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Twin Bridges Insurance Agency

1881 Western Avenue, Suite 210
Albany, NY 12203

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First Time Homebuyers Tips

Deciding to purchase a home in Albany, NY can not only be exciting, but it can also be a bit overwhelming. Your first home is a huge milestone, and you should start preparing now to make your new home buying process much more manageable. Then, once you have purchased your new home, call our agents at NY Twin Bridges Insurance Agency for information about how we can help protect you, your home, and your belongings. 

Determine a Budget

It is one thing to want to buy your dream home as your first home. However, it would be best if you were realistic in determining your home buying budget. There are online mortgage calculators that can help estimate your monthly mortgage payment. In addition, knowing your budget can help you weed through the many listings in the area to focus on what you can reasonably afford. 

Start Saving

Buying a new home usually requires a sizable down payment ranging from three to 20 percent of the total cost of the house. Therefore, the sooner you start saving for your down payment, the sooner you can start searching for your home and apply for a loan.

Raise Your Credit Score

Buying a home requires you to have decent credit. Most lenders prefer to grant loans to borrowers with credit scores of 680 or higher. However, the Federal Housing Administration does accept credit scores as low as 500 with a higher down payment. Check your credit report and dispute any errors and create a plan to pay down your debt. 

Are you excited about purchasing your first home in Albany, NY? We are here to help you with all your insurance needs. Call us today at NY Twin Bridges Insurance Agency for additional information on how to protect your new home. 

How Is My Car Insured Against Floods?

Natural disasters such as floods and earthquakes happen unexpectedly in all parts of the world. They cause massive property loss thus need to insure the property. Vehicles are mostly affected by floods which wreak havoc with the car, damage engines, and cause electrical failures which ruin it. NY Twin Bridges Insurance Agency in Albany, NY, is one of the most trusted companies in providing flood insurance.

Is Flood Insurance Important?

Flooding is among the list of the costliest natural disasters that affect a nation. It is difficult to predict future climatic conditions. Insuring a car against floods gives the owner satisfaction to know that any unbudgeted and unexpected flood-related damages are covered.

Living Outside Flood Designated Areas

The government uses scientific models to predict where flooding will occur next. The models become quickly outdated hence may not fully reflect today’s risk for flooding. Evidence shows that more than 20% of flood insurance claims fall outside areas marked as flood zones, suggesting that possessing a cover is extremely important regardless of location.

Flood Damages Are Costly

FEMA reports that flooding causes billions of dollars in damage every year, with an average of $8.2 billion in damages annually. It indicates that the price of purchasing flood insurance is way low compared to the losses incurred. Without car flood insurance, you’d pay for the costs of repair and renovations entirely on your own.

What To Know Before Purchasing Flood Insurance

It is easy to purchase flood cover directly from a professional dealer. The waiting period is usually 30 days before a flood insurance policy takes effect. It’s thus better to make the purchase earlier.

Purchasing Flood Insurance

When buying a flood insurance package, it is wise to discuss with an insurance agent to figure out several factors. These include how much coverage to buy, the cost of flood insurance, the duration of cover, what it exactly covers, among other critical facts. If you are in Albany, NY, and you are looking for a reliable insurance partner for your motor vehicle, reach NY Twin Bridges Insurance Agency today for excellent services.