Massachusetts Home Insurance – What You Need To Know About Home Insurance

Posted on November 22, 2021December 2, 2021 by agentinsure

Purchasing a home is one of the biggest expenditures that you will have in your lifetime. Insuring this investment is one of the smartest things that a homeowner can do to protect it. Think of the amount of time that a homeowner spends residing in the home, that’s a lot of time for possible incidents to happen. What exactly entails home insurance coverage? What does homeowner’s insurance cover? We will cover these questions and how best to approach coverage below. Home Insurance can be purchased from Vargas & Vargas Insurance in Dorchester, MA.

Protection Against Damage

Home Insurance offers coverage under certain incidents or events such as house fires. If you lose items in a fire (clothing, appliances, etc.) these items would be covered in such an event. The insurance company will either cut you a check for the amount of the item or they’ll make arrangements to replace the item with the same or similar brand. This coverage also extends to the garage which would cover your car in case of a house fire that also damaged your garage or destroyed it.

Add-Ons

You can also purchase riders or add-ons to your home insurance coverage which will add protection for unique events such as flooding or storm damage. In either case of events, your insurance will also pay for your temporary stay abroad should you need to have your home repaired after an event. This temporary residence could be an extended hotel stay or renting an apartment or house for a few weeks.

Liability Coverage

Home Insurance also comes with liability coverage which can be purchased to varying limits. This portion of your policy covers events that happen either inside or outside the home which affect visitors or friends visiting such as a slip-and-fall accident or other incidents along those lines.

More Information

You can learn more about home insurance by contacting Vargas & Vargas Insurance in Dorchester, MA today!

How to Protect Your Home During Holiday Travel

Posted on November 16, 2021November 11, 2021 by cvargas

With the holidays fast approaching, you might be planning a trip. It might be to visit family members or take a much-deserved vacation. As you’re packing for holiday travel, you need to take a minute to consider ways to protect your home while you’re gone. Here are a few tips.

1. Tell Your Neighbors

Talk to a neighbor before you leave and let them know you’ll be gone. They can keep an eye on your home and contact authorities more quickly if something goes wrong when they know you’re not home.

2. Don’t Tell Social Media

Many people enjoy sharing every moment of their trips with social media. However, it’s best to wait until you return home to share those vacation photos. You don’t want to advertise that your home is empty for an extended period of time.

3. Update Your Alarm System

If you don’t already have an alarm system or your system needs an update, then this is the ideal time for it. A new alarm system or update can even help you secure a discount on your homeowner’s insurance.

4. Use a Timer to Turn Interior Lights On and Off

A potential burglar will pass home when there are lights on inside. If anyone is watching homes in your neighborhood, they’ll see the lights going on and off at times to give the impression that you’re at home.

5. Check All Your Doors and Windows

It’s easy to forget to lock a window when you close it in the fall after enjoying a cool breeze. This makes it essential that you check all the windows and doors in your home to make sure they’re locked and secure before leaving home for holiday travel.

Vargas & Vargas Insurance is a premier local independent insurance agency. Our goal is to ensure that we offer the best insurance products to our customers. You have specific needs, and we strive to customize your insurance policy to meet them at a price point your budget can handle. Our team is always ready to answer your questions and concerns, so contact us today.

3 Reasons Why You Should Trim Your Trees Before the First Snowfall

Posted on November 11, 2021November 11, 2021 by cvargas

Most Boston-area homeowners don’t realize how important it is to trim your trees before the winter season. After all, there is very little information about winterizing the landscape to minimize potential damage. The truth is that nature has its fair share of adverse effects on properties. It would be best for every homeowner to be ready for such seasons and protect their homes.

Trimming trees in winter is one of the best ways to maintain safety and control the size of trees. It can also help to create appealing shapes to make your landscape look organized. Full-swing winter is likely to remove all leaves, and it makes the best time to rethink tree trimming. Here is why.

1. Reduce Tree Exposure to Pests and Diseases

Winter months are prone to various pests and diseases. You can reduce the infection of your trees by pruning as a measure to regulate diseases. There are other reasons why winter is the best time for pruning. For example, you will require pruning of oaks due to oak wilt and beetle infestations.

2. It Preserves the Appearance and Value of Your Property

You can shape your trees to make them look stunning and align with your home landscape. Therefore, pruning allows you to remove branches hanging in the walkways or help to promote growth.

The damage caused by overhanging branches to your house is also significantly reduced to save on your insurance coverage. Insurance agencies will consider all security risks when assessing damage to your home caused by trees during winter.

3. Reduce Stress for Your Trees

Most trees go dormant in winter. Therefore, it is the perfect timing to trim to ensure you preserve the tree’s energy for healing and growth once the season passes.

Vargas & Vargas Insurance is a top-rated local independent insurance agency. We cater to client-specific needs and have customized insurance coverage at competitive prices. Contact us today to learn more about our services.

Everything You Need to Know About a Condominium Master Policy

Posted on November 1, 2021October 16, 2021 by cvargas

A condominium master policy is an insurance policy that the condominium association purchases, and the unit owners routinely share the cost. It is a policy that protects the ground of a unit, the common areas, and the unit owner’s personal belongings. The policy also offers liability protection in case there is an accident within the unit’s walls.

A condominium master policy has effects on both the condominium association and the condominium unit owners. The coverage of the condominium master policy, however, is dedicated to the master deed of the association.

Like other insurance policies, policyholders can decide on the three main plans depending on their preferred coverage:

1. Bare Walls-In Coverage

Bare walls-in coverage is the plan with the smallest area of coverage. It covers the physical or actual structure of the condominium. This includes the materials used to construct and erect the building. But bare walls-in coverage does not cover anything inside the unit. So it becomes the responsibility of each unit’s owner to seek additional coverage.

2. Single Entity

This plan covers everything listed on the bare walls-in coverage and some types of built-in property, such as fixtures and finishes. These fixtures and finishes must be original to the unit and not anything that the unit owner added.

3. All-In Coverage

This policy covers all the elements listed above. It also includes all the fixtures and structural elements associated with each unit, including in-built appliances and upgrades by the unit owner.

Advantages of organizing a master condominium plan are that:

It makes it easy for the developer to sell or separately finance different portions of the premises.
It makes it easier for sub-residential condominium owners to get mortgage financing.
Residential condominium developers have control over portions of residential sub-condominiums for longer than the period outlined in the Georgia Condominium Act. The developer will have control over the master condominium association, which maintains all the building structures.

Vargas & Vargas Insurance is one of the premier local independent insurance agencies. We work for our clients and not the insurance company. Our team will customize your insurance coverage to your specific needs at the right price, and we’re also here to answer all your insurance questions. So contact us today.

4 Amazing Tips for Preparing Your Car for Winter

Posted on October 25, 2021October 16, 2021 by cvargas

Approximately 2,000 people die each year, and 135,000 are injured in the United States due to snow and ice on the roads. Driving under such conditions is dangerous, but unfortunately, drivers do not take the time to learn seasonal driving tips. This makes driving a vehicle a lot more difficult than usual. It is important to get the car ready with the best auto insurance and ideas to keep your expenses low. Here are great tips that will help you overcome cold weather challenges as you’re preparing your car for winter.

1. Check the tread and air pressure of the tires

During winter, the condition of your car’s tires is paramount to its performance. Proper air pressure helps the vehicle to roll and have adequate support at all times. The rubber must also have a healthy tread to keep enough traction on the ground.

If you realize the footprints of your car tires have too much wear, replace them. It is also wise to buy all tires from one source to ensure the balance of your car and avoid accidents. Check the pressure of the tires frequently during winter; tires tend to lose pressure more easily if the temperature drops beyond zero.

2. Fill up the fuel tank

You cannot be too sure of accessing gas stations during winter. Some streets will probably be filled up with snow during winter, limiting the number of gas outlets you can access. Therefore, keep your fuel tank full at all times to avoid inconveniences. A full tank will also save you the time and effort of driving around looking for a gas station, further reducing the cost.

3. Use snow tires

Using regular tires during winter is not a good idea. The texture of snow, rock salt, and ice can take a toll on rubber, which will force you to spend more on tires due to wear and tear.

4. Make sure you have up-to-date insurance

To stay safe in winter driving conditions, have your car insured and protected from as many conditions as possible. Consult Vargas & Vargas Insurance for amazing deals that will keep you safe and at peace throughout the season.

Vargas & Vargas Insurance is one of the premier local independent insurance agencies in the area; we work for our clients and not the insurance company. We will customize your insurance coverage to your specific needs at the right price and are here to answer all your insurance questions. Contact us today to start preparing your car for winter and every other season.

4 Winter Home Protection Tips to Keep Your Home Safe

Posted on October 18, 2021October 15, 2021 by cvargas

With your pumpkins carved and visions of the holiday season on your mind, you know winter is right around the corner. This makes it a great time to get your home ready for the upcoming colder months. Here are a few winter home protection tips to get your home ready for the winter.

1. Clean the Chimney

According to Bob Vila, a home improvement expert, there are more than 25,000 home fires each year that start in the chimney, costing around $125 million in property damage. Cleaning your chimney should top your list so that you’re ready to build a fire on the first cold night.

2. HVAC Service

You want your home’s heating system to be in tip-top shape when the cold arrives. HVAC service saves you money by changing the air filter, calibrating the thermostat, and identifying small repairs before they become big problems.

3. Replace Batteries in Fire Alarms and Install Carbon Monoxide Detectors

With colder weather and shorter days, your family spends more time indoors. There is an average of 346,800 house fires each year. You want to keep your family safe, so it’s a great time to replace the batteries in fire alarms and carbon monoxide detectors. You can also replace damaged ones or install them in areas that don’t have coverage.

Pro Tip:

Check with your homeowner’s insurance provider. You might get a discount for installing additional smoke alarms.

4. Trim Tree Limbs

Your trees grew during the spring and summer, and you might have tree limbs overhanging your roof. It’s time to trim those limbs before winter storms and ice cause them to fall on your roof or damage your home in some other way.

Once you’ve finished with these winter home protection tips, it’s also a great time to review your homeowner’s insurance to ensure you have the best coverage and pricing. Vargas & Vargas Insurance is one of the premier local independent insurance agencies. We work for our clients and not the insurance company. We will customize your insurance coverage to your specific needs at the right price, and we’re here to answer all of your insurance questions. Contact us today.

Moving? Here’s What You Should Do With Your Renter’s Insurance

Posted on October 11, 2021October 14, 2021 by agentinsure

Renter’s insurance is an affordable and simple way to protect your personal property while you are renting. Most plans cost well under $20/month for thousands of dollars in coverage.

So, why would you let this coverage lapse when you are planning a move? Don’t do it! There is a much better way to handle your current renter’s insurance policy. Let Vargas & Vargas Insurance handle your renter’s insurance policy, and we’ll make it easy to switch your address from one location to the other, in Dorchester, MA.

Reevaluate Your Coverage

Most landlords will require their tenants to keep a renter’s insurance policy that covers $100k in property damage. Some of these policies include your personal property, some do not. Check your policy notice for more information. If your policy does not cover your personal property and you have decided you want that coverage, it is easy to reevaluate your needs and weigh them against affordability and practicality.

You can receive assistance with choosing a new, or expanded, renter’s insurance policy by giving the team at Vargas & Vargas Insurance a call. We are a trusted insurance broker in Dorchester, MA, and have been pouring our insurance solutions into clients for many years.

Switch Your Coverage from One Address to Another

If you are satisfied with your current coverage and insurance policy, an easy step as part of the moving process is to just switch addresses! It’s as simple as giving your friendly agent at Vargas & Vargas Insurance a call.

In order to allow time for the address change to go through, it is ideal to speak with your agent several weeks in advance of the move. Be prepared to give a new address and a start date for coverage on your new home. From there, you can receive a confirmation of your renter’s insurance policy to present to your new landlord!

Does My Home Insurance Cover a Flooded Basement?

Posted on October 4, 2021September 30, 2021 by cvargas

Your home is a haven for you and your family. When floods happen, the last thing you want to hear is that your flooded basement isn’t covered. At such a time, safety and getting help are your priorities.

What many homeowners do not know is that having a home insurance policy is crucial. On the other hand, even those with home insurance aren’t always aware if it covers flooding and to what extent they will be compensated in case of such an event.

To understand how insurance works and know if your policy covers flooding, our professionals at Vargas & Vargas Insurance are on standby to simplify the process for you. We listen, advise, and guide you in making an informed choice.

What Is Flood Insurance, and Do Insurers Provide a Flood Policy Cover?

Flood insurance is any policy that covers your home, electronics, and other important belongings from losses occasioned by flooding. Generally, it comes as a separate cover due to the high risk involved. But it may vary from company to company.

New developments in the mortgage industry within Massachusetts require lenders to ask for flood insura n ce, and several insurers have developed appropriate packages for homeowners. These new developments point to a higher risk of flooding, and the lenders want to protect their investments. On the other hand, taking the cover as a homeowner puts you at ease if flooding happens.

Why Flood Insurance Is Necessary

Generally, home insurance covers you from any damage that may occur. The different policies have several aspects that detail what is covered and to what extent. Flood insurance is a specific home insurance cover that will cover you when flooding happens, including if you have a flooded basement.

To choose the ideal policy, it is a good practice to seek help. Work with a trusted agent who will help you go through the policies, terms, and conditions, among other things. This will help you determine if the insurer and their package fit you or if your home is covered in case of flooding.

Parting Shot

Vargas & Vargas Insurance is one of the premier local independent insurance agencies. We work for our clients and not the insurance company. We will customize your insurance coverage to your specific needs at the right price. Our team is here to answer all of your insurance questions, so contact us today.

How to Insure a Vintage Motorcycle

Posted on September 30, 2021October 1, 2021 by agentinsure

If you own a motorcycle that is over 20 years old, your bike may be considered vintage. These motorcycles may be incredibly valuable, but they can also be more expensive to repair. You want to make sure that you have the right insurance coverage for your most valuable items.

Vargas & Vargas Insurance, which serves Dorchester, MA, understand that vintage motorcycle insurance can be tricky to navigate. Some additional information can help you make the right decision.

You Need a Standard Policy

The first thing you need to do is ensure that you are meeting Massachusetts’s requirements for vehicle liability insurance. Even antique or vintage bikes that you use are subject to these requirements. Even if you only ride your bike on the weekends, you will need to ensure you have enough liability coverage for any damage you are responsible for.

Consider Comprehensive Coverage

If you have a vintage motorcycle, you are wise to have comprehensive coverage to provide coverage for your bike when it is not in motion. Some insurance companies offer special coverage for vintage motorcycles at shows and other events, for instance.

Ask About Collision Coverage

Whether you regularly ride your vintage bike or drive it to shows, you should consider collision coverage. This coverage is intended to provide for the costs to replace or repair your bike if you are in an accident.

Get More Information About Vintage Motorcycle Insurance

Do you want to get the most out of your vintage motorcycle? Insurance can help you protect your bike, even when you are not riding or showing it. If you live in Dorchester, MA, contact Vargas & Vargas Insurance to learn more about your options.

How to Choose Your Car Insurance Deductible

Posted on September 27, 2021September 24, 2021 by cvargas

Your car insurance deductible plays a significant role in your price for auto insurance. But insurance is complicated, and many people don’t fully understand what a deductible is or why it matters.

Today we’ll explain car insurance deductibles with the first-time car owner in mind. Let’s get a few basic insurance concepts out of the way.

Massachusetts Car Insurance Basics

To register a car in Massachusetts, you must insure it with liability coverage. This protects other people — and their property — from damage you might cause by driving the vehicle.

But the state liability minimums don’t include any coverage for your property or your vehicle. For that protection, you will need “full coverage,” or a package that includes both comprehensive and collision coverages.

Collision coverage pays for damage to your vehicle in a crash.
Comprehensive coverage pays for things like vehicle theft.

When an accident does happen, your full coverage auto policy will help pay to repair the car. But you’ll be responsible for paying a deductible, too.

What Is a Car Insurance Deductible?

Deductibles are considered a type of co-insurance. They are a pre-set dollar amount that the car owner agrees to pay first, should an accident happen.

For instance, let’s imagine you have a $1,000 deductible on your auto insurance policy. During a brutal New England snowstorm, your vehicle slides on some black ice and crashes into a center divider on the highway. Thankfully, everyone is wearing a seatbelt. No one is injured, and no other cars are involved.

You take your car to the shop, and it will need about $5,000 of work. With a $1,000 deductible, it is your responsibility to pay the first $1,000. Your insurer pays the remaining $4,000.

Deductible amounts can range anywhere from $50 to $5,000.
But $500 or $1,000 are probably the most common amounts.

If you have a high deductible — like $5,000 — then you’ll have a lower monthly insurance payment. However, you must keep $5,000 on hand at all times to pay for repairs yourself. And don’t forget that your lienholder — the bank, if you make a car payment — might require a deductible of $1,000 or less on your insurance.

Learn More With Us

Vargas & Vargas Insurance is proud to be your local independent insurance agency. We work for our customers, not the insurance companies. Contact us today to customize your car insurance coverage and learn more about car insurance deductibles.

It’s Time to Update Your Life Insurance Policy

Posted on September 21, 2021September 15, 2021 by cvargas

The winter holidays are just around the corner. Autumn is a great time to check on your life insurance policy. Suppose you need to update billing or beneficiary information, or you want to increase or decrease coverage. Handle your insurance maintenance now before getting busy with holiday cheer. The professional team at Vargas & Vargas Insurance is here to help.

COVID-19 Caused Changes in Life Insurance for Massachusetts Residents

As reported by the Patriot Ledger, the pandemic led to business closures, layoffs, and furloughs for many MA residents, particularly in the service and hospitality industries. If you were forced to find new employment, you lost your company-sponsored benefits. If those perks included life insurance, it’s time to buy a new policy — especially if you’ve purchased or sold a home.

The Massachusetts Real Estate Market Exploded in 2021

Thanks to the “white-hot” Massachusetts real estate boom of 2021, there’s a good chance you’ve bought or sold a home. You can learn more about homeowner’s insurance in another article, too.

If you bought a home in 2021, it’s time to:

Buy a term life policy to protect your spouse or partner and pay the mortgage if tragedy strikes.
Buy a whole life insurance policy that will build a cash value in a few years (you can borrow those funds later for emergency home repairs)

If you downsized in 2021, it would be a great time to put some extra funds in an annuity. Then you can safeguard it for retirement.

Finally, even if you’re not interested in buying a life insurance policy right now, it’s always a good idea to check on your contact information and beneficiary information. Make it a fall tradition!

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

Posted on September 14, 2021September 8, 2021 by cvargas

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.

Homeowner’s Guide to Lender-Required Flood Insurance in Massachusetts

Posted on September 7, 2021September 3, 2021 by cvargas

Many residents in Massachusetts don’t realize that flood insurance can help protect them from financial devastation in cases of floods. Flooding can quickly cause over $100,000 worth of damage to your home. However, if you have flood insurance in Massachusetts, you can receive reimbursement for your losses minus your deductible amount.

If you’re wondering how flood insurance works or if it’s something you should consider for your home, keep reading.

How Flood Insurance Works

The National Flood Insurance Program (NFIP) and some private insurance companies issue flood insurance. Private insurance companies offer lower premiums as compared to government affiliates. These insurance policies are available for Massachusetts residents living in designated flood areas.

This insurance plan offers policies for losses sustained by floods in homes and businesses. Flood insurance policies typically have waiting periods before coverage takes effect. However, once you subscribe to their policies, you are assured compensation in cases of floods.

Why Do Lenders Require Flood Insurance?

One of the most significant risks you can take is buying a house in a flood-prone area. Because of this, many lenders require applicants to purchase a basic flood policy. They will also evaluate your property’s situation based on the history of flooding, how the structure stands, and the risks inherent in living in floodwaters.

What You Need to Know About Flood Insurance in Massachusetts

If your home is in a high-risk area, purchasing a policy could pay off. You may reduce or eliminate your premium by switching to a cheaper policy with lower premiums. In addition, insurance provides a mechanism for immediate financial help if flooding destroys your family’s home.

It prevents you from being held responsible for paying more than necessary to repair or replace your damaged property. Get the best quote on flood insurance from Vargas and Vargas Insurance. Even if you are not in a federal flood zone, you can purchase flood insurance at a better-priced premium. This will ensure that you don’t receive charges for more than what it costs to maintain the policy.

Final Thoughts on Flood Insurance in Massachusetts

The U.S. government has placed a flood zone designation on over two million homes in the country. This also applies in states like Massachusetts. If you’re looking for flood insurance, Vargas & Vargas Insurance is the right place. We will help you find the best policy for your needs and answer all your questions about the coverage. Contact us today.

What You Need to Know About Directors and Officers Insurance in Massachusetts

Posted on August 31, 2021August 24, 2021 by cvargas

Managing a corporation is complex and comes with various risks. Directors, officers, and condominium trustee boards are held responsible for decisions they make on behalf of their companies. This can lead to errors, mistakes, and poor choices, resulting in the company leaders getting sued. Directors and officers insurance is special professional liability insurance that covers past, present, and future leaders.

Shareholders, employees, customers, and others can also sue the directors or officers of a business. Therefore, anyone in these positions in the company requires coverage regardless of the size of the organization they lead.

How the Massachusetts Insurance Policy Works

The board of directors in any corporation represents the best interest of the shareholders in their organization. Failure in doing so may lead to lawsuits that will not be covered under a standard general liability policy.

Massachusetts state laws protect nonprofit board members who serve voluntarily for specific situations. However, such members must still work closely with a qualified attorney if such lawsuits are filed.

Policy Options and Additional Coverage

There are certain limitations and exclusions that the directors and officers face with this insurance policy. So it would help to talk to your agent, who will help you determine the most suitable policy to use in consideration of the unique needs of your corporation.

Also, try to include additional coverage that caters to cyber-attacks. Malicious attacks have been on the rise, and many businesses in Massachusetts will likely fall victim to such attacks. So buy D&O insurance to keep your board of directors safe and enhance your company’s reputation.

Protect Your Decision Makers With Directors and Officers Insurance in Massachusetts

Vargas & Vargas Insurance is a top local independent insurance agency in Massachusetts. We provide quality insurance coverage that suits your unique business needs at affordable prices, so talk to our top-rated customer care desk for all your insurance questions. Contact us here and engage experts today.

How to Decide How Much Homeowners Insurance You Need

Posted on August 24, 2021August 10, 2021 by cvargas

Figuring out how much homeowners insurance you need to cover your home and belongings can be challenging. But there are steps you can take to determine what types of insurance you may need and how much you should purchase. Here are some tips for calculating how much homeowners insurance will meet your needs.

Determine Local Risks

Most homeowners insurance plans cover:

Basic storm damage
Interior water damage from burst pipes
Fires
Other types of damage that any homeowner could sporadically experience.

But most homeowners insurance policies do not automatically extend to severe flooding from hurricanes or other types of natural disasters that do not affect homeowners in all parts of the country.

For this reason, you will need to assess what specific issues your home may be prone to based on your location. Then you can determine whether you need to purchase extra policies, such as flood insurance, on top of your regular homeowners insurance policy.

Determine the Overall Value of Replacing Your Home

Knowing approximately how much replacing your home would cost if it were completely lost is also important. It’s another key to determining how much homeowners insurance you should have. This should include the value of your home itself and your possession. It should also include any costs associated with having your home rebuilt.

This information can generally be determined by this formula: multiply the square footage of your home by the approximate cost to rebuild per square foot. But this formula is not always accurate. Other factors to consider that may help you come up with a better estimate include:

The materials used to build your home
Any improvement projects you may have done over the years
Any vintage or other unique features your property has

At Vargas & Vargas Insurance, we prioritize protecting you and your property. We don’t work for your insurance company. Contact us today to learn more about how we can help you determine how much homeowners insurance you need to keep your home and property adequately covered without overpaying.

Why You Should Avoid Private Mortgage Insurance

Posted on August 17, 2021August 10, 2021 by cvargas

Private mortgage insurance (PMI) is an extra type of insurance your mortgage company may require you to pay for if you are unable to provide the full down payment the mortgage company requires. That minimum is typically around 20 percent of the total value of the home. Unlike a good home insurance policy, private mortgage insurance is not an ideal option for many new homeowners. It results in significant wasted money and includes few benefits.

Private Mortgage Insurance Is Expensive

Suppose your reason for considering private mortgage insurance is being unable to afford a 20 percent down payment on your new home. In that case, the last thing you want to deal with is an extra type of costly insurance. This will significantly increase the overall cost of your home over time. Most private mortgage insurance costs between 0.5% and 1% of the total value of your home. This can average $1,000 or more per year.

Depending on where you live, this average can rise well over $3,000 per year. This is in addition to your regular homeowners insurance.

It’s Difficult to Cancel

Private mortgage insurance also tends to be more difficult to get out of than other types of insurance. You are technically only supposed to need to pay for private mortgage insurance until your total equity reaches the 20 percent that you might have otherwise paid as a full down payment on your new home. But some contracts require payment for a specified period of time. This can happen even if that time is longer than you need to meet your 20 percent obligation.

Contracts may also require a formal letter, appraisal of your home, or other documentation to have your cancellation approved. This can take months to complete. It might also require you to pay for your private mortgage insurance for longer than you would otherwise need to.

Private Mortgage Insurance Is Not Deductible

As of 2017, private mortgage insurance is no longer tax-deductible, which means you will lose more money to taxes.

At Vargas and Vargas, we work for you and not your insurance company. So contact us today to learn more about how we can help you avoid purchasing private mortgage insurance and explore options you may have for handling your homeowners insurance needs at the best possible cost. Also, visit our blog to learn more about getting the most out of your homeowners insurance.

Dorchester, MA Insurance for Gap Coverage (Umbrella Insurance)

Posted on August 16, 2021July 29, 2021 by agentinsure

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.

The Smartest Home Insurance Deductible Move

Posted on August 10, 2021August 9, 2021 by cvargas

Do you know that you can save hundreds of dollars on your yearly home insurance bill by simply increasing your home insurance deductible? By this, we don’t mean changing from $500 to $1,000. We want you to think bigger: $2,500. Opting for a low deductible is a characteristic mistake. Read further to understand why.

1. Lowered Monthly Premiums

For home insurance, a higher home insurance deductible means that you will be paying low premiums. A lower deductible, on the other hand, equals high monthly premiums. Therefore, the most effective way to lower your premiums is to increase your deductible.

2. Increased Premium Savings

A great way to save money on your insurance is to review your deductibles. There is an inverse relationship between your cost of deductibles and your cost of monthly premiums. One way to look at this is to make a comparison of your potential savings over several years against the additional out-of-pocket risk you incur. While this is by no means a definite way to make a decision, it is an important piece of information to help you measure your risk trade-off.

3. Higher Deductibles Mean Fewer Claims

You could raise your deductible to avoid making many claims. Your premiums increase each time you make a claim. You most likely do not want to make claims for small losses. Therefore, it is in your best interest to get a higher deductible, so you are only worried about paying up for major disasters or larger claims.

Your home insurance deductible should be the amount of money you are comfortable paying in case your home is damaged. We recommend having a minimum of $1000, but you might increase this to access long-term savings.

Vargas & Vargas Insurance is one of the premier local independent insurance agencies — we work for our clients and not the insurance company. We will customize your insurance coverage to your specific needs at the right price, and we are also here to answer all of your insurance questions. Contact us today.

10 Things to Do Before Moving: Your Moving Checklist

Posted on August 3, 2021July 17, 2021 by cvargas

Moving is stressful, and you may end up forgetting something in the process of moving. So here is a quick moving checklist to ensure that you take care of everything in your home as you move.

1. Prepare for Your Move Early

The first thing you have to do is prepare early for your move. No matter the time of the year, getting a reputable mover can be hard. Early preparation will help you get through the weeks with less stress.

2. Choose a Mover

Unless you want to self-move, you should look for a professional mover. Look for reliable and experienced movers. If any of your friends and family have used a mover before, you can ask if they can recommend one.

3. Pack All Your Items Boxes

Start putting the items you use less often in a box. This can include books, Christmas decorations, croquet sets, and seasonal articles.

4. Clean the Rugs and Draperies

Make sure you clean your rugs and draperies before moving to your new home. They will be returned wrapped. Don’t take them out of the wrap until you reach your new location.

5. Get a Written Appraisal of Your Antique Items

Make sure you note the prices of all your appraised items, such as antiques. These items need additional insurance from the moving company.

6. Book the Moving Elevator

If you’re moving to an upper floor, make sure you book an elevator. By doing so, you’ll reduce the hassle for the people living in that apartment. It’s also advisable to confirm the parking for a moving truck and get permission early.

7. Switch Utilities

Have the utilities in your old home disconnected the day after you move. You should also make sure that you cancel your home internet, phone, newspaper service, and even local club memberships.

8. Contact Your Insurance Company

You’ll also have to change your insurance when moving. So get in touch with your insurance company to transfer your policies.

9. Request for Time Off of Work

If you are moving out on a weekday, then you need to take time off work. If you can’t get time off, you can arrange with your friends or family to meet with the moving company.

10. Address Minor Home Repairs

Once you find time, you should do minor home repairs before you move out. This is especially important if you’re selling your home.

At Vargas & Vargas Insurance, we’re here to help as you move to your next home. We provide customized insurance coverage to meet your specific needs and budget, and we are also always available to answer all your questions about insurance. Our team will work for you and not the insurance company. Contact us today as part of your moving checklist.

Risks of Flood Damage

Posted on July 29, 2021July 29, 2021 by agentinsure

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.

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