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

Posted on August 12, 2013 by AgentInsure

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?

Posted on August 5, 2013 by AgentInsure

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?

Posted on July 25, 2013 by AgentInsure

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.

What coverages are included in a collectibles insurance policy in Albany, NY?

Posted on July 17, 2013 by AgentInsure

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.

Does having a part time job affect while buying a car insurance policy in Albany, New York?

Posted on July 11, 2013 by AgentInsure

As you shop for auto insurance in Albany, you might be wondering about the things that could potentially impact how much you pay per month for coverage. If you’re one of countless New York residents under part-time employment, you might be wondering if you’re able to successfully buy the coverage your vehicle needs to remain legally registered on state roads.

Regardless of whether you have a part-time job or a full-time job, your employment status won’t have much of a bearing on buying a New York car insurance policy, outside of how much you’re willing to spend on premiums each month, of course. In fact, there are many other things that would have a bigger impact on your ability to purchase auto insurance. A clean driving record, your age and marital status, current address and the type of car you plan on ensuring are more likely to affect your total premium.

Unlike health insurance plans that offered through an employer, you don’t have to worry about your part-time or full-time employment status affecting your auto insurance coverage. After all, it’s not like you’re getting your car insured by your employer.

In the end, the only thing that matters when buying car insurance in Albany is your ability to maintain coverage by paying your premiums every month. Having full-time employment will only help your ability to afford more coverage and add more options to your current policy.

It’s a good idea to shop for the best rates you can afford and adjust your auto insurance coverage accordingly, within your legally mandated state coverage limits, of course. As your independent agent, we can help you make the right choices when it comes to streamlining your car insurance budget.

What Happens if my New York State Vehicle is not Inspected?

Posted on July 3, 2013 by AgentInsure

In the state of New York, residents are required to obtain an annual vehicle inspection. Even if residents are new to Albany or other areas of the state, an inspection is required within ten days of registering the vehicle. When an inspection is overlooked, Saratoga Springs or Schenectady residents can face unexpected consequences.

Fines

The obvious consequence of avoiding a car inspection is the fine. When a police officer notices that a vehicle is late on an inspection or does not have an inspection sticker, a ticket is given to the driver or owner of the vehicle. The cost of the ticket will depend on the delay on the inspection process.

Fines will generally range from $25 to $100 in the state of New York. It will cost $25 if the inspection is late by 60 or less. If the vehicle is not inspected for a longer period of time, then residents will need to pay $100 in additional fees. The state will also charge $55 in surcharges, which are added to the basic fine.

Losing the Right to Register

If the car is not inspected after receiving a ticket, then the state reserves the right to refuse to re-register the vehicle in the future. This will usually only happen if the offense is repeated or the inspection is put off for a long period of time.

Although auto insurance can seem like the most important consideration when driving a motor vehicle, it is only one aspect of the process. Residents will also need to register the car with the state and go through the emissions inspection to avoid unnecessary fees. To learn more about New York inspections and state laws, contact us to speak to an independent agent today.

Does my Albany, NY Auto Insurance Premium increase if I Pay Monthly?

Posted on June 25, 2013 by AgentInsure

Obtaining auto insurance coverage in New York can seem complicated. As your independent agent, we strive to help Albany residents find the right coverage for a car. A concern that you might consider when looking for Saratoga Springs auto coverage is the price. Although different situations will impact the premium, the payment method is a consideration.

Insurance Company Discounts

The reason that it is often assumed that paying an insurance premium in advance will cut the cost is related to the discounts a company might offer. Although the payment method is not always a factor, some companies in Schenectady or other areas of New York might offer special rates for those who pay the entire amount of the premium in advance.

While discounts are available in some areas, it is important to recognize that it might not always apply to your situation. Companies offer a wide range of discounts and some will not provide reduced rates for up-front payments.

Comparing Companies

The only way to get the best rate on car insurance coverage is by comparing the different companies and the various rates that are made available. As your independent agent, we can help you recognize the companies that are providing the best coverage for a reasonable rate.

If it is possible to apply discounts to your account, then it might be worth paying the full amount of coverage in advance. Paying the entire rate early might provide the opportunity to cut back on expenses and will reduce the number of monthly bills to keep up with.

While a premium will always have several factors involved in determining the final price, it is true that some companies will offer reduced rates for paying in advance. To get help finding the right coverage and lowest price, contact us to speak with an independent agent today.

Does It Affect My Auto Insurance If My SUV Is Amongst the Most Stolen Models of SUV in Albany, New York?

Posted on June 17, 2013 by AgentInsure

Insurance providers need to carefully manage risk with pricing when it comes to auto insurance. To do that, these providers often consider what risks are associated with a vehicle. How much your vehicle is worth and the risk of it being stolen are two factors that come into play.

What Are the Most Stolen SUVs?

In Albany, New York and surrounding areas, you may be surprised at what the most stolen SUVs are. The Ford Escape ranks the highest as the most stolen SUV or crossover type of vehicle. Second on the list is the Chevy Tahoe. Others include the RAV4, Edge, and the Journey. The high-end Cadillac Escalade is also a bigger risk factor.

What Affects Pricing of SUV Insurance

However, there is more to consider than just if your vehicle is on this list. For example, if you have a good security system on-board, that will reduce the costs you pay significantly. If your vehicle is used, rather than new, it will cost less to insure. On the other hand, if you have the latest model with all of the features you can get into it, the vehicle costs more. As a result, higher price drives the cost of insurance higher.

Getting the Best Pricing

With all of this in mind, realize you still remain very much in control of how much you pay for car insurance. If you own an SUV in Schenectady or Saratoga Springs, turn to our independent agent for help saving money on the insurance you need. We will work with you to compare your options across all insurance agencies. That way, you always end up with the most affordable policy available for your vehicle.

How Aftermarket Parts Affect Your Car Insurance Policy in Albany, New York

Posted on June 11, 2013 by AgentInsure

The auto parts that you use to repair or upgrade your vehicle could have an effect on your car insurance premiums. Here we’ll look at aftermarket parts and how these popular enhancements may potentially impact the price of your premiums in New York.

What are Aftermarket Parts?

Aftermarket parts simply refer to any part on your car that wasn’t made by the original manufacturer of the vehicle. Universal parts, such as light bulbs or switches, can be classified as aftermarket parts. However, many aftermarket parts are made for the purpose of surpassing the performance of your vehicle’s original components. It is the performance-enhancing aspect of aftermarket parts that catches the attention of insurance providers.

How Do Aftermarket Parts Affect Your Premiums?

An aftermarket light bulb or wheel bearing may not have an impact on your premiums. However, aftermarket parts typically cause your insurance premiums to increase. The primary reason is that aftermarket parts increase the value of your vehicle significantly. Further, flashy upgrades to your vehicle can catch the attention of thieves or vandals.

If you upgrade your vehicle with high-performance auto parts and entertainment systems, such as a custom-built engine or a backseat gaming system, it could signify that you will engage in risky behavior on the road. Adding too many aftermarket parts to your vehicle sends a red flag to insurers.

Finding Insurance for Cars with Aftermarket Parts

An Albany area independent agent can connect Albany drivers to the best rates on premiums. Even if you have a few modifications on your car, it is possible for you to qualify for much lower auto insurance rates by simply shopping around before you select a policy. A New York independent agent offers policies from several providers so that you can gain leverage and obtain the best value on insurance for a car that has been modified with aftermarket parts. Contact us today to speak to an independent agent.

Does BOP suffice to cover my commercial property or should I consider buying commercial property insurance in Albany, NY?

Posted on June 5, 2013 by AgentInsure

If you own a business in New York, you’ll definitely need adequate insurance that offers yourself and your business protection from bodily injury or property damage claims. For this purpose, you’ve probably thought about purchasing a Business Owner’s Policy (BOP), but should you also opt for commercial property insurance coverage as well?

What is a Business Owner’s Policy?

In addition to coverage for your property, your Albany-based business should also have protection against third-party claims and coverage for both company vehicles and non-business vehicles used by employees. A Business Owner’s Policy (BOP) combines property and liability policies into a single, simplified package. The average BOP policy can also be tailored to suit your business’s needs.

BOPs include a wide spectrum of coverage options for companies, but the most common forms of coverage involve general liability and property insurance:

Property insurance under a BOP provides coverage for personal property, permanently attached equipment and structures that you own or lease for your business. It also includes coverage against business interruptions due to a natural disaster.
General liability insurance provides protection against third-party claims due to property damage or bodily injury that occurs on your premises or as a result of your operations.

BOP or Commercial Property Insurance: Which One Should I Choose?

Commercial property insurance simply covers your business’ leased and owned physical property and the property of your clients and customers whereas, a BOP covers not just your building and other property, but it also provides general liability and other forms of coverage.

Since a BOP already includes commercial property coverage, you’re better off having the comprehensive protections afforded by one. In addition, you’ll also save money by having all the coverage your company needs in one package. Contact us to get in touch with an independent agent in Albany to further discuss your options.

Twin Bridges Insurance Agency

HOW CAN WE HELP YOU?