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.

Are you an Albany area homeowner and wondering how you can reduce the cost of your home insurance premiums? Making upgrades to your home is a good way that you can win the favor of insurers and reduce your rates. The roof is a key area you should focus on when making insurance-reducing upgrades. The roof is your home’s last line of defense during a storm, and the materials that your roof is made of determine how well your roof will stand up to stress over time. Make your home safer and your insurance premiums lower with the following impact resistant roofing materials.

Class 4 Roofing Materials

Roofing materials are categorized into classes that measure their impact resistance. Class 4 materials are the sturdiest and can qualify you for the best discounts on your homeowner’s insurance. Class 4 materials are highly resistant to hail and should protect your roof from cracking during a storm.

In the order of strength, Class 4 roofing materials include asphalt, wood shake, metal, and synthetic shingles. Of these materials, asphalt is the strongest material you can purchase.

Class 3 Roofing Materials

If Class 4 roofing materials are cost prohibitive, you may opt for Class 3 roofing materials. While these materials won’t impress your insurers as much as Class 4 materials, you may still qualify for a substantial discount. The two Class 3 roofing materials you can choose from are concrete or clay.

Qualifying for Your Discount

Before spending all of your money on upgrading your roof, contact your New York insurer to determine what documentation you need to obtain to qualify for a credit on your homeowner’s insurance. An experienced contractor can help you identify and select Class 4 and Class 3 roofing materials for you house.

If you are between policies or searching for your first homeowner’s insurance policy, an independent agent in the Albany area can help you find a carrier with generous credits for roof upgrades. Independent agents like us carry policies from multiple insurance companies and can help you obtain the best plan to reduce the price of your homeowner’s insurance.

Did you ever think about insuring your most prized possessions? Well, if you are a “car person”, you of course have insurance for your automobile. However, if you are into collecting smaller items, you may have a possible financial disaster on your hands. What would you do if your prized collectibles were destroyed in a fire, stolen or otherwise lost? Not only would you lose the items themselves, but you would lose the equity you have in them—possibly harming your overall financial standing.

Luckily, there are forms of collectibles insurance available that can protect you from these types of disasters. If you own extensive collections of nearly any type of item in Albany, Schenectady, or Saratoga Springs, New York, you may want to look into one of these types of insurance policy.

One question that comes up time and again is “What does a collectibles insurance policy cover, anyway?” Well, this is not a simple question, and as such there is not a simple answer. The policy can be adjusted to cover nearly anything. If you have specific needs, the best thing to do is to get in touch with an independent agent.

Working with an independent agent makes sense, especially when you have a more complex type of policy such as one that covers collectibles. An independent agent can look through all the different options and make sure you find one that will keep you well covered and keep you from spending more than you have to. If you work with us, we can provide live comparative rate quotes from multiple insurance companies. This is one benefit that you won’t find just anywhere. Comparing rates in this way is the absolute best way to insure your collectibles are covered and you get a great rate too.