Protect Your Family Assets With Umbrella Insurance in Massachusetts

When you live in Dorchester, MA, it’s essential to have umbrella insurance. This type of insurance can help protect your family assets in case of an accident or lawsuit. Here are some things to consider when choosing umbrella insurance.

What is Umbrella Insurance?

Umbrella insurance is liability insurance that can help protect you and your family financially if you are sued or held liable for an accident. It can provide coverage above and beyond your regular homeowner’s or auto insurance policy limits.

Your Vargas & Vargas Insurance Agency can help you understand what you need to know about choosing the right umbrella insurance for you and your family.

Why Do I Need Umbrella Insurance?

Dorchester is a bustling city with a lot of traffic. This can increase your chances of being in an accident. If you are at fault in an accident, your regular insurance policy may not cover all the damage. This is where umbrella insurance can help. It can provide coverage for things like medical expenses, property damage, and legal fees.

As a homeowner, you are also at risk of being sued. If someone has an injury on your property, they may sue you to cover their medical expenses. Umbrella insurance can help protect your assets in this situation. If you have a pool, playground equipment, or other hazards on your property, umbrella insurance is also a good idea for peace of mind.

How Much Umbrella Insurance Do I Need?

The amount of umbrella insurance you need depends on your assets and income. It would help if you considered how much coverage you would need to protect your home, savings, and future earnings. A financial advisor can help you determine the right coverage for your needs.

Talk to your Vargas & Vargas Insurance Agency about umbrella insurance in Dorchester, MA.

What Is Umbrella Insurance, and What Does it Cover and Cost?


Understanding Umbrella Insurance and What it Does (& Doesn’t) Cover

Sometimes, a standard homeowners or automobile insurance policy isn’t enough to get you out of financial trouble, especially in the event of a huge and potentially devastating liability claim above the liability limits of your policies. This is where Umbrella insurance coverage comes to the rescue and helps avoid or minimize the financial repercussions of major property damage or extensive bodily injuries caused by you.

In this post, we’ll briefly share what Umbrella insurance is and what an Umbrella insurance policy does (& doesn’t) cover so you can decide whether it’s time for a policy upgrade.

What is Umbrella Insurance?

Think of Umbrella insurance as a fail-safe for your financial assets in the event of a liability lawsuit that extends your homeowners’ and automobile’ policy’s limits. An Umbrella policy can help anyone, especially those found legally responsible for causing extensive property damage and/or injuries to other parties. The following are some incidents that may require an Umbrella policy:

  • Your dog runs out of your apartment or home and viciously attacks a pedestrian or neighbor. They can sue you for medical bills, emotional distress, and lost wages.
  • Your teenage son or daughter throws a party on your property while you’re away. An underage guest gets arrested for driving under the influence, and you get sued for negligence.
  • A potential homebuyer visits your property on a rainy day and slips and falls down the stairs because of a roof leak.
  • You injure someone in an auto mobile accident, and they sue you above the limits that you carry on your automobile insurance policy.

What Umbrella Insurance Covers

Umbrella insurance covers damages beyond standard homeowners and automobile insurance policy limits as well as claims not covered in liability policies. Here’s a breakdown of the coverage:

Bodily Injury

Regardless of the cause, an Umbrella insurance policy will help cover the medical bills and/or lawsuits that exceed your insurance limit.

Property Damage

If you accidentally damage someone’s property or personal belongings with repair costs exceeding your insurance limit, Umbrella insurance can kick in to cover the remaining cost. For instance, if you lose control while driving and crash into your rental home, this additional policy could help cover for restoration.

Legal Costs

In the event of a lawsuit, and Umbrella insurance policy will cover your lawyer fees when you have to defend yourself in court.

What Umbrella Insurance Doesn’t Cover

The following is a list of items not covered by an Umbrella insurance policy:

  • The policy holder’s personal property was damaged in an incident
  • Business losses
  • Criminal or intentional damage-causing actions (arson, theft, physical assault, etc.)
  • Written or oral third-party contracts
  • ▪       Flood and earthquake damage

How Much Does Umbrella Insurance Cost in Massachusetts?

The cost of Umbrella insurance in Massachusetts varies based on two essential factors – Your insurance limit and risk exposure. You can buy Umbrella liability policies in increments of $1 million. The higher the limits, the higher the coverage costs. Similarly, insurance companies evaluate risk exposure based on the number of properties and vehicles/watercraft, driving record, occupation, and age, among other factors. The higher your risks, the higher the coverage costs. On average, Bay Staters can expect a $1 million policy to cost around $160 to $500.

Get More Protection with Vargas & Vargas Insurance

At Vargas & Vargas Insurance, we offer top-rated  Umbrella insurance policies designed to offer maximum compensation in the event of extensive property damage and bodily injuries. Our clients enjoy customized insurance coverage to match their unique needs at incredibly affordable prices. Contact us today for a free quote.

Do Landlords Need LLCs or Good Umbrella Coverage for Real Estate Investments?

landlord handing keys to new tenants after protecting their business with umbrella coverage

Are you a real estate investor looking to protect your assets? Chances are you have been using an LLC or an umbrella insurance policy to keep away from liabilities that may affect your property. They are both practical to use, but there are cases where either an LLC or umbrella coverage for real estate investments is the better option.

You can make the right choice by understanding how they protect your property. There are various cases where many investors don’t understand the implications of LLC and umbrella policies. Let’s break it up!

Why You Need an Umbrella Policy

An umbrella policy is an insurance cover that adds other liability coverage to an existing insurance policy. Adding more coverage to the current coverage protects landlords against personal fiscal responsibility when cases such as injury or lawsuits occur.

The umbrella coverage for real estate investments travels with you. The policies cover personal circumstances, such as when your dog bites someone at the park; the cover also helps with medical costs.

Why You Need LLCs and Corporations

An LLC, or Limited Liability Company, helps protect you from any liabilities that can arise within the LLC that prevent the plaintiff from suing you personally. In the case of a lawsuit, the only thing at risk is the business’s assets, leaving the owner out of the puzzle.

The creditor may decide to collect the assets of the business. It is different from state to state, and you have to consult your agency and understand the laws behind it.

Choose What Is Best for You

The choice you make between the two depends on the real estate portfolio. For example, the umbrella insurance policy is best for making the right financial choices for landlords with small portfolios. You may also opt for both an umbrella insurance policy and creating an LLC since they work effectively.

Vargas and Vargas Insurance is among the best local independent insurance agencies in your neighborhood. We offer expert and customized services that cater to your specific needs, so contact us today.

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. 

How to Know if Umbrella Insurance is Right for You

While nearly every person is familiar with common insurances like auto and homeowners, one that often flies under the radar is umbrella insurance. Essentially, for each of your insurance policies you have a limit to how much money the insurance company will pay – minus your deductible – for a claim. In some circumstances, the total balance due may be greater than what the insurance company is paying which means you are on the hook to pay the difference. In a situation like this, if you have umbrella insurance then the policy will kick in to cover the difference once your coverage has been maxed.

Whether or not you need umbrella insurance is a common question. Generally speaking, you should consider purchasing a policy if the value of your assets to include items like your real estate property, bank accounts, retirement accounts, investment accounts, college savings plans and any other asset with a monetary figure attached to it exceeds the limits of your homeowner’s or auto insurance liability coverages. Ultimately, the goal is to have more liability insurance than your assets are worth so you can’t risk losing them in a lawsuit.

With that said, you don’t need to have a high net worth to make umbrella insurance worthwhile. If you have a situation where you have greater liability than others such as household staff, dangerous equipment on property or an aggressive animal than it won’t hurt to at least explore your options. 

When it comes to shopping for umbrella insurance in Dorchester, MA, there’s really no better option than Vargas & Vargas Insurance. Focusing on a no pressure environment, our friendly and knowledgeable team of insurance professionals will answer all your questions, help determine if an umbrella policy is right for you and assist you in the underwriting process. 

Managing Growth

Growth can sneak up on us.  Whether it’s your family or your business, one day you realize you’ve grown larger than when you started. 

  • Two cars when once there was one.
  • Five employees when previously you had two. 
  • A new spouse when you once lived alone. 

Growth is a good thing, it’s the keeping-up-with-growth that’s difficult.  Unless you’re organized and prepared, then growing becomes easy-peasy.

One area we often overlook, when growth occurs is whether it sneaks up on us or we prepare for it, is with our insurance.

Here’s where your Independent Insurance Agent comes in. We help your growth spurt feel smooth, organized, and best of all, prepared for any happenstance.

We often advocate that our clients undertake an annual review with us to see what coverages best suit their needs with natural changes over time. This helps to ensure quality coverage at an affordable cost whenever possible.

Our facility as your Independent Agent is there for you to advocate and manage when the “growth” word pops up.  Not only can we find the right insurance coverage for your new larger family or business, but we can help you control the costs of that insurance. 

Call us today so we can discuss all of your wonderful growth opportunities and reduce any growing pains so you experience the best possible insurance solutions.

You can reach us by calling 617-298-0655 or text us at 617-409-0329 for a free, no-obligation annual review. Click here to Visit our Contact Us page.

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.

 

Recap: Rainy Day Activities

“And when it rains on your parade, look up rather than down. Without the rain, there would be no rainbow.”

– Gilbert K. Chesterton

At Vargas and Vargas Insurance Agency, we love days when the sun is shining – but we also know that it’s important to embrace the rainy days! The next time that you’re besieged by a day of grey skies and rainclouds, don’t despair. Instead, gather up your family and try out one of the following activities:

  • Pull out the arts and crafts! There are hundreds of craft tutorials online for kids and adults of all ages, and you probably have the materials on hand already!
  • There’s not much better than a good book on a rainy day. Find a cozy spot and host a family read-a-thon. Bonus if there are healthy snacks involved! Also encourage everyone to share what they’re reading about.
  • Like arts and crafts, cooking is an activity that can be tailored to all ages. Have kids help prepare dinner or bake something yummy for dessert! Having kids help make food also makes them more likely to try new foods.

Still need something to do on a rainy Boston day? Talk to your Vargas and Vargas Insurance agent about your policies! Make sure that they are up to date and ask about the benefits of an umbrella insurance policy for extra liability protection. Just call 617-298-0655 to speak to a friendly and knowledgeable insurance agent.

Indoor Activities for Rainy Days

Spring has sprung here in Boston, and we’ll bet that you’re ready for the warm, sunshiny days ahead. As in life, however, not all days can have sunshine. Sometimes you need to be prepared for days with rain. The best way to deal with a rainy day is to make the best of it and enjoy the indoors, especially if you have children that need entertainment (and to burn off a little energy). Pick out an activity (or several) from the following suggestions and see if you can’t make a rainy day great!

A Perfect Time for Arts and Crafts

If it’s grey and rainy outside, it’s the perfect time to break out some arts and crafts in an attempt to get your creative juices flowing! Don’t have a project in mind? That’s ok! There are hundreds of online tutorials with project ideas for kids and adults alike. The best part is that you probably already have the supplies on hand – paper, scissors, glue, and other crafty staples will get you hours of fun with your kiddos.

If you’re in a pinch for a fun crafty activity, there are even websites that allow you to print out coloring pages and activity books from your home printer. Find something with a fun pattern or your child’s favorite characters and go to town… they’ll forget about the rain in no time!

Cozy Up with a Good Book

Rain is naturally relaxing, making it perfect weather for reading! If you don’t currently have a book in progress you can go to the nearest branch of the Boston Public Library for access to books, eBooks, audiobooks, and much more. Also check the library’s calendar – they often offer free classes and activities for kids!

For older kids, encourage them to get a head start on next year’s summer reading list, if you know what books are going to be included. Sometimes, these books are old enough to be available in eBook format for free on Project Gutenberg – a site that provides free copies of books with expired copyrights.

Spend Some Time in the Kitchen

It can be hard to find time to teach kids basic life skills – especially when the sunshine beckons. Take advantage of the rain and let the kids help with some meal preparation. Depending on the age of the kids in question, they can help measure and add ingredients, mix things, chop, or even make something by themselves (with some guidance).

Kids are also much more likely to try new foods and flavors when they are involved in preparation – so pick out something new and different to encourage your kids to try new things! They will feel a wonderful sense of pride at having produced the meal and be excited to share it with the family. You can make it an even more special occasion by inviting someone special over to enjoy the meal – like a member of your extended family or your children’s friends.

Games and Cards and Puzzles – Oh My!

Board games, card games, and puzzles are a great way to spend some quality time with your family when the weather refuses to cooperate. Odds are that you have several of these in your closet already, so there is no cost associated with the hours of fun provided by these activities.

Card games are a favorite around the Vargas and Vargas Insurance office because a deck of cards is so versatile. There are dozens of different games that you can play with a single deck, so finding something fun and age-appropriate for smaller kiddos isn’t an issue. A quick online search can reveal ideas for new games that you and your loved ones will enjoy for the rainy afternoon.

Unbury Lost Treasures

It’s no secret that kids and adults alike get bored of their toys. Sometimes, however, something can have a fun nostalgia factor after it hasn’t been used in a while. The challenge is to find something that has regained its sense of fun! Give something new life and enjoy it one last time, even if afterword it goes in your ‘donation’ pile.

If you’re desperate to find something for your kids to do on a rainy day, ask them to clean their room – they are almost guaranteed to find something in there to amuse themselves in order to keep from tidying up!

A rainy day is also the perfect day for an insurance review! No need to even pick up an umbrella – Vargas and Vargas Insurance Agency is only a phone call away. Dial 617-298-0655 and talk to a Massachusetts insurance agent about your coverage, and what you can do to ensure that an insurance claim isn’t the cause of a ‘rainy day’ in your future. The rain may even remind you to ask about an umbrella insurance policy – one of the best forms of protection for your peace of mind.

Do I need umbrella insurance for a startup business?

Most startup businesses operating on a tight budget make the mistake of not prioritizing insurance. What these business owners fail to understand is that it takes a small accident or disaster to lose all that they have worked so hard to build. An umbrella insurance policy from Vargas & Vargas Insurance will help you protect your startup business against disasters in Dorchester, MA.

What is umbrella insurance?

The purpose of umbrella insurance in your startup business is to supplement underlying insurance policies such as general liability and auto insurance policies. The insurance policy provides you with an extra buffer of financial protection when you have exhausted your other existing insurance coverages. Depending on your preferences, the umbrella insurance policy can cover more than one of your other insurance policies. Your umbrella insurance policy kicks in when your existing insurance policy has been exhausted or in situations where some claims are not covered. Umbrella insurance will provide extra coverage for various risks including restitution for injuries and paying for litigation costs.

Does my startup business need umbrella insurance?

Your startup business in Dorchester, MA is definitely predisposed to a wide range of risks or mishaps. Just as the small business requires other insurance coverages, it also requires umbrella insurance. In addition, most insurance policies don’t cover every risk that your startup business is potentially facing. There are certain claims your startup faces that are not only rare but also very costly. Therefore, protecting your business’s assets with an umbrella insurance policy is very important.

Umbrella insurance can also help you save money. When you raise the limits of your individual liability policies, you will also have to increase your premiums. But with umbrella insurance, you will get the extra coverage buffer without worrying about the limits of your other individual policies. This is a rainy day coverage that you can get without breaking the bank.

Unfortunately, most people think that umbrella insurance is for big businesses or the rich in the society with a lot of assets to protect. But, even a small accident in your startup business can lead to claims worth large amounts of money, especially if the accident was serious. Protect your startup business idea today by purchasing an umbrella insurance policy from Vargas & Vargas Insurance.