Why Is Rental Insurance Important?

Posted on November 17, 2020October 19, 2020 by cvargas

Why is rental insurance important? This may be a question you have. After all, if you live in an apartment or a condo, you don’t actually own the building. You are not responsible for the insurance on the physical building. However, you are responsible for your personal belongings that are inside the condo or apartment.

Protect Your Personal Belongings

If you are paying rent to a landlord, their insurance covers damage to the building you are living in. If your belongings got damaged, lost, or stolen, your belongings would not be covered under the landlord’s insurance. You would not be able to replace these items. Rental insurance protects your personal belongings from loss, theft, or damage.

Consider This Example

Imagine that your neighbor is cooking dinner and leaves the stove unattended. A fire breaks out, and it causes damage to their unit and your unit. If you have renter’s insurance, then a combination of your neighbor’s insurance, the personal property coverage in your renter’s insurance, and the landlord’s property insurance would all be considered. In this scenario, if you are all covered, all three parties may be completely covered for their losses.

Prepare for Liability Claims

What about liability claims? If someone comes to your home, and you are renting it, what happens if they injure themselves? The liability portion of rental insurance provides compensation if someone is injured while at your home.

Get Coverage for Temporary Accommodations

What if your apartment building burns down? What if your condo has smoke damage? If your home is damaged and needs to be fixed, renter’s insurance can cover the cost of having to live somewhere else while your condo or apartment gets repaired or until you can find another place to live.

Establish an Insurance History

Having renter’s insurance helps establish an insurance history. This is very helpful when you go to purchase a home or a condominium. If you had no claims with your rental insurance, you will qualify for a “loss-free” or “claims free” credit on your home or condo insurance policy, which will reduce the cost of the policy.

Contact Us for Rental Insurance That Fits Your Needs

Vargas & Vargas Insurance is one of the premier local independent insurance agencies. We work for our clients and not the insurance company. We will customize your insurance coverage to your specific needs at the right price and are here to answer all of your insurance questions. Contact us today.

5 Reasons for Renters Insurance Every Renter Should Know

Posted on November 10, 2020October 5, 2020 by cvargas

Renters insurance is one of the rare breaks you’ll get from the insurance world: it’s super affordable without sacrificing coverage. Most landlords require it, but even if yours doesn’t, you still need it. Here are five reasons for renters insurance and why it’s so important:

1. It’s one of the best deals in insurance.

Your monthly premium will cost you about the price of a haircut, about $15 to $20. Sounds unbelievable, sure, but truly it’s one of the cheapest policies you can buy.

2. It covers your stuff.

That new laptop you just bought? Covered. That flat-pack furniture from IKEA? Covered. Renters insurance stops you from paying out-of-pocket for new things—including furniture, jewelry, clothes, computers, and electronics—if yours are damaged. Even if you don’t think you own a lot, it adds up quickly. A standard policy will cover you for the following accidents and catastrophes:

Fire or lightning
Riots or civil commotions
Smoke
Theft
Vandalism
Weight of ice, snow or sleet
Damage caused by aircraft, vehicles, or falling objects
Explosions
Volcanic eruptions
Windstorms or hail
Water or steam damage from sources within the apartment, such as household appliances, plumbing, heating, air conditioning or fire-protective sprinkler systems

But wait, you might ask, doesn’t your landlord’s insurance cover your stuff? A lot of people make this assumption, but it’s not true. Your landlord’s insurance covers the physical structure in which you live. If a fire destroyed your apartment, the landlord’s insurance company pays out for the building, not your stuff.

3. It covers your stuff when you’re traveling.

Yes—incredible. Most policies will cover your belongings wherever you travel in the world, whether they’re in your car, your backpack, or your pocket. If you travel a lot, make sure you talk to an insurance agent about getting a policy that covers you internationally.

4. It gives you liability coverage.

Along with covering your belongings, renters insurance will give you liability coverage. So if someone sues you after getting injured in your apartment, renters insurance would help cover lawyer costs and medical bills.

5. It can cover additional living expenses.

If your apartment becomes uninhabitable and you’re forced to live in a hotel and eat takeout, renters insurance may foot the bill. Check with your insurance agent to see how long your policy will pay for your additional living expenses.

Looking for Renters Insurance?

If you don’t have a renters insurance policy, we can help you. We’re independent insurance agents, meaning we work for you, not any one insurance company. We’ll customize your renters insurance coverage to match what you need at the best price, and we’re here to answer any of your insurance questions. Contact us today to get the right insurance for your apartment.

Important Variables Classic Car Owners Should Consider While Researching Policies

Posted on November 9, 2020October 29, 2020 by agentinsure

Vargas & Vargas Insurance serves the Dorchester, MA community, as well as the surrounding areas, by helping people find coverage. We strive to help our clients find policies that will keep them safe and secure. As an independent agency, we have positive relationships with several carriers in the region to help make sure that our clients can find flexible and reliable policies.

Important Classic Car Insurance Variables

Your classic car is one of your most prized possessions. It’s a unique asset that you have to take care of. Classic car insurance will help you maintain the value of your vehicle. Here are some important variables to consider while you are researching policies.

The Usage

In order for your vehicle to maintain its status as a classic car, you should only drive the vehicle on very exclusive occasions. Primarily, you should only drive the vehicle to special shows in the Dorchester MA area. The policy will also outline a mileage limit that you have to adhere to.

Storage

Having a good place to store your classic car is important. You should look for somewhere safe and secure where your vehicle will be protected from the threat of inclement weather. Consider a classic storage facility. Storing your car at a classic facility will allow you to enjoy some amenities specifically designed to help you maintain your classic car. Storing your classic car at a private building is another option.

Maintenance Tips

Make sure that your classic car has regular oil changes to prevent contamination buildup. Also, try to keep a full tank of gas in your vehicle. That will reduce the possibility of engine troubles. Make sure that your policy contains coverage if you plan to replace parts of your car with new ones.

Consult With Vargas & Vargas Insurance

For more information on classic car insurance, visit our website today!

6 Ways Downsizing Saves You Money

Posted on November 3, 2020October 5, 2020 by cvargas

A big house is not always the best, particularly if you want to make your life simpler and save on expenses. Most people often desire to downsize their homes and streamline their lifestyles as they age. The decision to downsize your house is motivated by several reasons, including fewer expenses, starting a new adventure, and minimizing the upkeep and effort of maintenance. If you want to know if downsizing saves you money, it is vital to consider all the different areas of savings. Below are the expenses that you can save on when you downsize your house.

1. Cost of Purchase

A smaller house comes at a cheaper cost, which is subject to less capital gains tax on profits. Therefore, you save on the cost and on capital gains tax.

2. Property Taxes

When you downsize your house, you save on property taxes. There is a big difference in property taxes between different neighborhoods based on the availability of amenities and access to roads.

3. Maintenance

Moving to a smaller house helps in reducing the amount spent on maintenance and sustenance. This relieves you from the maintenance cost of a large house that can, at times, weigh you down.

4. Mortgage

Downsizing to a smaller house ensures you fully utilize the space in your house, and you save on your mortgage payment.

5. Utilities

A smaller house means you are spending less every month to cool and heat the space. This is good for your wallet and the environment because you are consuming less energy.

6. Healthcare

In most cases, a big house is packed with clutter and stuff, and this adversely affects the quality of air. Cluttered homes are dustier and dirtier than small houses that are less cluttered. Also, the air quality in small houses is good, and this reduces your chances of falling sick. Cleaning a smaller house is less complicated and does not consume much time. There is little stress in cleaning your small house, and this does not adversely affect your health.

Vargas & Vargas Insurance can help you when you are buying or downsizing to a small place. We will customize your insurance coverage to your specific needs at the right price. We are here to answer all of your questions, so contact us today.

Insurance To-Dos After Your Child Moves Out

Posted on October 27, 2020September 21, 2020 by cvargas

So your child is moving out. They are either going to college and getting an off-campus apartment, going out on their own for a job, or starting some other adventure. This brings with it a whole string of emotions from happy to sad and anxious to ecstatic. After the tears, it’s time to think about some next steps for when you are starting to downsize your life.

Home Insurance

On your checklist of to-dos, you will want to check on your home policy after your child has moved. There are a few different things to check. For example, you will want to see if you can change your own policy to be lower now that there are not as many belongings in the home. You may also want to see if your homeowner’s policy will cover your child if they are still in college (which may be the case if they are in the dorms). Alternatively, you may be able to get a discount by getting a renter’s policy through the same company.

In any case, now may be a good time to let your child know that a renter’s policy will help them with liability concerns. It will also protect the belongings that are inside their apartment.

Car Insurance

The other thing that your child will need to take charge of will be their own car insurance policy. This is especially nice as newer drivers tend to require more expensive policies. If they are moving far away without a car, you may be able to put the car they used in your own name without listing them as a driver on the policy any longer. Alternatively, if they are moving and taking their car, they can go ahead and get their own policy. You will no longer need to be responsible for it and can see about downsizing your coverage.

Vargas & Vargas Insurance is the premier local independent insurance agency — we work for our clients and not the insurance company. We will customize your insurance coverage to your specific needs at the right price as you downsize. Contact us today for answers to all of your insurance questions.

How much renter’s insurance do you need in Dorchester, MA?

Posted on October 21, 2020October 21, 2020 by agentinsure

It only takes one major event for you to learn that renters insurance is not an option. Still, even with the knowledge that you absolutely need an indemnity policy to pay for damaged or lost items, you may not know the type of renters insurance policy that best fits your life in Dorchester, MA. How much renters insurance does one need to secure a sense of financial stability? The agents at Vargas & Vargas Insurance can help.

Is renters insurance required?

There is no state law requiring every renter to obtain an indemnity policy. Some landlords, however, may require you to show proof of a renters insurance plan before letting you sign a lease to rent an apartment in Dorchester, MA.

You should consider an indemnity policy even if such is not required by the landlord for personal reasons. The building owner is mainly responsible to insure the property grounds. You cannot sue him or her for items lost or damaged in a burglary.

What should a renters insurance plan entail?

The best renters insurance policies offer replacement cost values for items lost or damaged. Such a tenet is especially important if you have a lot of electronics in your unit.

Computers and televisions lose value immediately after purchase. Having an insurance plan that only offers the cash value of such items leaves you to pay for the remaining cost to replace the items out-of-pocket. A replacement cost plan provides payment according to the current market value.

A good renters insurance plan should also offer temporary housing. It is usually up to the landlord to secure housing if a unit is uninhabitable. You should not, however, rely on someone else when it comes to shelter. A good renters insurance plan will pay for expenses related to temporarily relocating upfront.

How much renters insurance do you need?

The amount of renters insurance you need largely depends on your personal preferences and possessions. An agent at Vargas & Vargas Insurance can help you determine how much coverage is right for your living situation. Call today for a quote!

When Is the Right Time to Reassess Your Home’s Value?

Posted on October 20, 2020September 15, 2020 by cvargas

There are times when you think about your home’s value and wonder whether you have the right home insurance coverage. It’s an important thing to consider, and there are definitely times when it is important to reassess your home’s value. This ensures you have the coverage that matches your home and belongings, just in case something happens.

If you were to look at the market right now and think that maybe your coverage is not enough, that isn’t the whole story. Insurance companies use replacement value, not market value, to make assessments of your home’s worth.

What Is Replacement Value?

Replacement value is the cost of replacing the home and all the belongings inside it. This does not take into account the age of the home or any depreciation that has occurred over time. This value is challenging to quantify.

How Often You Should Reassess Your Home’s Value

It would be best if you had your insurance policy reassessed whenever you have made improvements to your home. Also, as the market changes, you will want to have the policy assessed. Why is this important? You don’t want to have something happen, only to find out that you only have half of your home’s worth covered in your insurance plan. It is best to get a new appraisal every couple of years, and a new insurance assessment annually.

In the end, it is better to be safe rather than sorry when it comes to your home insurance policy. Proactive steps now give you the comfort that, if something happens, you have the coverage that you need so that you can focus on rebuilding.

Vargas & Vargas Insurance is one of the premier local independent insurance agencies. We work for our clients and not the insurance company. We will customize your home insurance coverage to your specific needs at the right price, and we’re here to answer all of your insurance questions. Contact us today to get started.

How Often Should You Reassess Your Home’s Value?

Posted on October 7, 2020October 6, 2020 by cvargas

There are different types of home valuations that you can choose from. The value of your home depends on your chosen type of valuation. There are different ways and reasons why homes are valued. The different types of home valuations differ based on the reason, who carries out the process, and the effect on the rates and coverage of your home insurance.

Some home valuations affect home insurance directly. It is important to critically appraise your home insurance policy if you realize there is a decrease or increase in its apparent value. Also, it is important to have enough home-dwelling insurance coverage in the event of a disaster. It is devastating to lose your house to a disaster and realize it was insured for less than its value.

Several factors affect the value of a home. They include size, age, location, condition, and building materials. You might need different types of valuations for different reasons. Therefore, home valuations fluctuate based on the situation.

Reassessing Your Home’s Value for Insurance Coverage

It would help if you had your home reassessed to ensure your coverage is a good fit. It would also help if you reassessed the value of your home every year. This will help you decide on the best coverage. This helps in avoiding payment of high premiums. It also ensures that any possibility of loss is satisfactorily covered.

Reassessing the value of your home every year helps in incorporating any recent improvements to your house into your insurance coverage. Even if there are no improvements, reassessment ensures that you have adequate coverage limits to cover the entire cost of rebuilding.

In reassessing the value of your home, you need to measure how much coverage you need. Also, inspect for perils not included in the coverage, and recheck your deductible. You need to compare your current premium to the premium you paid the previous year. Be sure you store all your documents safely.

Vargas & Vargas is one of the premier local independent insurance agencies. We work for you by customizing your insurance coverage consistent with your specific needs at the right price. Contact us today for expert responses to all your insurance questions.

Downsizing to a Condo vs. a Smaller House

Posted on October 6, 2020September 10, 2020 by cvargas

There are different financial and practical reasons to downsize to either a small house or to a condo. The reasons for downsizing are all good, provided you are ready to move to your new community and the finances work in your favor.

Before you decide to downsize to a smaller house or a condo, you need to:

Assess your needs
Decide where you would like to live
Price it out
Realize that a smaller space is not necessarily cheaper
Avoid underestimating your emotional considerations

Benefits of Downsizing

Downsizing to either a condo or a smaller house has its considerations and potential drawbacks, and it is vital to learn more before making an offer. Moving to a condo or a smaller house is not only for singles or couples. It’s even for large families interested in changing their lifestyles.

Downsizing to both a small house and a condo means owning less, which can make you happier. Having a few things and fewer rooms reduces your chore time. This leaves you more time to take part in activities that can enrich your life.

Unique Considerations of Downsizing to a Condo

Condo living also gives you the luxury of less maintenance. You will not have to spend your time doing gardening related chores, such as mowing the lawn. While every condo community is different, most of them have an extensive list of amenities compared to small house communities.

Condo communities are characterized by the proximity of the quarters to each other. When you live in such close quarters, you enjoy a sense of community that is different from what you will find in a typical neighborhood of small houses. Taking great pride in your community makes it easier for you and your neighbors to become friends.

Downsizing to a condo can be more expensive compared to moving to a smaller house. Considerations of location and convenience might increase your payment for a condo.

If you have questions on how to start the downsizing process, Vargas & Vargas Insurance can guide you through the process and get it done for you. You can depend on our expertise for your insurance needs and referral to experts in your local area.

Motorcycle Insurance Coverage Options

Posted on September 30, 2020September 30, 2020 by agentinsure

You enjoy the feeling of freedom you get from riding your motorcycle so it is imperative you’re your protect the investment you have made in your bike. The best way to accomplish that goal is to obtain a motorcycle insurance policy that is best for you and your situation.

Motorcycle Insurance Requirements in Massachusetts

In the state of Massachusetts, you must have at least a liability insurance. This policy will cover bodily injury to others if you are involved in an accident that is deemed to be your fault, along with damage to someone else’s property. You also need to have personal injury protection coverage or you can choose a deductible of $8,000 for yourself and household members. You must also have uninsured and underinsured motorist coverage which will cover bodily injury or property damage that you and/or your passenger sustains if you’re involved in an accident with a motorist who does not have insurance or doesn’t have enough insurance to cover your medical costs and property damages.

Comprehensive Motorcycle Insurance Coverage

Comprehensive motorcycle insurance coverage will cover your bike if it is damaged or destroyed by a fire, vandalism, or a natural disaster, such as a tornado or hurricane. This is an important policy to have to repair or replace your bike if it falls victim to one of these situations or if it is stolen.

Collision Insurance

Collision insurance will cover your bike if you are involved in an accident with another vehicle or an object. For example, if you hit an electric pole with your bike, it will cover the damage to your bike and the pole.

To obtain the best motorcycle insurance policy for you and your situation, contact the motorcycle insurance agents at Vargas & Vargas Insurance in Dorchester, MA today!

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