Dorchester, MA Insurance for Gap Coverage (Umbrella Insurance)

Vargas & Vargas Insurance hopes your family is doing well as you journey through life in Dorchester, MA. But, for those times when life is rough, that’s what an umbrella is for. 

Umbrella insurance may not be as well-known as other types of insurance, but it is very important if you want to make sure you have the coverage you need for life’s unexpected surprises. Umbrellas cover you when the rain comes. And let’s face it: you never know when that rainy day might come your way. 

Let’s say you are in an auto accident. Your coverage is $25,000 per individual, perhaps. But the problem is, the person you hit on the way to get groceries owes $30,000 in medical bills. If your personal liability is only $25,000, you now owe an additional $5,000 in out-of-pocket expenses!

That’s where umbrella insurance comes in!

More About Umbrella Insurance

Also known as "gap insurance," umbrella insurance covers more than the limits of your insurance and kicks in where your normal coverage leaves off. If you are threatened with a lawsuit due to not carrying enough insurance, your umbrella insurance can help you out a lot. Avoid the possibility of lawsuits by increasing the amount of your insurance in the most risk-prone areas of your life. 

Dorchester MA Insurance Source

If you are in need of extra coverage for auto, business insurance, house insurance, or other kinds of insurance, see the professionals at Vargas & Vargas Insurance, covering the Dorchester, MA area. They can show you the types of coverage you need and how much umbrella or gap insurance you need to restore your peace of mind. 

Risks of Flood Damage

Floods can occur anywhere, affecting properties in Dorchester, MA. Common causes of floods include flash floods and seasonal storms, which can occur anywhere in the world at any time. According to the Federal Emergency Management Agency (FEMA), floods are commonly involved in 90 percent of all natural disasters in the country. 

Continue reading to learn about the risks of flooding. Then, for more information about flooding and how to protect your property, call the experts at Vargas & Vargas Insurance today. 

Flood Risk Information

When moving to a new area, learn as much as possible about flood risks in the immediate area. Your mortgage lender, local officials, and an insurance agent may have information about the area’s vulnerability to flooding. Additionally, the National Flood Insurance Program (NFIP) can provide information about local flood risks. 

Lack of Coverage

Not all homeowners insurance policies cover all types of flood damage. Therefore, additional flood insurance policies must be purchased to ensure coverage in the event of a flood associated with a natural disaster or weather event. Not having enough coverage can leave you paying for the repair and replacement costs out of pocket. 

Buying Flood Insurance

Purchasing flood insurance is easy and can be purchased directly from an insurance professional. However, there is a 30-day waiting period before the flood insurance policy takes effect. Because of the waiting period, if you live in an area prone to flooding, do not wait to purchase your policy. 

No Flood Insurance Coverage

If there is a flood, and you do not have flood insurance coverage, your assets are not fully protected against damages and loss. In addition, not having insurance coverage could lead to paying hefty bills associated with repairing and replacing property and personal items. 

Floods can strike at any time, anywhere. Those in Dorchester, MA should not hesitate to ensure they are covered in the event of a flood. Call Vargas & Vargas Insurance today to discuss flood insurance options and get yourself covered today. 

How Does Condo Insurance Work?

Owning a condo is a great way to own your own home. It does come with a number of responsibilities, though, and one of the most important of these is to have a condo insurance policy. This policy protects you in a number of ways, and it’s never a good idea to be without it. If you need one of these policies, contact us today at Vargas & Vargas Insurance in Dorchester, MA to talk to an agent. 

Protect Your Home

When you have a condo insurance policy, it covers your condo itself. This means that it will pay for certain damages to the inside of your condo, but not the outside. The condo board owns the outside and will insure that area. The only exception is when a condo owner makes some type of improvement to the outside of the condo. In that case, the owner is responsible for insuring that area as well. 

Protect Your Possessions

With all or most of your belongings inside your condo, a major accident or calamity that causes damage to your belongings can be devastating. However, your condo insurance will cover those possessions. It can pay for you to get repairs and/or to replace items that were ruined beyond repair. With this coverage, you won’t have to start over with nothing. 

Protect Your Finances

Another problem that can happen in a condo is a third party having an accident there. When that happens, it is often the owner who owes the medical bills. With a condo policy, there is liability coverage included. This will pay for the medical bills so that you won’t have to. 

Condo Protection

If you own a condo, you need protection. Call us at Vargas & Vargas Insurance in Dorchester, MA to find out more about this coverage. 

4 Add-ons to Consider For Your Auto Insurance

If you own a vehicle in Dorchester, MA, you understand that auto insurance is as critical as car maintenance. Unfortunately, many car owners purchase the minimum auto insurance coverage just to comply. While this may seem like a way to save funds, it can bite you hard when the unthinkable strikes. That said, Vargas & Vargas Insurance shares add-ons you can consider to boost your auto insurance for maximum protection. 

Emergency roadside assistance coverage

Have you ever thought about what you may go through when your car breaks down away from home? You might have seen it in movies, but it can happen in real life. While you can’t predict how your car behaves, you can cover yourself with a roadside assistance add-on to ensure that you get services like gas delivery, puncture repair, towing, and other roadside repairs in case your car breaks down.

Engine protection cover

If you reside in a location prone to waterlogging, this coverage is a must for you. Your engine is, perhaps, the most expensive component of your vehicle. As such, insuring it against damage is a smart move to avoid you forking cash from your pocket when a disaster occurs.

Zero depreciation cover

If you have a new or luxurious car, this add-on cushions you against wear and tear when replacing expensive parts. Instead of removing the depreciation factor when replacing parts, the insurance company covers the entire cost of replacement when you have this cover. 

Consumable coverage

When your claim is being processed, consumables like nuts, bolts, and oil aren’t covered in the typical insurance coverage. However, as small as they might be, consumable costs can stack up to significant figures when involved in an accident. Thankfully, with consumable coverage, you don’t have to worry about consumable expenses.

Buy auto insurance today!

Would you like to buy auto insurance in Dorchester, MA? Please contact Vargas & Vargas Insurance for a competitive quote. 

Facts You Need to Know About Life Insurance

Do you have life insurance? If not, what’s stopping you from having this policy?

If you’ve family members who depend on you for their daily bread, then you need to think again. Consider the state you’d leave them in if you were to die today. The funeral costs alone are too high. Consider any mortgage or student loans you’d been paying. Clearly, these are not debts you want to pass on to your loved ones.

You need to save your loved ones from such problems by purchasing a life insurance policy. If you’re not sure why you need one, our team at Vargas & Vargas Insurance has compiled this guide for residents of Dorchester, MA. 

You Need Term Life Insurance

There are different types of life insurance, and term life is one of them. If you’re like 90 percent of people with life insurance, you’ll choose to go with a term life insurance policy. 

As the name suggests, term life insurance covers a specific period. In most cases, it is 20-30 years. The aim is to ensure that your loved ones are protected if you die during this period, mostly your working years. It has no cash value until you die, and the premiums you pay are smaller than for whole life insurance.

Insurance is Not an Investment

Since some life insurance policies have cash value, you might think that this is a form of investing in the future. However, this should not be the case. If your goal is to grow your capital over time, you’re better off trying something else.

What you need to put in mind is that you’re protecting your loved ones. If they don’t need any protection, you don’t need this policy. 

Are You Considering Buying Life Insurance in Dorchester, MA?

If you’re shopping for life insurance, this is part of the information you should know. There’s still much more you need to know about life insurance. That’s why you need to reach out to our Vargas & Vargas Insurance experts for more information. 

What You Need to Know About Commercial Insurance

As a business owner in Dorchester, MA, you need to have commercial insurance for your business to cover specific liabilities. However, sometimes it is very challenging to understand the entire concept of commercial insurance, especially if this is not your area of specialization. Vargas & Vargas Insurance has realized that many business owners make grave mistakes when it comes to business insurance and offer some basics on this policy. 

Why Commercial Insurance?

So, some business owners do not know why they need commercial insurance, and some of them ignore it entirely, only for them to regret it later after disaster strikes. It is essential to understand that commercial insurance protects your business and the investments you have made against disastrous events. 

Having commercial insurance is necessary because it protects all the assets that your business owns. However, commercial insurance may also help you cover the different types of liabilities your business may cause to suppliers, customers, and other parties. 

How Does It Work?

Generally, commercial insurance is an agreement that lasts for one year and can be renewed by either party. It involves paying an agreed amount of money to an insurance agency that will assume the liabilities and the damages that your business may experience during the year. 

The amount of money paid to the insurance company typically depends on the properties at hand, possible risk exposure, and other possible requirements such as the number of customers and vendors associated with the organization. 

Do You Need Commercial Insurance?

Before you start running your commercial organization in Dorchester, MA, you need to have your commercial insurance in place so that you can be ready from the first day of your operations. Vargas & Vargas Insurance will guide you in the process of getting the best commercial insurance to meet the needs of your business. 

When should your review your home insurance

About a month before your home insurance is due for renewal you will receive a copy of your policy details in the mail or maybe in an email. The front page of that is your Homeowners Policy Declaration. It includes your policy number, the dates your policy is in effect, your agent’s name, and the address of the property being insured. It also includes your liability limits, deductibles, and any additional coverages you have. At Vargas & Vargas Insurance in Dorchester, MA, our staff is focused on making sure our customers have a positive insurance experience. We put our customer’s needs first. 

When your policy renews

When you get this notice from your insurer, it is the perfect time to review all the figures. Look at the amount of coverage you have for the replacement of your home, contents, outbuildings, living expenses, and liability coverage. Do they make sense? Has the cost of your policy gone up substantially? Is there a legitimate reason for the increase? What is your deductible? After you have looked it over you may want to have a discussion with your insurance agent. 

When you add a significant amount of additional content

If you receive or purchase expensive jewelry, your policy may not cover it. Most traditional home policies have a low threshold for jewelry and other expensive items. You can add a rider to your policy to cover these items. 

You make upgrades

If you make changes to your home: finish the basement or attic, add an extension or upgrade a kitchen the value of your home may have increased. If you replace your roof or add a home security system, you may be eligible for a discount. Make sure your agent knows all the latest information about your home. 

Contact Vargas & Vargas Insurance in Dorchester, MA with your home insurance needs. 

The Difference Between Classic Car Insurance and Standard Auto Insurance

You might wonder why you need classic car insurance when your other vehicles carry a standard auto insurance policy from Vargas & Vargas Insurance. Your classic car requires a different level of insurance coverage than your other vehicles.

You could wreck your 2020 Chrysler or Dodge in Dorchester, MA, pick up a check from the insurance company, and purchase a new 2020 Chrysler or Dodge from the car lot. That is not the case with a classic car.

If you wreck a completely restored 1963 candy apple red Corvette Stingray, you cannot drive to the Chevy lot and buy a new one. You would have a hard time replacing it.

You also would receive a different amount of money for the new car and the classic car. With auto insurance, your payout would come in the form of a depreciated value. You would get the Blue Book value of your car or truck on the day the accident occurred. You would not want this with a classic car. The depreciated value of a 1963 Corvette is not the same thing as the actual value of the same car when completely restored to pristine condition.

Classic car insurance pays actual value or agreed-upon value. That means you either obtain the actual cost of purchasing another mint 1963 Corvette or you get a check for the value of the vehicle as you and your insurance company agreed to it when you negotiated the insurance policy.

With classic car insurance, you do not get to drive your vehicle as often. The policy typically limits you to about 1,000 miles per year. You can show it in car shows and drive it in parades.

Choosing classic car insurance saves you money if your vehicle ever incurs damage. Contact Vargas and Vargas Insurance of Dorchester, MA to learn more about classic car insurance.

Do You Need Home Insurance in Massachusetts

One of the largest investments you will ever make is the money you invest in your home. To create a true sanctuary, you will need peace of mind, and the best way to achieve that is to obtain a home insurance policy. The agents at Vargas & Vargas Insurance in Dorchester, MA understand the importance of obtaining a home insurance policy for all homeowners to protect your assets.

In the state of Massachusetts, you are not required to have a homeowner’s insurance policy but if you have a mortgage on your home, the bank or other lender you used for your loan will more than likely require you to have a policy in place to protect their investment in your home.

Coverage Options

Homeowners insurance is designed to assist you in paying for to repair or replace your house if it is damaged or destroyed by an act of vandalism, a fire, or a natural disaster, such as a tornado or windstorm.

Your home insurance policy will also cover the rest of your property. For example, if you have a garage and it is destroyed by a tornado, your home insurance will pay to rebuild your garage.

If your home is broken into and several items are stolen and the door is damaged, your items will be replaced through your policy, and your door will be repaired or replaced. It will also provide coverage if a visitor to your home is injured or their property is damaged. For example, if a tree in your yard falls on their vehicle, your home insurance will help cover the damages to their vehicle.

Call For A Quote

To create the home insurance policy that works best for you and your home, you should consult with an experienced insurance agent. At Vargas & Vargas Insurance in Dorchester, MA, the home insurance agents you can trust are ready to assist you. Call for a quote or an appointment today to start your policy.

Important Variables Classic Car Owners Should Consider While Researching Policies

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!