Factors that Affect the Cost of Home Insurance

Your mortgage company will require home insurance for homeownership today. The insurance policy protects your house and possessions from harm and ensures that you can protect yourself from liability in cases of financial and physical loss.

However, since homeowner insurance rates vary from house to house, residents may like to know just how much they’ll be required to pay towards full insurance. In this article, we look at the factors that affect the total cost of home insurance. Study these factors to get an idea of how your insurance rate will be determined.

Area of Residence

Your area of residence is perhaps the biggest factor impacting the total cost of insurance. Homeowners in the state of Louisiana pay three times as much for home insurance than homeowners in Oregon. Natural disasters, political instability, and crime rates play a significant role in determining rates. Rates can vary from city to city, even within the same state.

Home Price

A home with a higher price often takes more to insure because the cost of rebuilding it will be higher. Coverage is provided with the cost of rebuilding in mind. Hence, insurers would like to know what your home costs right now.

Assets Covered

Your home insurance will cost more if you have collectibles and, like antiques, firearms, gold, and silver etc. have more things covered. Besides repair and rebuilding, you should include personal belongings, living expenses, and liability against lawsuits in your home insurance policy.

Home’s Age

The current age and condition of your home can also impact the total cost of insurance. Older homes often come with premium construction materials that are harder to replace. Older homes sometimes have outdated plumbing and electrical systems are also exposed to greater risk.

While the cost of home insurance can vary based on the factors provided above, it shouldn’t come as a deterrent to purchasing the right home coverage. Regardless of what it costs you to insure your home, your home is most likely your most valuable asset. You should purchase the right insurance from a local independent insurance agent to save yourself from huge losses down the line.

At Vargas & Vargas Insurance, we offer top-rated insurance services that will help you keep your business safe during the winter season. All our clients enjoy customized insurance coverage to match their unique needs as we offer affordable prices. So contact us today for a free quote.

Getting Classic Car Insurance in Massachusetts

Getting Classic Car Insurance in Massachusetts

When you have a classic car, it works a little differently from regular vehicles. There are several concerns that come with classic cars that later models don’t come with. With classic car insurance in Massachusetts, you can get the protection that you need from your insurance policy. If you need coverage for a classic car, give us a call at Vargas & Vargas Insurance in Dorchester, MA to find out more.

Coverages of Classic Car Insurance

The protections that are found in regular vehicle insurance are the base of classic car coverage. Added to this are the specific coverages needed for classic cars. However, a classic car policy is usually used instead of regular auto insurance. Like regular car insurance, the coverage types in a classic car policy can include personal injury protection for your own injuries in an accident, bodily injury liability, for other people’s injuries, and collision coverage for damage to your own car. It also should have property damage liability protection as well as coverage for getting into an accident with an uninsured or underinsured motorist. Having each of these types of coverage is ideal for the car you love having.

Classic Car Components

In addition to all of the regular coverage, types are types that are unique to classic car insurance. There is the agreed value coverage that covers it for its specific value as a classic car rather than simply the make, model and year of the car. There is also a flexible usage allowance. For many people, the car needs protection, but the car isn’t driven very often. You might be a classic car owner who drives it every day, or you may take it out only occasionally, and your insurance needs to reflect that. There is also coverage for 24/7 roadside assistance for collectible vehicles that is available for emergencies.

Get Classic Car Insurance

If you need to cover your classic car, call us at Vargas & Vargas Insurance in Dorchester, MA.

Home Renovations That Might Lower Your Massachusetts Home Insurance

Home Renovations That Might Lower Your Massachusetts Home InsuranceWhen you are getting ready to renovate your home, you may be thinking of additional costs such as your home insurance. Some improvements will typically lower your home insurance rates.

At Vargas & Vargas Insurance, we want Dorchester, MA homeowners to get their home renovations done right.

If you are thinking of renovating, you may want to add these modifications to your home to help with your Massachusetts home insurance policy.

Alarm System With Monitoring

When you have an alarm system on your home, with the audio or video monitoring, you increase your security. You are likely to see a reduction in insurance rates with an alarm system from an approved company.
You may not need to get your alarm company approved but check with your provider. Adding an alarm system during home renovations will also keep your new changes secure from safety threats.

Install a Sewer Backup Valve

Sewer backup is a significant home insurance risk. You can even update your home insurance policy to include coverage for this, as the costs are exorbitant.

Adding a sewer backup valve is easy, and can help you in the event of a sewer backup disaster. When water has nowhere else to go, it will come into the home. This is an expensive problem, and your insurance company knows this. Add a valve to the sewer and this could save you from this problem, and also from insurance costs.

Install a Sump Pump

A flood in the basement is a disaster. If you don’t have one already, a sump pump is a very affordable way to prevent flooding when bad weather hits. Overland flooding in Massachusetts is on the rise and could lead to an increase in claims. Add one to avoid this mess, and to potentially lower your home insurance costs.

Get a Quote

When you are renovating your home, you need to talk to your insurance company or update your home insurance policy. At Vargas & Vargas Insurance, we want Dorchester, MA homeowners to have the most thorough policy, through every change in love. Call us for a quote and update your policy today.

Should You Insure Your Pricey Gifts?

Couple exchanging pricey gifts that require additional insurance

The hallmark of the holiday season is purchasing and exchanging gifts with your loved ones. It makes the festive season memorable. So before you stroll out of the jewelers with a $10,000 necklace, make sure you insure any pricey gifts.

Gifts like contemporary art, collectibles, and heirlooms also need insurance coverage. For such items, you can include them in your home insurance coverage with a scheduled floater, rider, or endorsement. Your insurance provider will take you through the steps.

Tips to Insure Your Pricey Gifts

The gifts like art and heirlooms that could increase in value, fur, and jewelry usually need receipts or an appraisal letter from certified professionals to get insurance coverage. Below are tips on how to get the right insurance for your expensive gifts:

1. Consider Standalone Policies for Your Expensive Gifts

If the person you’re gifting doesn’t have home or condominium insurance, then you can consider getting a standalone policy for that gift. It may even be beneficial to view a standalone policy. Here’s why:

  • If the gift is for business/work, then a standalone policy would be the best option.
  • If the gift requires a different policy, such as a classic car, a standalone policy also makes sense.

2. Get Special Coverage for Expensive Items That Gain Value

For expensive jewelry and contemporary art that will gain value, you need insurance cover with a rider paying the increased value if the item gets damaged or stolen. You can include such things in a home insurance policy if you live with your loved one.

 A standalone policy may also apply here. To keep the policy in place, you will need to get an annual appraisal for two or three years.

3. Take Careful Consideration for Travel and Shipping

Always use a professional shipper and packer when sending fine art to ensure that it doesn’t get damaged before it arrives. Make sure your shipper has insurance to safeguard against theft or damage. The last thing you want is for your pricey gifts to be stolen or damaged before it reaches your loved one.

If you’re in the Boston, Massachusetts area, then you should check out Vargas & Vargas Insurance for all your insurance needs. We will customize your insurance coverage to meet your needs and price point, so feel free to contact us here.