Why Do I Need an Umbrella Policy?

An umbrella policy is an additional layer of liability insurance that protects you and your assets above and beyond the coverage of your home or auto insurance. If you live in or near Dorchester, MA, Vargas & Vargas Insurance has experienced agents who can help to explain the value of an umbrella policy and why it could be right for you. 

If you have any assets at all an umbrella policy is valuable protection. Home insurance and car insurance policies have liability limits that are often not high enough to protect you adequately. If you are found to be at fault or even if you are not ultimately found to be at fault, the legal fees can be quite high.  If the case is not decided in your favor and your insurance liability is not enough to cover the judgment, you may be required to pay the remainder of the money yourself. It could take all of your saving and assets and even your future assets to make that payment.

With an umbrella policy, when the maximum is reached on your home or auto policy, your umbrella policy kicks in and pays up to the maximum amount of the policy. Most umbrella policies are from one to five million dollars. It is easier to sleep at night knowing that you are protected today and into the future. 

You have worked hard to accumulate the assets that you have. Protecting them is important for your peace of mind. At Vargas & Vargas Insurance in Dorchester, MA, our friendly and knowledgeable staff are ready and waiting to help you get the coverage that you need. Give our office a call or stop by and let us help you understand the benefits of this important coverage and get a no-obligation quote. Visit our website for more information.

 

Does Flood Insurance Only Cover Natural Floods

Flood insurance is something that most people never need and that most people cannot benefit from. That being said, you should take the time to figure out if you need flood insurance at all or if it is a coverage that you can do without. For those in the Dorchester, MA area, the agents with Vargas & Vargas Insurance can help you find out if you need a flood policy or not.

Flood insurance works to cover flood damage from natural flooding only. This means that it covers flooding that is caused by some outside water source. Flooding from broken pipes is covered in your normal home insurance policy. Flood insurance is something that is not required and that is not going to be beneficial for all users. Flood insurance is something that is going to work well for your home if you live in an area where you are near water, in an area where you are near flood planes or where flooding is possible.

Flood insurance does not cover flooding that is associated with things like holes in the roof from storms, burst pipes, or other things that would otherwise be covered on your normal home policy. When buying flood coverage, it is always best to take the time to really look at what the coverage is all about and see if you can truly benefit from it. For the most part, you are not going to need to use a flood policy and your home policy is going to cover some flooding to a certain extent. For those in the Dorchester, MA area, the agents with Vargas & Vargas Insurance can help you determine if you need a flood insurance policy or if your home policy is sufficient for your needs.  

3 Reasons You Need Condo Insurance

Whether you live in a condo year round or you own one that you vacation in from time to time, it’s important to protect it with condo insurance. Owning a condo is much different from owning your own home. Chances are, your condo is connected to other condos owned by other people. When something happens to a piece of the property that is connected to someone else’s condo, this makes things very confusing. Here at Vargas & Vargas Insurance serving the Dorchester, MA area, we’d like to share with you the top three reasons you need condo insurance.

It Might Be Mandatory

The first reason you may need to get a condo insurance policy is that it might be mandatory. If you have a mortgage on your condo, then your lender likely requires that you have condo insurance. You should check with the lender to determine the exact type of insurance policy that you need. Just like a regular home with a mortgage has to have homeowners insurance, a condo with a mortgage needs condo insurance. This protects both you and the lender.

Protect the Inside of Your Condo

Much of the time, the exterior of a condo receives protection through a condo association’s insurance policy, also known as a master insurance policy. This type of policy protects the exterior and any common areas, but it doesn’t protect the inside of your condo. You will need a condo insurance policy to protect your condo’s walls, ceiling, floors, fixtures, plumbing, and electrical wiring.

Protect Yourself From Lawsuits

If someone is injured inside of your condo, a master policy won’t provide coverage. The master policy only provides coverage if someone is injured in a common area. To protect yourself if someone is injured inside your property, you need your own condo insurance policy.

Different condo policies vary in the types of coverage they provide. It’s important to speak with an agent at Vargas & Vargas Insurance serving the Dorchester, MA area to learn about the different types of coverage you can gain through a condo insurance policy.

Life insurance when starting out in life

Most people think of life insurance as something you get when you’re older. However, as Vargas & Vargas Insurance, serving Dorchester, MA explains, you should really purchase a policy when you are in your 20s, just starting out in life.

The fact that you are young and not as likely to die as an older person is to your advantage since that means your premiums will be far less expensive. You should carry life insurance just in case an unexpected fatal illness or an accident should take you away from your loved ones.

A life insurance policy is generally used to replace lost income for a spouse and children who have grown to depend on it. Even if you are currently single, carrying life insurance is still a good idea. You may start a family later and can then add a spouse and children as beneficiaries as your circumstances change.

The other purpose of life insurance is to pay your outstanding debts. These might include funeral expenses and health care costs if you were taken by a lengthy illness, such as cancer.

A young person is also likely to have a substantial college loan balance. While federal loans are as a rule canceled and discharged upon the insured’s death, the same cannot be said for any private loans you may have taken out, perhaps with your parents as cosigners. Lenders expect the cosigners to pay off the debt even if the person carrying it has died. A life insurance policy will allow your parents to pay off the private loan at your passing.

For questions on life insurance, feel free to contact Vargas & Vargas Insurance, serving Dorchester, MA.

Why you need to have home insurance

Buying a home in Dorchester, MA can be a great long-term investment. When you do purchase a home, there are many important decisions that need to be made. One decision that you will have to make is in regards to home insurance. There are several reasons why you need to have home insurance on your property at all times.

Protects Your Valuable Asset

When you purchase a home, you will be making one of the biggest investments of your life. Eventually, the equity in your home can make up a large percentage of your net worth. Because of the importance of this asset, you need to make sure that you have it properly protected by home insurance. This will ensure that you are financially protected if the home is damaged by a fire, bad weather, or another issue.

Liability Coverage

When you have your own property, you are also taking on liability risk whenever someone comes into your home. If someone is hurt while they are on your property, you could be found liable. Having a full home insurance policy in place will provide you with protection in these situations. If you are found liable and are sued, your home insurance policy will trigger and provide you with the protection that you need. 

Having insurance on your Dorchester, MA is very important. Since you need to make sure that you are properly covered by insurance at all times, you should speak with the team at Vargas & Vargas Insurance to discuss your home insurance needs. Vargas & Vargas Insurance can help you to figure out what the best home insurance coverage is for your situation and can get you into a great policy. 

Can You Take out a Life Insurance Policy on a Child Before it is Born?

Life insurance is something that everyone can benefit from and that many new parents take into consideration. That being said, those looking for insurance might be wondering if you can take out a life insurance policy on a child prior to their birth. Put simply, you cannot. For those that live in the Dorchester, MA area, the agents with Vargas & Vargas Insurance can help you determine what type of insurance you can have.

If you or your spouse is expecting and you want to take out a policy on your unborn child, you will have to wait until the child is born and until it has been assigned a social security number. If you are expecting and want more coverage, you may want to look into taking out more coverage on the pregnant woman that is carrying the child until such a time when the child is born. You can take out extra coverage on the pregnant woman and that may help cover any issues that could potentially take place. It is necessary for the child to be born and for a social security number so that the child can be accounted for and so that the policy can be tracked as well.

If you are a parent of a child that is not yet born, you may want to talk with an agent to see if there is another type of insurance you can take out to protect your unborn child prior to its birth. For those that live in the Dorchester, MA area, the agents with Vargas & Vargas Insurance can help you find a policy that works for you and makes you feel fully protected and secure no matter what.

Make Sure Your Valuables are Covered by Your Home Insurance

Natural disasters can put your home in Dorchester, MA, and all your personal belongings at risk of damage or total loss. Home insurance can help mitigate that loss. Standard homeowners insurance, however, comes with limits on how much protection you receive for personal belongings. This protection may not be enough to replace valuable goods if they are stolen or damaged. How, then, can you make sure your valuables are covered under your home insurance policy? 

Purchase an Endorsement

An endorsement is additional insurance you can obtain to fully protect valuable items. The first step towards getting this coverage is to have your valuables appraised to determine their worth. You’ll then have a better idea of the kind of protection you need.  

There are two kinds of endorsements you can obtain for your valuable items: blanket coverage or individual floater. Blanket coverage enables you to protect entire collections of goods such as jewelry, stamp collection, coin collection, fine art, wine collections, etc. Floaters or riders cover specific items such as one painting or piece of furniture. At Vargas & Vargas Insurance, we can help you select the best option for your valuables so you can get the insurance protection you need.

Benefits of Endorsements

There are numerous benefits to obtaining an endorsement for your valuables. Endorsements give you greater control over insurance protection for valuable goods, up to the replacement cost of your valuables. They also protect you against more perils than standard policies to include pet damage, accidents, and mysterious disappearance. Under many policies, floaters have no deductibles, saving you from having to pay anything out of pocket when making a claim.

If you’re looking for additional protection for your valuable goods, contact us at Vargas & Vargas Insurance in Dorchester, MA. 

How Do I Know if My Car is Eligible for Classic Car Insurance?

There is nothing quite like seeing a class car rolling down a city street, especially when it is contrasted by a mass modern vehicles. Antiques exude a class and elegance that are seem to be lacking from most cars manufactured nowadays. This is why it is important to protect and preserve classic cars that have survived the test of time. Many have a special place in history, such as a Ford Model T. If you are fortunate enough to own a classic car, be sure to consider purchasing an insurance policy that will specifically cover your prized vehicle. Vargas & Vargas Insurance in Dorchester, MA will be able to give you more information on classic car insurance and let you know if your car meets the qualifications.

Classic Car Insurance Eligibility

In order to qualify for classic car insurance, your vehicle must meet certain requirements. It can either be classified as a ‘classic car’ or ‘antique car.’ Here are the distinguishing factors between the two categories:

  • Classic car – A vehicle that is 10 to 24 years old with historic interest, such as a muscle car or hot rod.
  • Antique car – A vehicle that is 25 years or older with historic interest.

Additionally, you must be able to prove that your vehicle will be used on a very limited basis, that it has been preserved in its original condition (or in the process of being restored), and that it will be stored in an enclosed building or storage unit.

Whether your classic car holds sentimental value for you or restoring antique vehicles is a just a hobby, it important to protect its worth. It would be a shame for an unforeseen incident to destroy a piece of history that you hold so dear. Contact Vargas & Vargas Insurance in Dorchester, MA if you are interested in learning more about classic car insurance.

Does renter’s insurance pay if I have to relocate?

You had to purchase renter’s insurance to sign the lease. Now, you have to relocate for a period due to matters that are beyond your control. Will your renter’s assurance policy in Dorchester, MA cover the costs associated with such an uprooting? Read on to find out. Contact an agent at Vargas & Vargas Insurance to learn more about renter’s insurance.

What is renter’s insurance?

A renter’s indemnity plan is a financial security net for individuals who lease or rent property. Much like homeowner’s insurance, a renter’s indemnity plan protects your possessions in the event of the apartment flooding and destroying your goods. A plan may also guard against financial turmoil for minor alterations that you make to the interior structure in efforts to make the place feel like your own.

Is assurance required?

There is no state law that mandates every renter obtain an assurance policy if they rent or lease in Dorchester, MA. Some landlords, however, may require that you purchase renter’s insurance so that you do not sue them for recompense should your goods be stolen or damaged while you reside on their property. You should look into renter’s insurance even if buying a policy is completely optional. Why would you want to forgo financial coverage?

Does renter’s insurance pay if I have to relocate?

Your renter’s insurance possibility may not cover relocation expenses. Such is the reason why you should speak with an expert from Vargas & Vargas Insurance to discuss your options and explore the possibilities of coupling umbrella insurance with your renter’s indemnity plan. Contact our office today to begin a quote and start your life of financial security with the added safety net of a good assurance policy!

Winter Motorcycle Safety Considerations in Dorchester

Cold weather in Massachusets comes early in the fall, so motorcyclists will be able to enjoy the fall foliage in the chilly air. When it changes to icy and even colder there are some safety considerations for drivers that must be considered. At Vargas & Vargas Insurance we want all drivers to be safe throughout our beautiful state. We deliver quality insurance to clients in Dorchester, MA and the surrounding areas. 

Winter Motorcycle Safety Tips

  • Wear your helmet. Helmets are required under Massachusets law, however, in the winter they offer more than a lifesaving exoskeleton. In the winter helmets protect your face and head from the extreme elements that your face can be exposed to on a normal daily ride. 
  • Layers are a necessity. Many bikers will wear motorcycle gear to protect their skin however in the winter a bit more is needed. Layers to hold your own warmth to your body on the underside in addition to the layers to block the icy wind on the outside can feel like a lifesaver in frigid months.
  • Handguards are needed in the winter months because riding gloves are not enough to block the brunt of the wind and thicker gloves can decrease your hand’s mobility putting yourself at risk while driving. 
  • The roads in winter also present their own hazards due to the ice patches, snow, and the salt used to melt the ice. These things can present safety hazards and affect the workings of your bike so driver beware of the road as well as yourself. 

Call us as Vargas & Vargas Insurance for quality motorcycle insurance, and remember to keep safe on the roads this winter while you travel in and around Dorchester, MA.