, snowy winters. Of course, the last few winter seasons have been much more trying than most. Climate change has hit us hard in this part of the country, significantly affecting both home insurance coverage and its overall costs. Since weather-related risks to property have sky-rocketed, we at NY Twin Bridges Insurance Agency feel that it is necessary to take the time to explain how these unprecedented changes may affect your policy terms and premiums in the future.

Weather and Climate Issues

Of course, our main cause for concern in Albany, NY are the harsher winters and their effects on your ability to sustain your home and property. Ice storms, dangerous amounts of snowfall, and extremely bitter cold temperatures can increase the chance of property damage, including downed trees, frozen pipes, and ice dams on your roof. As a matter of fact, insurers must pay close attention to the age and condition of your home’s roof. Missing shingles and leaks can lead to many weather-related issues in other areas of your home. Because of these considerations, local premiums are higher here than in regions with milder winters.

In addition, due to the new challenges introduced to the area due to climate change, there have been additional risks to homeowners that have not been traditionally covered in our area. That means that some insurers have limited coverage related to specific weather-related issues, while others have required a purchase of an additional rider or endorsement to cover such risks adequately.

Contact NY Twin Bridges Insurance Agency in Albany, NY

At NY Twin Bridges Insurance Agency, we understand that you want to relax knowing that your home and family are protected in the event of a weather emergency. That is why we encourage you to stop by if you have any questions about your coverage or whether or not additional coverage is needed. Please stop by anytime or give us a call. We would be happy to help!

What would you do if something damaged your home? Maybe it was fire, a flood, hail damage, vandalism, or a host of other disasters. Once you’ve taken some comfort that you and your family are safe, it’s time to collect on that insurance so you can make the necessary repairs or replacements and return to living. Here’s how you do it. 

File That Claim

First, if a crime has been committed, you call the police and make a report. If it was just Mother Nature in a snit, skip it and contact your insurance company as soon as possible to file your claim. You may be asked to document the damage with photographs. During the ensuing investigation, cooperate with your insurers. You can make repairs, but hold on to those receipts! If your house has become so uninhabitable you have to leave, keep receipts for all food and lodging. You could be reimbursed. You might think about hiring a public adjuster. They will review, evaluate your property, and get you a fair deal with the insurance company. 

NY Twin Bridges Insurance Agency, Now Serving Albany, NY

If you insure your Albany, NY, home with NY Twin Bridges Insurance Agency, you may not need the services of a public adjuster. We at Twin Bridges are committed to treating our clients respectfully, courteously, and fairly. We pride ourselves on exemplary, personalized service and focusing on the client’s best needs. Contact one of our agents today! 

If you have a home-based business, it doesn’t always have the same requirements as other companies would. However, you may still have specific rules to follow, including ensuring your business. If you’re in the Albany, NY area, NY Twin Bridges Insurance Agency can help you find the right commercial insurance for your company and understand what policy requirements would best suit your needs. Working with a trusted agent can give you peace of mind and ensure you follow the rules for your new business.

A home-based business is handled solely online and has no employees. Besides, you probably don’t need any additional insurance because you don’t have others working for you or customers coming to your home. If there are employees, though, or you have customers that will be in your home, it’s much more essential to ensure you have a policy that’s protecting you and them simultaneously.

Not only does that help you worry less, but it’s also a great way to adequately protect your business and personal assets. You want to be able to grow your business, help your customers, and enjoy the fruits of your labor. Finding out whether you should have a commercial policy is easy when you work with the right people.

At NY Twin Bridges Insurance Agency, we want to help home-based and other businesses in the Albany, NY area focus on operating their businesses instead of worrying about insurance and further details. When you work with our agents, you get the security you need to protect yourself and the information you need to make the right decisions about your policy needs. Reach out to us today, and let’s talk about protecting your business now and in the future.

When you own a home, you have many ways to protect it and keep it in good condition. One way is always to have home insurance to cover it. These policies have many different kinds of coverage within them. Each of these protects you in its own way. It’s generally required to have home insurance if you have a lender. Some neighborhoods require you to have it. Most HOAs require it. Even if it isn’t a requirement for you, having this insurance is necessary. Call us at NY Twin Bridges Insurance Agency in Albany, NY to get started. 

You Need Home Protection

Owning a home means paying for that home’s repairs when it’s damaged unless you have home insurance to cover it. Home insurance covers many different kinds of damage that happen for various reasons. This could be a disaster, a calamity, an accident, etc. When a covered event happens to your house and causes damage or destruction, the policy can pay to get it back in good condition. Home damage can be costly, so it’s always good to have this coverage. 

Item Protection Is Important

The items inside your home are also in need of coverage, and home insurance does this. It covers everything in the house so that they can be replaced if a damaging, covered event destroys them. 

Your Liability Can Be Expensive

Home insurance also covers your liability against accidents. Someone injured in your home can have expensive medical bills, and you’d have to pay them. With home insurance, those bills get paid. 

Get Home Insurance 

Getting home insurance is a must. If you don’t have it, call us at NY Twin Bridges Insurance Agency in Albany, NY to learn more. 

Home insurance is a simple and efficient way to ensure you can restore your family’s life and home after an unexpected event disrupts your family’s daily routine. The team of insurance professionals at NY Twin Bridges Insurance Agency is ready to help you select the insurance policy that meets your needs as a homeowner in Albany, NY.

The Most Common Homeowners Insurance Claims

According to an Insurance Information Institute (III) study, in 2020, 6% of insured homes submitted a claim for insurance reimbursement. Nearly 98% of those claims against a homeowner’s policy dealt with were for property damage. This is how the most common homeowners insurance claims break down.

Wind &Hail – 45.5% of Claims Submitted

The largest category includes damage caused by –

• Hurricanes
• Tornadoes, and
• Wind associated with thunderstorms.

Fire & Lightning – 23.8% of Claims Submitted

These homeowners insurance claims tend to be the costliest type of claim compared to other insurance claims.

Water Damage & Freezing – 19.9% of Claims Submitted

This type of damage happens when pipes freeze and burst or one of the home’s appliances begins to leak. This does not include flood insurance coverage – which is a separate policy.

All Remaining Property Damage – 7.9% of Claims Submitted

The remaining category covers all other forms of property damage, which may include –

• A tree that falls through your roof.
• A baseball that shatters your window, etc.

Bodily Injury/Property Damage to Other Individuals – 2% of Claims Submitted

While occurring at less frequency, liability claims typically are more expensive when they happen.  

Do you have questions regarding a homeowners insurance policy for a home or condominium in the greater Albany, NY area? Contact our licensed insurance professionals at NY Twin Bridges Insurance Agency at 518-608-5797.