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.
When Should You Update Your Commercial Insurance Policy?
It may be time for some updates if you have a business and a commercial insurance policy. Many people get insurance and then just keep renewing it without considering whether there are any changes that should be made. At Toedt Insurance Agency LLC, we want to help everyone in the Albany, NY area get the coverage they need and keep it updated so they have the right protection when they need it. We can help you update your commercial policy for better coverage.
Your commercial coverage should be updated if you change companies, change locations, or significantly increase your equipment or inventory. If you don’t update for those kinds of changes, you may find that you don’t have adequate coverage if there’s a claim. The peace of mind and security you have when you know your policy is up to date can be highly valuable when running a business, and it’s also one less thing you’ll need to worry about.
Another good time to update your policy is when you have a review with your agent every year. If you’re not reviewing your commercial coverage once per year, it’s time to start. Then, you can feel confident that you have the right policy for your particular needs. There’s no reason to settle for less than that when our dedicated agents are here to help ensure that your coverage is what’s needed for your company.
Get in touch with us at Toedt Insurance Agency LLC today if you’re in the Albany, NY area and need updates to your commercial insurance coverage. Our agents are committed to helping you get the right protection for your business and making sure you keep quality protection as your needs change over time.
What to Know About Insuring a Vacation Home
Owning a vacation home is a dream for many, but it’s important to understand the unique insurance needs involved. Protecting a vacation home near Albany, NY is slightly different from insuring your primary residence. Here’s what you should know if insuring a vacation home in the area.
Personal Property Coverage May Be Optional
If your vacation home is more like an unfurnished cabin, you likely don’t need personal property coverage for the place. You also may not need personal property coverage through a vacation home insurance policy if you already have sufficient coverage through your primary homeowner’s insurance policy.
Vacant Property Coverage
Most people who have vacation homes leave their place unoccupied for several months at a time. Your vacation home policy probably needs to include vacant property coverage to ensure your place is still insured even when not used during the offseason.
Protection Against Frozen Pipes
Harsh winters in Albany, NY, make frozen pipes a significant risk. A frozen pipe can be especially damaging if you aren’t around to see the pipe freeze, break, and leak.
To protect against the costs of remedying such damage, look for a vacation home insurance policy that includes coverage for frozen pipes. At Toedt Insurance Agency LLC, we can help you find a policy that offers this protection.
The Right Coverage for Your Needs
Factors like your vacation home’s location, amenities, and how often you use it further affect your insurance needs. To make sure you find insurance that matches your place’s specific needs, let us at Toedt Insurance Agency LLC help you find the right vacation home policy.
Navigating Auto Insurance in New York’s Capital
For those in New York’s capital, Albany, NY, getting reliable auto insurance is a must, and Toedt Insurance Agency LLC wants to give our customers all the information they need to make the right choices for their circumstances.
Who Needs Auto Insurance?
New York has clearly defined guidelines for what drivers must have at a minimum to use their vehicles. Without the proper policy, you can wind up in tons of trouble. All financial requirements must be fulfilled before you can register your car and get its plates.
New Yorkers must have at least:
- No-fault personal injury protection, which is used for a range of expenses that may result in an accident, including medical expenses, lost earnings, and other expenses that may arise after an accident, is the first requirement.
- Uninsured motorist coverage is needed so that if you, your family, or your passengers have injuries related to an accident with an uninsured or unidentified vehicle.
- Liability coverage is also needed in case there’s harm against your car, cars you legally drive, or people and their property.
These insurance requirements are only a legal starting point, and depending on your situation, you may be more comfortable with greater coverage than is required.
What Auto Insurance Covers?
There are lots of things that auto insurance can cover, and what exactly your auto insurance covers will depend on the policy you choose. For instance, your plan will cover up to a certain amount, so you’ll have to consider how much coverage you’ll need to rest assured. Additionally, many plans include deductibles, so you’ll want to keep in mind how much your plan requires you to pay before it will start paying.
The most common types of coverage are:
- Liability
- Collision
- Comprehensive
- Uninsured motorist
- Medical payments coverage
- Personal injury protection
Choose Insurance You Can Count On
At Toedt Insurance Agency LLC, we know that those in Albany, NY, want auto insurance they can count on. We’ll be glad to guide you through the auto insurance process and answer any questions you may have. If you’re ready to get started, reach out to us today.
Beyond the Basics: Specialized Commercial Insurance Coverages You Didn’t Know You Needed
Embarking on the road to business success in Albany, NY requires more than just the basics. At Toedt Insurance Agency LLC, we understand the unique challenges businesses face. Let’s explore some specialized commercial insurance coverages that might not be on your radar but could make all the difference.
Cyber Liability Protection
In today’s digital age, the threat of cyber-attacks is ever-present. Don’t leave your business vulnerable to data breaches and cybercrimes. Toedt Insurance Agency LLC offers robust cyber liability protection, safeguarding your sensitive information and providing financial support in the event of a cyber incident.
Business Interruption Insurance
Unexpected disruptions can bring operations to a standstill. Business interruption insurance from Toedt Insurance Agency LLC ensures that your business remains financially stable during times of crisis. Whether it’s a natural disaster or unforeseen circumstances, this coverage helps cover ongoing expenses and prevents financial setbacks.
Commercial Auto Insurance
If your business relies on vehicles, standard insurance may not be enough. Toedt Insurance Agency LLC provides specialized commercial auto insurance tailored to the unique needs of your business in Albany, NY. From delivery vans to company cars, we’ve got you covered on the road.
Equipment Breakdown Coverage
For businesses relying on machinery and equipment, unexpected breakdowns can lead to significant financial losses. Our equipment breakdown coverage at Toedt Insurance Agency LLC protects your investment, covering the costs of repairs or replacements due to mechanical failures.
Ready to elevate your commercial insurance coverage beyond the basics?
Contact Toedt Insurance Agency LLC today to explore these specialized coverages and more. Give us a call to schedule a consultation and ensure your business in Albany, NY is well-equipped for success.
Additional Living Expense (ALE) Coverage: A Home Insurance Guide
An excellent and essential benefit of having a Homeowner Insurance Policy is the loss of use coverage, also known as additional living expense (ALE) coverage. Let us, the Toedt Insurance Agency LLC in Albany, NY, help you have peace of mind if the unthinkable happens.
Understanding Additional Living Expense (ALE) Coverage
ALE coverage (also available to condominium owners and in renter’s insurance policies) covers added costs associated with a policyholder’s temporary displacement from their residence in a covered peril. ALE coverage in New York can pay up to 20% of the insurance dwelling amount while your home is being repaired.
ALE typically covers expenses associated with food, hotel stays, or temporary rental spaces until your primary residence can be inhabited again.
Other benefits that can be covered under the loss of use portion of your homeowner’s insurance policy may include:
- Moving or displacement expenses
- Rental furniture
- Laundry expenses (because you don’t have access to a washer and dryer)
- Storage costs
- Boarding of pets
To know the specifics of your individual policy, contact your agent to get a detailed explanation of coverage.
Loss of use coverage doesn’t cover costs for things you were previously responsible for before the time of loss. Your home mortgage, childcare expenses, insurance costs, and other household bills you paid regularly would be excluded from ALE coverage. This coverage is for added expenses you are responsible for paying because you can’t live in your place of residence.
Have Questions? Consult With Us
Guard your home, protect your family and quality of life, and have peace of mind. Talk to a licensed agent at Toedt Insurance Agency LLC in Albany, NY for more information about homeowner insurance policies.
Can One Auto Insurance Policy Cover Multiple Vehicles?
For car enthusiasts who can’t handle only having one vehicle or families who need more than one car to provide transportation for every household member, navigating car insurance comes with some unexpected challenges. Thankfully, our team of qualified insurance professionals at Toedt Insurance Agency LLC in Albany, NY has walked plenty of car owners through this process. From those who only own one vehicle to those who have upwards of three vehicles, we’ve seen all kinds of car-owning situations that require knowledge of car insurance laws and regulations to find the right coverage for that specific circumstance.
If you worry that having more than one car stored in your garage or driveway will make insuring your vehicles complicated, you should sit down and speak with one of our agents before you panic. We can help you discover the right policy to suit your needs. We can also discuss the terms and requirements of certain policies, so you know whether you can keep up with that coverage.
Can a Single Auto Insurance Policy Cover More than One Vehicle?
While every auto insurance policy has terms and limits by which we need to abide, you’ll find that some car insurance policies have options to cover more than one car. Multi-car insurance policies are designed for this situation. While some policies may have wording that is confusing like “garaging” all the vehicles in one place, we can walk you through what different terms mean and how you can stay eligible for coverage once it’s in place. If your second vehicle is an exotic car or a classic one, you may need a policy that covers that type of vehicle like classic car insurance.
For more information, call Toedt Insurance Agency LLC in Albany, NY today!
Securing Your Albany Enterprise: Why Commercial Insurance is a Must-Have for New York Business Owners
New York business owners in Albany, NY are likely aware of the unique opportunities and challenges of running a business in one of America’s most vibrant cities. If you’re a New Business owner in New York and looking for ways to safeguard your business — be mindful of the importance of having an adequate commercial insurance policy to protect your bottom line from extreme loss.
Partner with Toedt Insurance Agency LLC in Albany, NY and learn how to protect your business investment!
Understanding Commercial Business Insurance
Commercial business insurance is a must-have for New York business owners who want to protect their finances from the devastating effects of legal liability claims, worker’s compensation claims, or cyber-attacks against their businesses.
Depending on your line of business, you may be legally required to have commercial insurance to meet legal requirements and avoid hefty fines. Commercial insurance can protect your business from general liability-related claims for property damage, personal injury, bodily injury, and more.
A knowledgeable insurance agent can help you customize a policy to meet your unique business needs.
NY-area businesses who suddenly find their operations shut down have greater peace of mind when they know they have an active commercial insurance policy with business interruption coverage. Business interruption coverage kicks in when unexpected events like natural disasters, fires, floods, and other unforeseen circumstances disrupt your operations.
Secure Your Business with Commercial Insurance
Commercial business insurance isn’t an option for most New York businesses — it is necessary to safeguard your business operations, finances, and peace of mind.
Talk to a licensed insurance agent at Toedt Insurance Agency LLC to learn more about your options for commercial coverage, and request a free quote today!
5 Factors to Consider When Purchasing Home Insurance
The purpose of home insurance is to protect your home and valuables from perils that can cause financial loss. The right policy will provide just the protection you need without wasting money on unnecessary coverage. At Toedt Insurance Agency LLC in Albany, NY, we can personalize your policy to meet your unique insurance needs.
Here are some important factors to consider when purchasing a home policy:
Type of Coverage
Standard home insurance offers dwelling, contents, and liability coverage. You can review these types of coverage with your Toedt Insurance agent to fully understand the protection they provide. You should also be aware of the perils your policy protects you from, such as theft, vandalism, storm damage, tornadoes, etc. If you want protection from flooding, you’ll need to purchase a separate flood insurance policy.
Amount of Coverage
In addition to the type of coverage, you decide the amount of coverage you want to protect your property. Dwelling coverage, for example, should cover the cost of rebuilding your home if it’s totally destroyed in a disaster. We can help you assess the value of your home and its contents to help you obtain accurate coverage.
Claims Process
Another factor to consider is the claims process. Talk to your insurer about filing a claim so you understand what’s required to get compensation when you need it most.
Insurance Cost
By shopping around, you can get a better idea of home insurance costs in your local area. Be sure to compare what different policies offer in relation to their costs. You don’t want to be penny-wise and pound-foolish when it comes to protecting your most valuable asset.
Insurance Company
Finally, choose a reputable insurance company you can trust. At Toedt Insurance Agency LLC in Albany, NY, we offer quality home insurance at affordable costs.
Auto Insurance Coverage Options
Our agents at Toedt Insurance Agency LLC serving the Albany, NY area are highlighting the importance of having an auto insurance policy in place in the state of New York.
Auto insurance coverage options provide you and other drivers with the financial protection needed if an accident occurs or your vehicle is damaged. Auto liability insurance is required in the state of New York for all drivers, but there are other coverage options you can choose from to keep you and your car, truck, or SUV properly protected.
Auto Insurance Coverage Options
Collision Insurance
This type of auto insurance will help you repair your vehicle and other vehicles involved in a collision. It will also come in handy if you collide with some sort of inanimate object.
Comprehensive Insurance
If your vehicle is damaged or destroyed by a fire, natural disaster, vandalism, or some other awful event, you will be happy to have comprehensive insurance since it will help you repair your vehicle or replace it. This type of insurance is also important if your vehicle is stolen since it can help to replace your car, truck, or SUV.
Uninsured or Underinsured Motorist Coverage
If you become involved in an accident with a driver who has very little insurance or no insurance at all, this type of insurance policy will be very beneficial. It can help you with the expenses of repairing your vehicle and any medical bills that you may incur.
Contact Us Today
To create the best auto insurance policy for you and your vehicle, contact the agents at the Toedt Insurance Agency LLC serving the Albany, NY area today!
Tips to keep your work trucks running smoothly
When it comes to keeping your work truck running smoothly here in the Albany, NY area, there are a few tips from us at Toedt Insurance Agency LLC that we think can help you.
Tips to keep your work trucks running smoothly
The first is to make sure you are regularly servicing your vehicle and changing any necessary fluids. This includes engine oil, transmission fluid, brake fluid, coolant, and more. Proper maintenance of these fluids helps keep your vehicle running smoothly and prevents costly repairs down the road.
Another tip is to make sure your tires are properly inflated as this can help improve gas mileage and ensure optimal performance from your truck. Additionally, you’ll want to check the tire pressure every month or two to ensure they’re always at the correct pressure level.
You’ll also want to be sure to have regular tune-ups done on your truck as well as any repairs that may come up. Regular maintenance will go a long way in ensuring that your work truck runs smoothly and efficiently for years to come.
Finally, be sure to use quality parts when making any replacements or repairs on the truck. Using inferior parts could result in greater costs down the line when it comes time for repairs or replacements again soon after using subpar parts originally.
Reach Out To Us
By following these simple tips, you can rest assured knowing that your work truck will stay in top condition for a long time; always running smoothly for all of those upcoming jobs. For more tips, give us at Toedt Insurance Agency LLC a call today. We are proud to serve the people of the Albany, NY area and would be happy to find a policy that will keep your business covered.
