Reducing Your Risks and Liability as a Landlord

 

 for rent sign.jpg

 

Many residential landlords are unknowingly leaving themselves open to lawsuits by being underinsured and being ignorant to the ways to reduce their risks and limit their personal liability as landlords. Learn how to protect yourself as a landlord by following three basic rules.

 

 

1. Maintain adequate property and casualty and general liability insurance on your rental property. 
2. Reduce the risk of potential lawsuits as
a landlord
3. Limit your personal liability as a landlord. 

Vargas & Vargas recommends as a Residential Rental Property Owner, you should carry the following types of insurance coverage: 

Property and Casualty insurance– This covers residential rental property owners from fire, storm or other catastrophic losses that could render their rental property uninhabitable. 

General Liability insurance-This reimburses rental property owners if they’re responsible for compensating another’s losses. General liability insurance doesn’t cover intentional wrong-doing such as arson or assault, but it usually covers negligence and general liability issues. 

Flood insurance-Flood Insurance is available for rental properties that are located in communities that participate in the National Flood Insurance Program. The federal government administers the National Flood Insurance Program, and insurance companies issue the policies. 

Umbrella insurance-Personal or commercial umbrella insurance provides rental property owners with excess liability insurance coverage beyond the limits provided in a general liability insurance policy. Regardless of how safe and secure your rental property may be, and how much you plan and prepare for emergencies, you still must maintain adequate general liability insurance coverage on your rental property in order to help reduce your risk and limit your personal liability as a landlord. 

To further protect yourself as a Residential Landlord, Vargas & Vargas also recommends: 

Require everyone working on your property be insured. To reduce general liability insurance premiums, require that all repairmen and contractors working on your rental property provide certificates of insurance proving that they carry adequate liability coverage and workers’ compensation insurance. Require that each repairman or contractor have a minimum of one million dollars in liability insurance coverage.

Protect yourself further by requiring your tenants to have Renters’ Insurance Coverage.  Include a clause in your rental agreement that requires all tenants to provide proof of renters’ insurance coverage prior to taking possession and occupying the premises. Most renters’ insurance policies provide coverage against fire and theft to personal property, and personal liability coverage for injuries and damages caused by tenant neglect. 

If you are not sure if you are adequately protected as a Residential Landlord, contact us at Vargas & Vargas Insurance and we will be happy to review your coverage and help you manage your risks.

Vargas & Vargas Insurance recommends as a Residential Rental Property Owner, you should carry the following types of insurance coverage: 

 

Property and Casualty insurance– This covers residential rental property owners from fire, storm or other catastrophic losses that could render their rental property uninhabitable. 

General Liability insurance-This reimburses rental property owners if they’re responsible for compensating another’s losses. General liability insurance doesn’t cover intentional wrong-doing such as arson or assault, but it usually covers negligence and general liability issues. 

Flood insurance-Flood Insurance is available for rental properties that are located in communities that participate in the National Flood Insurance Program. The federal government administers the National Flood Insurance Program, and insurance companies issue the policies. 

Umbrella insurance-Personal or commercial umbrella insurance provides rental property owners with excess liability insurance coverage beyond the limits provided in a general liability insurance policy. Regardless of how safe and secure your rental property may be, and how much you plan and prepare for emergencies, you still must maintain adequate general liability insurance coverage on your rental property in order to help reduce your risk and limit your personal liability as a landlord. 

To further protect yourself as a Residential Landlord, Vargas & Vargas also recommends: 

Require everyone working on your property be insured. To reduce general liability insurance premiums, require that all repairmen and contractors working on your rental property provide certificates of insurance proving that they carry adequate liability coverage and workers’ compensation insurance. Require that each repairman or contractor have a minimum of one million dollars in liability insurance coverage.

Protect yourself further by requiring your tenants to have Renters’ Insurance Coverage.  Include a clause in your rental agreement that requires all tenants to provide proof of renters’ insurance coverage prior to taking possession and occupying the premises. Most renters’ insurance policies provide coverage against fire and theft to personal property, and personal liability coverage for injuries and damages caused by tenant neglect. 

 

If you are not sure if you are adequately protected as a Residential Landlord, contact us at Vargas & Vargas Insurance and we will be happy to review your coverage and help you manage your risks.  877-550-0025

Do You Need Insurance in Boston, MA?

car accidents and insurance in Boston, MA.jpg 

Do the necessities of life include insurance in Boston, MA? Boston residents may disagree on the answer to this question. While there is no denying you may be able to survive without coverage, is that the right decision? There are many valid reasons to obtain an insurance policy.

In some instances, insurance is required. Many states mandate drivers to maintain a certain amount of coverage. In Massachusetts, the minimum requirements include bodily injury, personal injury protection, and property damage. When obtaining a car or home loan, lenders may also require you to obtain insurance before being approved. Failing to do so could lead to the loan being voided.

The official City of Boston website offers the public a listing of local crime statistics for the past few years. In 2008, there were 3,469 burglaries, 7,955 acts of vandalism, and 2,400 vehicles stolen. Considering the amount of crime the city boasts, insurance may seem like a pretty good idea to many individuals. Without a policy, you could be left with losses you have no way to cover.

When it comes to insurance, Boston, MA locals may decide to pass on coverage because of fears about the expense. The truth is that you may well be able to get affordable insurance. Contact one of our agents now to get a quote.

*

Enjoy Cooking without Causing a Fire or Having to File a Claim with your Mass Home Insurance

Mass home insurance for kitchen fires.jpg

Fried turkey has become one of the newest celebration sensations. From holidays to family reunions, carnivores all over the country are enjoying this fresh twist on a longtime culinary favorite. This gastronomic treat is also very dangerous. Many a house fire is started each year as inexperienced homeowners try to fry a bird. You might have your Mass home insurance policy in place, but the following tips might save you making a claim and missing out on the Turkey!

  • Never use a turkey fryer indoors or on decks. It should be positioned a few yards away from all structures.
  • Don’t leave the fryer’s side if no one else is there to keep an eye on it, even for a short period of time.
  • You must completely thaw a turkey before trying to fry it.
  • Avoid using too much oil. You only need enough to cover the bird.
  • Until the cooking is done and the oil cooled, children and pets should be kept out of the area.
  • Be wary of oil splashing or boiling over. Hot oil can cause serious burns. Seek medical attention immediately if a burn occurs.
  • Use insulated gloves and potholders when removing the turkey.

Armed with common sense and the above advice, you could have a beautifully fried turkey. Mistakes happen though and there is no escaping this fact so having a Mass home insurance policy, is always likely to be important.

 

*

Insurance Agency or Online Insurance?

online_shopping1.jpg

By doing this you do not receive the advantages of purchasing the policy through an insurance agency. You may ask, “What is the difference, I am receiving the same policy?” But at Vargas & Vargas Insurance Agency we create a memorable experience beyond the sale of the policy.  

What advantages do we offer over an online insurance company or agency?

Vargas Insurance creates a direct personal relationship. To us you are not a number like you will be with an online insurance agencyor company. We know you and your family by your name and the policy’s you own with us.

As the purchaser of a policy via an online agency or company, you have to know all of the current information about proper insurance coverage’s. When purchasing through Vargas & Vargas Insurance Agency. you hire us to place the correct coverage’s on your policy

With or without an insurance policy through Vargas Insurance, you are able to contact us with any insurance questions and we will give you expert advice.

Vargas & Vargas Insurance Agency is a local family owned company with two locations in Dorchester MA and Stoughton MA. By being local and having more than one location, we make it easier on your to visit us with any of your insurance needs. We live and participate and hire in the local community, one of our creeds is “paying it forward”. When using an online insurance agency, you do not have any of these benefits.  

Vargas & Vargas Insurance Agency offers auto, home, life, and business insurance policies. With these policies we offer you expert customer service and sales representatives that you can tailor your insurance to your specific needs. Call us today at 1877-550-0025 so we can personally service you and your family.

What to Look for in a Home Alarm System and Getting Protected with Mass Home Insurance

MA home insurance and burglar alarms.jpg 

One of the oldest known ‘professions’ is that of a thief. Unfortunately, that means individuals have to take steps to protect their belongings. While your Mass home insurance policy may guard you against losses due to burglary, it is always better to prevent theft whenever possible. To do this, many homeowners turn to a home alarm system. What should you look for when purchasing this type of equipment?

Some alarms simply sound off a warning signal when the perimeter is breached. While this may be enough to scare off an inexperienced crook, some experienced thieves will be able to recognize the systems where the bark is worse than their bite. To get the most out of your alarm, consider investing in a monitored system. This means emergency services can be called when the alarm is tripped, which may end up saving your belongings and your life

Wireless is all the rage. From smart phones to laptops, so many electronic devices are hopping on to the wireless bandwagon. While you can get a wireless alarm system, it may not be the right choice for your home. Individuals who are building a new home or remodeling an old one can take advantage of the construction to string the wires for the alarm. Individuals in a rental or finished house may benefit from the ease with which wireless systems can be installed.

No home alarm system is foolproof. That is why it is vital, even after your alarm is installed, to maintain your Mass home insurance. Doing so can help ensure another person’s sticky fingers will not break your bank.

 

*

Using a Fire Extinguisher Correctly to Avoid Claims with Commercial Insurance In Massachusetts

img.php.jpg 

There is a reasonable chance of you encountering an out-of-control fire at least once in your life. Along with the protection of commercial insurance, Massachusetts business owners should also prepare by learning how to use a fire extinguisher. This is an important skill to be able to resort to, but thankfully the process of using a fire extinguisher in an emergency is simple.

  • First, familiarize yourself with the extinguisher instructions and the type of fire it is designed to extinguish. Ensure your employees are familiar with this information too.
  • You’ll find a pin at the top of the extinguisher. When you pull this pin it releases the locking mechanism and this then facilitates the discharge of the extinguisher.
  • When using an extinguisher, it’s more effective to spray towards the base of the flames, rather than higher up. You want to extinguish the fire at fuel level.
  • Squeeze slowly and steadily to release the contents. When you stop squeezing, the discharge will cease. .
  • Maintain your personal safety by remaining several feet away from the fire. When flames begin to subside it may be safer to step closer.

Naturally, it makes the most sense if you learn this on the off chance you might need it one day, rather than trying to work out what to do in the event of a fire. Another vital part of preparing for such an event is obtaining proper commercial insurance in Massachusetts. Business owners can find out about obtaining affordable coverage quotes for their businesses by contacting one of our agents.

*