If you have been wondering why homeowner renewal prices have gone up more than usual, then wonder no more. The price increase is mainly due to increasing material and labor costs. This increase results in increases to the dwelling (or home) valuation or better known as your replacement cost. The average increase in valuation to replace your home is around 14%. Typically dwelling (home) values increase around 4-6% annually to keep pace with inflation. Since inflation is high and some materials still on back order or in short supply, dwelling replacement values have significantly increased. If you wish to discuss your dwelling values or premium increases, we’re here to help. Contact me at: toedtinsuranceagency@nycap.rr.com.
WELCOME TO OUR WONDERFUL WORLD OF INSURANCE
Welcome to all our past, present and future customers. This blog is the place you can come to find out about every type of insurance, why it’s important, whether or not you need it, what does it do and can you get it at a good price. Our 35+ years of experience on the company and agency sides will guide you in making the best decisions for your family or business. Stay tuned as we’ll be posting weekly.
How the Vehicle You Own Impacts Your Auto Insurance Risk
The cost of your auto insurance is influenced by more than just your credit score and driving history. Approximately a dozen factors affect how much you pay for auto insurance in Albany, NY. However, one of the most significant is the make and model of your car. Toedt Insurance Agency LLC can help find affordable rates to insure your vehicles.
How Vehicle Statistics Impact Rates
The value of your vehicle impacts rates, with more expensive ones costing more to insure. Every insurance carrier uses a unique formula to determine rates for specific vehicles, so rates for your car or SUV can vary from carrier to carrier. Various factors influence these formulas, including:
- Age
- Size
- Crash protection
- Trim level
- Safety technology
- Theft rates
- Engine size and performance
Higher trim levels come with additional features, like sunroofs, leather upholstery, and high-end sound systems, all of which enhance the driving experience. However, if your car sustains damage in an accident, these items will be more expensive to replace. Opting for a lower-level trim can help keep your premiums down.
Although the prices of electric vehicles have decreased, they are still more expensive to insure than their gas counterparts. As these are newer vehicles, insurers lack extensive statistical information about them, making them more costly to insure.
Insurance for Newer Vehicles
Most people assume their premiums will increase when they buy a late-model vehicle, even if it’s not brand new. While your premium will usually increase, that’s not always the case. Sometimes, older, less exciting models have high premiums because they may have higher theft rates. Some insurers offer a discount for vehicles three years and under, so it’s wise to shop around.
Discover how Toedt Insurance Agency LLC, serving Albany, NY, can help you find the right policy for your needs by contacting our office today.
What are Commercial HMOs versus Commercial PPOs
You must protect your business and employees with commercial business insurance if you’re a business owner. Since there are many types of commercial insurance, you may have questions about which types of insurance are best for your company. If your company is in the Albany, NY, area, our Toedt Insurance Agency LLC team is ready to answer your insurance questions. We’ve been working with companies in your area since 2006.
Commercial HMOs versus Commercial PPOs
One type of insurance your company must buy is health care for your employees. You’ll want to help your employees stay healthy and let them care for themselves when they get sick. Many businesses choose a managed healthcare policy for their employees. With a managed care policy, each employee and their family members have a primary doctor.
The two major types of managed care health policies are commercial HMOs and commercial PPOs. With an HMO (Health Maintenance Organization), your employees will choose a primary provider from a prepared list of doctors and other health professionals. Clients with HMOs who need specialists must have a referral from their primary doctor. In a PPO (Preferred Provider Organization), the employees can choose any doctor but must pay an additional fee for doctors not listed in the designated network.
Call Us Today for Your Appointment
Your health insurance policy will help you manage your medications, but it is also necessary to manage all of the aspects of caring for your health. Companies in the Albany, NY area can depend on our team at Toedt Insurance Agency LLC to provide the information you need to make the right choices about your health. We are an independently-owned insurance company that wants to partner with you for all your insurance needs. Call us for an appointment today and let us help you get the insurance your company needs.
Does My Home Insurance Policy Require a Home Inventory?
If you’re a homeowner with home insurance, you may have heard of home inventories. Every homeowner can benefit from a home inventory, even if it’s not required. It helps to know what a home inventory is and how to keep one for your household.
At Toedt Insurance Agency LLC, serving Albany, NY, we can answer your questions about home inventories and provide the information you need to get started.
What Is A Home Inventory?
A home inventory documents the things you own and would need to replace following a disaster. Home inventories can be created using various methods, such as apps, spreadsheets, and videos.
As a homeowner, you can choose to keep your home inventory in a way that works for you—unless your insurance company requires you to maintain it in a specific format.
Who Needs A Home Inventory?
Everyone can benefit from a home inventory if a disaster occurs. Remembering what you own can be a challenge if you’ve lost everything.
However, some insurance policies require a home inventory. Reviewing the policy or checking with your insurance agent can determine whether your insurance company requires one.
Need Help Making A Home Inventory? We Can Help
Making a home inventory isn’t difficult, especially if you have an app to help you with it. Talk to your insurance agent at Toedt Insurance Agency LLC, which serves Albany, NY, to learn more.
We can answer your questions and provide you with information to help with your home inventory. Call today to speak with one of our insurance professionals.
Does my Car Insurance Policy Cover a Rental Vehicle in New York?
Albany, NY, residents and visitors who rent a vehicle while visiting the Empire State should ensure they have proper insurance coverage. While many personal car insurance policies cover a vehicle rental, gaps in coverage may cost tens of thousands of dollars if not adequately addressed.
How do you know if you need extra insurance for a vehicle rental?
Check your personal vehicle insurance policy carefully to make sure it covers vehicle rental. You’ll also want to look at your policy limits to ensure you have enough insurance if you are in an unfortunate incident. If, for instance, you rent a vehicle that costs a lot more than your personal vehicle, you may want to purchase additional coverage to provide compensation if the rental vehicle is stolen or vandalized. Alternatively, if you use your vehicle for personal reasons but intend to use a rental vehicle for commercial purposes, you’ll need to purchase commercial vehicle coverage for your rental.
It can also be a good idea to consider a collision damage waiver. This type of coverage is designed to cover incidents that aren’t covered by a typical personal insurance policy. Such incidents can include the cost of towing a vehicle, the cost of loss of vehicle use, and administrative costs. Moreover, having coverage separate from your regular car insurance policy can protect you from policy rate increases if you cause an accident while driving a rental vehicle.
Call Toedt Insurance Agency LLC for More Information
Toedt Insurance Agency LLC serves drivers in and around Albany, NY. We offer standalone policies and policy bundles to help you get the vehicle insurance you need at the best possible price. Contact us to learn more or get price quotes.
Why Your Cleaning Business Needs Professional Liability Coverage
As a cleaning company, your success hinges on your reputation and client reviews. While maintaining a flawless record can be challenging due to unforeseen circumstances, professional liability coverage can provide financial protection and assistance.
Understanding Professional Liability Coverage
Professional liability coverage is designed for businesses that provide professional services to clients. Cleaning agencies fall into this category, as they are expected to meet certain cleanliness standards and maintain specific items regularly. If these services are not performed correctly or neglected, they could lead to liability issues with the client. Professional liability coverage provides financial protection for the company in such instances.
The Importance of Professional Liability Coverage
There are several reasons to include this insurance policy in your primary commercial insurance coverage.
Enhancing Reputation
Being insured and communicating this to your clients can give you a competitive edge as a cleaning company. Having this coverage demonstrates your commitment to providing top-tier service.
Expanding Clientele
When customers know you’re insured, they are more likely to recommend your services to friends and family, helping to grow your business. While the cost may seem steep initially, consider it an investment that can pay off as you advertise your insured status.
Protecting Business Assets
Professional liability insurance can cover the costs of damages and judgments, sparing you from out-of-pocket expenses. Without adequate coverage, you could be forced to sell your business assets and potentially close your business.
If you live in Albany, New York, or the surrounding counties, we can help you with your commercial insurance policy. Contact Toedt Insurance Agency LLC today for more information.
Preparing your New York home for winter
Winter in Albany, NY, can be quite cold. On average, nearly 60 inches of snow fall annually, occurring on about 34 days. Preparing your home for this onslaught is essential. At Toedt Insurance Agency LLC, we are an independent insurance agency that works for our customers. Let us help you get the information you need to make the right home insurance decision.
As autumn begins to fade and the last of the leaves fall from the trees, it’s time to start thinking about preparing your home for the winter ahead. With all the snow that falls in Albany, it’s vital to ensure you have bags of sand and salt safely stashed in your garage or vehicle trunk. Find your snow shovel and get your snow blower tuned up. These are just the first steps.
Inside your home
Inside your home, have your chimney cleaned so you can enjoy your fireplace, and have your furnace cleaned to ensure it’s working at its most efficient rate. Check the battery backup in your smoke alarm and your carbon monoxide detectors. Every year, people die needlessly from carbon monoxide. Check windows for leaks and keep a caulking kit handy.
Outside your home
Once the last of the leaves have fallen, ensure that your gutters aren’t filled with debris. Ice can build up and damage your roof if it can’t flow freely. Store any outdoor furniture that you have. Put away all your hoses so they won’t freeze, and shut off the water flow to outdoor faucets. Check your generator to ensure it’s working and you have the fuel you need to run it.
Contact our Toedt Insurance Agency LLC office in Albany, NY when you need home insurance.
Understanding auto insurance terminology on your auto policy
At Toedt Insurance Agency LLC in Albany, NY, we understand that insurance terminology can seem like a foreign language to the average consumer. We aim to help. We want you to leave your experience with us feeling knowledgeable and well-informed about what is covered. We also want you to have peace of mind that you and your family are protected in case of a covered incident.
Your policy’s declaration page (dec page) contains most of your insurance terminology and definitions. It is the first page of your auto insurance policy and summarizes the most important information you need to know about it.
The dec page provides the following information:
- Policyholder Information: It provides information about who is insured on the policy. Additionally, your Dec page describes the first named insured (the person who can make changes and other important decisions about your insurance policy).
- Operators (drivers) Listed on the Policy: The Dec page informs you of any other drivers listed in the household and their status on the policy, whether they are listed as drivers, excluded from coverage, or non-drivers in the household.
- Vehicles and Their Coverages: Your dec page will list the types of coverage you have on each vehicle on your policy, such as bodily injury and property damage liability limits, comprehensive and collision coverage deductibles, and personal injury protection coverage limits.
- Total Cost for Insurance and Effective Dates: Your annual, bi-annual, or quarterly premium amounts and policy effective dates will be listed on the Dec page. This information depends on when your renewal takes place.
- Policy Number: Your policy number will be displayed on your dec page.
- Contact Information: The policy will list the garaging address of your vehicle and the policyholder’s address.
- Lienholder Information: If there is a lien on your vehicle because you are still making finance payments on your car, the lienholder’s name and address are listed on the declarations page.
Contact Us for More Information
At Toedt Insurance Agency LLC in Albany, NY, we are available to answer any and all your questions concerning auto insurance terminology. Call (518) 438-8154. Let us take the guesswork out of your auto insurance policy.
Will a business in Albany need to have commercial insurance at all times?
Building a business in the Albany, NY area can be a great option. This state capital continues to have a strong economy and demand from local residents and visitors. If you want to build a business here, you must also ensure you have the right insurance. A business in the Albany area will want a commercial insurance plan for various reasons when they are here.
Manage Liability Risks
You will want to have commercial insurance to ensure you can manage your liability risks. Businesses today will always take on various liability risks when serving clients or other visitors. A great way to manage this risk is to have a proper insurance plan. A liability insurance policy will give coverage if you are liable for an accident resulting in damage.
Cover Assets
You also want to have this coverage to ensure you can manage and protect all of your business assets. Any assets you must purchase for your business will need to be something you protect. If you get commercial insurance, you will have coverage that can protect all business assets. This can include equipment, inventory, or other capital investments.
A proper commercial insurance plan will always need to be a top priority if you are living in the Albany, NY, area. When you are looking for this type of coverage and are here, it would be smart to call our team at Toedt Insurance Agency LLC. Our team with Toedt Insurance Agency LLC knows how important coverage is, and they can give you any support you need to build a new plan.
Why it’s Important to Replace Your Roof When it Needs It
At the Toedt Insurance Agency LLC in Albany, NY, we know that all homeowners will eventually have their roofs replaced. It is a part of your regular home maintenance and one of the most important investments you can make for the value of your property and to protect it from the elements.
Why you should replace your roof when it needs it.
Regular roof replacement is a smart financial decision. It saves you money in the long term, protecting you from expensive damages caused by storm damage and other hazards. It also ensures that your home insurance coverage will be available when various perils damage your home’s structure.
Let’s look at other reasons to replace your roof when it needs it.
- Energy Efficiency—Installing a new modern roof can help insulate your home and make it more energy efficient, saving you hundreds in utility bills.
- Protection—Replacing your roof can protect your home from water leaks, which can damage the structure and form mold, which is harmful to your family’s health.
- Longer Lasting – Replacing your roof helps it become more durable when exposed to the elements of wind, hail, and other storm damage.
- Increased Value—You buy home insurance to protect your investment in case the unthinkable happens. Why not pay to replace your roof and increase its value on the market?
How do you know you need to replace your roof?
The following are a few signs that you should have your roof replaced:
- You have missing shingles or shingles that are curled up on the ends. They can cause openings for water to damage the woodwork and structure of your home.
- Your roof sags. A sagging roof is a sign of a severe problem. It may be something compromising the structure of your home that can be repaired when a new roof is installed.
- Your roof leaks. A leaking roof can cause extensive damage to your home, the structure, personal property, or even the people inside. So, it is wise to get this addressed as soon as possible.
Get in touch with us today!
If you’re unsure about the condition of your roof or need assistance with your home insurance, don’t hesitate to get in touch with us today.
At the Toedt Insurance Agency LLC in Albany, NY, we have seen countless homeowners pay their hard-earned money to insure a home while not properly maintaining its upkeep. In those cases, you are less likely to be covered when the unthinkable happens. For expert advice and more tips to keep your home strong and a safe place for you and your family to reside, call (518) 438-8154 and get in touch with us today!
Commercial Auto Insurance in New York: What are the Requirements?
If you operate a business in or around Albany, NY, it’s essential to be cognizant of the Empire State’s commercial auto insurance requirements. Commercial insurance isn’t necessary if your vehicle only serves for commutation purposes, i.e., travel to and from work. However, its significance becomes paramount in cases where the vehicle’s purpose extends to goods transfer, procuring supplies, or employee usage.
What are New York’s Commercial Auto Insurance Requirements?
There are several commercial auto insurance policies you need to adhere to when using a car for business purposes in New York. The first requisite is property damage liability coverage, which is expected to cover up to $10,000 per individual incident. Subsequently, bodily injury insurance becomes a necessity, covering at least $25,000 per person for bodily injuries and $50,000 per person in the unfortunate event of one or more fatalities. Further, New York drivers must opt for a personal injury protection policy, which provides coverage for medical expenses regardless of who instigated the accident.
Remembering that the state isn’t the sole entity dictating commercial auto insurance requirements is crucial. Obligations might arise for acquiring alternate forms of commercial auto insurance if you are renting, leasing, or in the process of paying off a vehicle. Additional insurance requirements are also in place for vehicles like tractor-trailers and semi-trucks.
Contact Toedt Insurance Agency LLC for Exceptional Commercial Auto Insurance Policy Choices
If you’re on the hunt for superior commercial auto insurance policy options for one or more of your business vehicles, don’t hesitate to place a call at your convenience. Toedt Insurance Agency LLC actively extends its services to business owners in and around Albany, NY, providing singular policies and policy bundles tailored to accommodate businesses of varying sizes and industries.
