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.

If you live anywhere near Albany, New York, you’re probably familiar with the flooding problems caused by the Hudson, Mohawk and Housatonic rivers. Particularly in March, these rivers crest from melt water and can cause a real nightmare for people with homes a little too close to them, or a little too low in the landscape. If your basement floods it’s only natural to wonder "will my homeowners insurance cover the damages?" Unfortunately the answer is usually no.

Most home insurance policies cover named perils, in which a flood is almost never included. Many unprepared homeowners have tried to file a claim a flood damaged their basement or living space only to be told that floods are excluded. To cover damages from a flood, you need to purchase separate flood insurance, which is obviously a good idea if you live in a flood plain. The cost of such a policy depends on the value of your home, the size of your deductible and the likelihood of a flood in your area.

The key to peace of mind as a homeowner is having the right kind of insurance for your particular location and the dangers within it. If you live in Saratoga Springs, Schenectady, Albany or elsewhere in the region, you should contact NY Twin Bridges Insurance Agency. As your independent agent, we can get you comparative quotes from multiple insurers to make sure that you get the right homeowners insurance policy at the right price. If you live in a flood plain and want to get protection, call us today.

In most cases your insurance company in Albany, New York will cover your personal belongings when you travel to a foreign country. All homeowners should have home insurance that protects belongings owned by the family. When you travel overseas or to a foreign country, there is chance you might loose your luggage, your laptop, or even your cell phone. If these items are covered under your homeowners policy, you should be able to replace them quickly.

An independent agent is a professional who can explain homeowners insurance coverage and help you to compare rates and quotes for several different providers. If you travel often and you are worried about protecting your belongings, make sure your policy covers these types of accidents. Whether you live in Saratoga Springs or Schenectady, purchasing a quality homeowners insurance plan is important. Often when people travel they take their electronics, jewelry, and other expensive items. If you are a victim of theft or an accident, you will want to replace the items and get on with your vacation or business trip.

When choosing insurance coverage in Albany, New York think about the items you need to insure. You will probably want to take an inventory of all of your precious possessions and even take pictures or video of the items. If you need to make a claim when you are at home or in a foreign country, documentation will help the process go quickly. Your independent agent can give you some tips about how to inventory your home and make sure you have enough homeowner insurance protection. We are here and ready to help you today.

If your home insurance company in Albany, New York has issued a cancellation notice due to unpaid bills, you should still be able to pay the past due amount and reinstate your homeowners insurance. Sometimes families have a difficult time paying bills due to a reduction in hours at work or other expenses. If you have missed your home insurance payment, contact your provider and attempt to make a payment arrangement.

In Saratoga Springs or Schenectady, even if the insurance provider must issue a cancelation notice, many companies will try to work with the homeowner to provide coverage. An independent agent can also help to work with the provider to make the payment arrangement or look for new quotes and rates and find a more affordable policy. When living in Albany, New York, homeowners need to protect the structure of the home and personal possessions. It may be possible to find a less expensive policy that still provides the protection you need for all of the items in your home.

As an independent agent we can help homeowners determine the amount of coverage they need and compare rates with several providers to find the best deal. You do not want to let your homeowners insurance lapse and paying the bills on time is essential. So even if you have received a cancelation notice, don’t worry. First contact an agent, then work with a provider to reinstate the policy and make sure you and your family are protected.

When children move out of the home, certain situations are still covered under a parent’s home insurance. Although that is true when adult children move into a dorm at college, they are not usually covered under a plan in Albany, New York if they are renting a house or apartment.

Coverage in the Dorms

During college, your daughter may still be covered under your policy as long as she lives in the dorms and does not rent an apartment. Your home insurance may cover her property because dorms are not considered a new home.

If her personal belongings are stolen, then your insurance may pay to replace the items.

Rental Coverage

If your daughter rents an apartment or house, then she is responsible to obtain appropriate coverage for liability and property. Homeowners insurance will not pay for the damages to her property or any situations associated with liability as long as she is renting the space rather than living in a college dorm.

When your daughter rents an apartment or house, she will want to purchase renter’s insurance. The coverage will help pay for any liability concerns and protect her personal belongings. It is not as expensive as homeowners coverage because the number of risks and the coverage are different. Renters are not responsible to pay for damages caused by fires, floods or similar situations. The landlord will have protection for the building, so renters only need protection for personal belongings and general liability.

Although parents may worry about a young adult who is renting for the first time, their homeowners plan may not provide any protection after a child moves out of the college dorms. Fortunately, coverage is available for renters. To learn more about renter’s insurance and policy options, contact us to talk to an independent agent today.

To cite one possible example that involves electrical the remediation of aluminum wiring with copper nuts. We strongly encourage you to have any work of this nature done by a knowledgeable and licensed electrician who is up on the code requirements. To begin, the building inspector from the city of Albany, New York should conduct a before and after inspection to make sure everything meets the code.

If, however, your knowledgeable friend offers to help with the work, and he uses copper nuts that are not approved, you’re leaving yourself open for problems if you ever have an insurance claim based on fire, or some type of related electrical damage because the work was not in compliance and you don’t have a valid certificate of completion.

Briefly, this is how it works with your homeowners insurance:

· Your ability to claim losses is subject to the limits, terms and conditions of your individual policy contract along with your Albany, New York city, and/or county code requirements.

The same holds true for any type of non-branded electrical component. The component should be in condition, branded and able to perform under normal use. There is no wiggle room under these circumstances, and shortcuts can frequently cause future problems.

As an independent agent, we can help you, and provide guidance under circumstances such as the one you’ve described. It’s important that you give us a call so that we can put you in touch with our independent agent in Schenectady or Saratoga Springs who can provide details for your individual circumstances regarding what is, or is not covered. And frankly, it’s also important for you to have peace of mind with the correct detailed information that will help you make the right repair decisions.

Thanks for your question about homeowners mortgage insurance requirements — it’s a very valid concern. In Albany, Schenectady, and Saratoga Springs, New York lenders do require that homeowners carry an amount of home insurance based on valuation and the lenders specific requirements.

That being said, home insurance is a complicated subject since there are a variety of different types of lenders that range from direct lenders, who are equipped to provide loans, to brokers. Direct lenders will make the final decision on your application and insurance requirements. Brokers, on the other hand, act as intermediaries with a pool of lenders from which to choose.

Play It Safe with Insurance

As we stated, there are coverage requirements from lenders. And, although there’s a current market value on your home, things change with real estate as we’ve seen with the downturn in the market. It’s inching back up again, which is good news.

As independent agents, we recommend that you make it a point to have enough insurance coverage just in case something major happens. This way, you’re covered for the total replacement cost of your home vs. just it’s current market value.

The Added Benefits of Umbrella Policies
Along with homeowners insurance, an umbrella policy can be an excellent idea if your home has high-risk items such as a swimming pool or even a trampoline. After personal policies have been depleted, these policies kick in for added protection and they tend to offer higher limits.

It’s important that you give us a call so we can discuss your circumstances. Unfortunately, an accident on your property can result in a lawsuit. If a judgment is placed against you, an umbrella policy provides coverage.

To become an educated insurance consumer you need to understand what your homeowner’s insurance policy covers. There are several kinds policies available, the examples below refer to a standard policy.

Six types of coverage are included in the typical homeowner’s insurance policy:

1. Contents – This portion of your policy protects personal belongings. These belongings include jewelry, furniture and electronic equipment. Usually the standard policy provides up to 50 percent of the dwelling limits for contents. This means that if your home is worth the $250,000, your personal property may have a worth up to $125,000.

A homeowner’s insurance policy covers any personal property that is used or owned by an insured. If your child’s computer is stolen at college, it is covered under your insurance policy. Even though your child is residing at his/her school, the courts have consistently ruled that a dependent child who is away at school is still considered a resident of the insured’s household. This is true as long as he/she has returned to your home in Albany, New York within the 45 days that led up to the loss of his property.

2. Dwelling – this coverage protects the structure of your home against any covered losses.

3. Liability Protection – this portion of your coverage protects you financially if you are involved in a lawsuit covered by your policy

4. Other Structures – this coverage protects the other structures located on the insured property.

5. Loss of Use – if your home becomes uninhabitable because of a covered loss, while you are displaced from your home, you will receive reimbursement for a portion of your living expenses. These expenses may include hotels, dining and dry cleaning.

6. Medical Payments – this section of your policy helps with the payment of medical bills related to someone who is injured on your property. This section is only utilized when a lawsuit is not being sought.

Whether you reside in Albany, Saratoga Springs or Schenectady, New York, as your independent agent we can help find the best coverage available for you and your family.