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Twin Bridges Insurance Agency

1881 Western Avenue, Suite 210
Albany, NY 12203

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Whom all can I mention as a beneficiary on my retirement policy in Albany, New York?

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When most people in Albany, New York think about saving for retirement, they think about contributing to a 401-K plan through their employer or maybe setting up a Roth IRA account. While those are two good options, there are also ways to build a solid retirement policy by purchasing an annuity or a whole-life insurance policy through an independent agent.

You buy life insurance or establish a retirement policy because you care about someone else and want to make sure that they are well provided for if you are not around to help support them. Whatever type of retirement policy or life insurance policy you may own, or contemplate buying, will have a question asking you to name one or more beneficiaries.

In New York, there is no specification as to whom you can list as a beneficiary on a retirement policy. Usually, people name their spouse, children, relatives or close friends as beneficiaries. You might name your sister in Saratoga Springs or your grown son who resides in Schenectady. You can name just one beneficiary or several beneficiaries. The choice is up to you.

There are two categories of beneficiaries. A primary beneficiary will receive the proceeds of your retirement policy upon your passing. If there are several primary beneficiaries named, each beneficiary will receive an equal share of the proceeds unless you specified a percentage that each individual should get.

If all primary beneficiaries that you named pre-decease you, the next eligible group to benefit from your retirement policy are any contingent beneficiaries that you may have named on your policy. If there are no beneficiaries, the balance in your account will become part of your estate that will need to be settled.

As your independent agent, we want to make sure that you have the right type and amount of coverage so your beneficiaries will be well taken care of for the rest of their lives. Give us a call and we can answer any questions you may have about insurance and planning for the future.

I am in the Process of Selling my Car. Is it Possible to get Cheap Insurance for Infrequent Use in Albany, New York?

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If you live in Albany, New York or the surrounding areas, then you may wonder about your insurance options. Selling your car may mean that you only drive it occasionally and that you do not need the same amount of coverage that you would want if you were often driving it for work or other needs. Fortunately, you can find insurance options for infrequent driving that is affordable and appropriate for your needs until after you sell the vehicle.

Discounted Auto Coverage

A simple plan to obtain a cheaper policy in Saratoga Springs or Schenectady is obtaining a basic plan and asking for a discount. A discount will reduce the monthly cost without causing problems for your coverage needs. It simplifies the process of obtaining proper coverage without taking risks that you will not have enough protection.

Pay-As-You-Go

Another option if you want you car temporarily covered until you can find a buyer is obtaining a pay-as-you-go plan. Instead of paying for six months or obtaining coverage for a long period of time, you will pay one month at a time as you need the plan. It is easy to stop your coverage whenever you sell the vehicle and you will not lose any funds that you’d paid previously since it was a plan that specifically caters to your particular needs and hopes.

Finding a cheaper way to cut back on your insurance cost when you only drive the vehicle occasionally starts with identifying the options that are available. Whether you decide to opt for a pay-as-you-go plan or a discounted rate depends on your goals and needs. To learn more about your options and the methods of cutting back on the price, contact us to talk to an independent agent.

I am a Real Estate Agent in Albany, New York, Do I Need to Have Commercial Insurance?

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As a real estate agent working in New York, it is usually a good idea to have the appropriate business coverage to meet your needs and keep your company as safe as possible. The key to determining how much insurance you need in Albany or the surrounding areas of Saratoga Springs or Schenectady depends on whether you own the agency or you are working as an agent for another company.

Working for a Company

If you work for an agency, then you will not need as much insurance protection as the owner of an agency. The reason is simple: you have a lower amount of liability than the owner.

Although working for a company means that your policy is limited, you should consider some basic commercial insurance coverage to keep your personal assets as safe as possible. A real estate agent is still responsible for personal actions because the method of managing each agent is based on commissions.

Working Individually

If you own the company or you are working independently, then you may need to take out a larger amount of commercial insurance to protect your business from financial losses. Your level of responsibility and liability increases with the number of risks you may face. Depending on your particular situation and how you run your business, the amount of protection that you need will vary. In most cases, you will want to have a basic coverage plan or additional protection to keep your business from facing financial challenges if a client is injured on the property.

Protecting your reputation and your business requires the right type of policy to keep your company running. To learn more about keeping your business or assets safe, contact us to talk to an independent agent.

I am Divorced. Is my Former Husband or Wife Eligible for a Survivor Benefit From my Retirement Insurance Plan in Albany, New York?

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When you got divorced from a former spouse, you may assume that the individual is no longer eligible for a survivor benefit on your retirement insurance plan. The problem is that the situation ultimately determines whether that is a true fact or not.

Length of Marriage

The length of the marriage plays a significant role in whether your ex-husband or wife is eligible for survivor benefit on your retirement insurance plan. If you were married for at least 10 years, then he or she may qualify for the benefit in Albany, New York. If you were only married for a year or two, then he or she may not qualify.

The length of the marriage plays a significant role in the determination of benefits because a long-term marriage will usually allow that individual to obtain certain benefits, even if you remarry in the future.

Marriage of the Other Party

If your ex-spouse remarried, then he or she may not qualify for a survivor benefit. A remarriage will tie his or her finances to the new spouse, which allows you to remove the individual from your plan. To qualify for survivor benefits, he or she cannot be currently married at the time it is possible to make withdrawals.

The same is not necessarily true if you are remarried. He or she may still be eligible for a survivor benefit if you were married long enough according to the specific details of your policy and if he or she is still single when it is possible to make withdrawals.

A divorce does not necessarily mean that your coverage does not apply to your ex-spouse. The circumstances surrounding the situation in Saratoga Springs, Schenectady or similar areas within New York will determine the possibilities. To learn more about benefits your ex-spouse may obtain, contact us to speak to an independent agent.

How do life insurance companies perform risk analysis in Albany, New York?

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Life insurance rates are calculated with advanced mathematical formulas that take into account a wealth of information. The insurance companies in Albany, New York draw upon statistics from national databases and use their own local experience to determine rates. They must take into account the mortality (or morbidity) rate, assets and liabilities, market trends and coverage, as well as other factors when performing risk analysis.

Mortality Rate

The mortality rate, or morbidity rate, is actually only a small portion of the overall picture that life insurance companies must consider. They use statistics to determine how long an individual will live, on average. This part of the formula must take into account personal health, occupational hazards, life expectancy in Albany and more.

Assets and Liabilities

Life insurance companies also must consider their own assets and liabilities before issuing a policy. For, companies that are positioned conservatively might be willing to take on more risk, but companies that have many liabilities and few assets might have to curtail the policies they offer. Insurance companies must keep a specific ratio of these, by law.

Market Trends

The premiums life insurance companies do not just sit under a giant mattress. After paying administrative costs and paying out claims, insurance companies invest these premiums. Therefore, insurance companies must be able to forecast market trends and predict how their investments will fare.

Coverage

Finally, the coverage of a policy directly affects its premium. Insurance companies take on additional risk when you select higher levels of coverage… The premiums must cover this additional risk.

If you would like more information about life insurance, contact us. As an independent agent, we are able to shop around and find the best policy for you.

My Car is Stolen and the Garage is Left Damaged, Should I Use Both Auto and Home Insurance Policies to Claim for the Losses in Albany, New York?

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When a vehicle is stolen from your garage in Albany, New York, you may find yourself wondering about your options to replace the vehicle and repair the damage to your garage. Although it may seem easy to make a claim with your home insurance policy for the garage repairs and the auto policy for the theft, the best solution will actually depend on your coverage and the situation.

Home Policies

A home insurance policy will usually cover the damage to your garage up to a certain point. If your vehicle was stolen from the garage after it was damaged, then your homeowners insurance may or may not offer compensation for that theft.

The only way to determine if your car was covered under the policy is calling your insurance provider and asking about the situation. Your coverage may or may not provide protection for the vehicle.

Auto Coverage

Your auto insurance protection in Saratoga Springs or Schenectady may not cover the cost of financial losses from the damage to your garage. It will ultimately depend on the situation and the amount of protection that you purchased.

Even if your policy will not cover the damage to the garage, a comprehensive plan will cover the theft of your vehicle. Provide proof of the theft and the damaged garage to determine how much the insurer will provide to replace the vehicle.

If your vehicle was stolen and property on your house was damaged, then it may be necessary to contact both insurance providers to repair the damages and pay for the replacement of the vehicle. To learn more about the way coverage works and your options, contact us to talk to an independent agent.

Do car insurance companies automatically adjust your premium based on your record in Albany, New York?

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If you are a resident of Albany, Schenectady, or Saratoga Springs New York, you have many options for insurance. However, it is important that you work with an independent agent so that you can get the best possible service. While you can purchase your policy online, when you do that you will not get the answers to all your questions or have someone working on your side to make certain you get the best possible service.

One of the questions you may have about your policy is “Do car insurance companies automatically adjust your premium based on your record in Albany, New York?” The question seems simple, but it is one that you may have trouble answering yourself. The truth is, no one knows what the insurance companies will take into account when they are adjusting the premium on your auto insurance.

In many cases, if you have a negative mark put on your record, the insurance companies will adjust your policy up. However, they do not often adjust it down—without someone on your side at least.

Luckily, if you are willing to work with an independent agency, like ours, you do have someone on your side. Not only do you save up front—because of our system that compares rates from multiple insurance companies—but, we can also save you money down the road. If your record is impeccable, we may be able to help you get the rate lowered, or if you do have a blemish on your record, we will do what we can work with the companies for this too.

So, make sure you are covered! Give us a call or contact us today and let one of our hard-working and knowledgeable agents help you get started.

Am I required to insure my home for the same amount as my mortgage amount in Albany, New York?

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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.

Is my child’s Personal Property, such as computer equipment, covered in Albany, New York while he or she is away at residential school?

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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.

Which roofing materials qualify for discounts while buying home insurance in Albany, New York?

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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.