Are you ready for another great week? My words of wisdom for this week are:
“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~ Unknown
Do you recall last week’s message about being wealthy? I promised to share my favorite tips on how to work on your wealth.
I cannot tell you how many likes on Twitter I get or what’s currently trending on TV. I know I’m not great at writing email messages (without a copy editor) but I have ideas; I jot them down and forward to the editors.
I know what people are up to because they share with me how they are doing. From the classes I facilitate at real estate offices and from my coaching clients, I continue to acquire wealth in knowledge and relationships.
Learning and connecting is how we navigate each day.
We would love to assist with your friends and family as they try to navigate the learning and knowledge necessary to make your insurance work for you when you need it.
There is no obligation for us to provide a comparative quote to help gain knowledge and maybe even a new relationship with our agency.
Next week’s message will discuss directing traffic to your business.
We encourage people to conduct an annual review of their insurance policies. Too often, when consumers purchase insurance, they approach the transaction with an eye towards prompt resolution and a focus on price. This formula of speed+money is a formula for failure in the event of a future claim.
The reason is simple. A carelessly prepared insurance policy, one prepared in the heat of the customer’s desire for a quick resolution and demand for lowest price could result in a “skeleton” policy that may not properly cover the consumer for a catastrophic eventuality.
The quality insurance agent, interested in protecting the consumer with the best possible risk coverages, and in protecting their own professional reputation, will take the time to educate the consumer and provide a comprehensive insurance policy.
You may be surprised to discover that there are 3 items, indicated below, that may not be covered by your current Homeowners Insurance Policy. Spoiler alert, #3 may surprise you! We’re happy to assist you with a comprehensive, careful, review of all of your insurance needs. And, education is a key element to how we’ll proceed with assisting you to fully understand risks you can protect for with the right insurance.
#1: Sewer Backup. Whether your home is connected to a public sewer or you have a septic system, a backup due to a blockage, storm-surge, or other calamity, can damage electrical systems, furniture, floors, and precious possessions. Standard homeowners insurance policies may not cover you at all for such damage or may only provide very limited coverage. You can upgrade to more comprehensive insurance to include special coverage for sewer backup.
#2: Precious Collectibles. Basic insurance policies may not cover your stellar baseball card or antique cookie jar collections. If the policy does cover your collection, the limit of coverage may be far below the actual value of your collection. When you review your insurance, be sure to mention your collection and an assessment of its value. To be sure, consider obtaining an independent appraisal of your collection to include that with your upgraded, comprehensive Homeowners Insurance policy.
#3: Termite infestation and damage. Not covered by a standard, basic policy. Period. Depending on where you live, especially in the Northeast of the United States, termites and the damage they cause are a real and impending menace. Homeowners often realize there’s an infestation long after the termite colony has ensconced itself within the wooden borders and interior of your home. The cost of treating and removing the infestation, along with the costs of repairing the damage, can easily escalate. Be sure to address these concerns in your annual review. Consider also contracting with a local exterminating company to inspect your home annually for these nasty pests.
Insurance involves assessing a future, unknown risk. That risk could affect your health and/or your wealth. A carefully prepared insurance policy protects you for a comprehensive array of possible risks. But in the rush to purchase the insurance, the consumer shops without the appropriate due diligence. And, in the interest of making the sale, an insurance agent may simply provide the basics of a policy to appease the consumer’s request for speed and low price.
Call us today for your free annual insurance review. We’re thrilled to spend the time with you to find you the best policy that comprehensively protects your health and your wealth at an affordable price!
Call now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.
I’ve got a mug of Ethiopian Limu from my local favorite coffee roaster Flat Black Coffee. I made it for myself in my Bialetti coffee maker. How about you? What are you drinking? Comment below, I’d love to hear from you!
As you know, I like to start each week with some words of wisdom, this week’s words, with my awesome coffee in hand, are:
“Wealth is the ability to fully experience life.” – Henry David Thoreau
The future is coming quicker than you think! In fact, the future is here and it’s NOW!
You need to learn about data and new concepts like the Internet of Things. You need to understand how technological changes like artificial intelligence (AI) will affect businesses. I’m not saying to imagine that you need all of this, because you do. I’m saying the future is coming. So now, imagine how you will feel when the future arrives on your front doorstep. Will you feel overwhelmed?
The way to avoid feeling overwhelmed isn’t just learning about the latest trend. You can’t possibly learn fast enough to “keep up.” Keeping up is overwhelming. Calm yourself down by knowing your spot.
If the marketplace is shifting, where do you want to go? How do you fit? How can you contribute? This is your spot, and you must know it.
If you sell real estate: make a smart website and make it easy for anyone and everyone to find you.
If you are in the mortgage business: answer all the questions that people have when buying a home so you are considered a resource and you become the first call they make for all things, MORTGAGES.
If you were hired into a new role, where do you go to figure out new stuff required for the new position?
The prerequisite is: Learn something.
Connect with others and listen to their perspective and their resources. Then learn more from them and from your own efforts. That’s how you’ll get through all these changes. That’s how you’ll figure out where you fit, what matters, etc.
Think of how these changes will hit from all angles. For instance, if you run a vacuum store and Roomba vacuums are the future, how are you going to position yourself in front of potential customers so you’re top of mind to solve their problem? How do you compete?
Connect with people. Listen to their perspective. Learn what’s trending.
Next week, I want to share some tips with you on how you can work on your wealth. Don’t forget to comment about the morning beverage—coffee, tea or other—you’re drinking to commence your awesome day!
If your Condominium unit gets its heat from a main furnace controlled and maintained by the Condominium Management, but it’s not part of your unit for which you are responsible, you may have some interesting insurance challenges should the furnace fail during the cold winter months; and you experience damage inside your unit.
When you own a Condo you are covered by two different Insurance policies. The “Master Policy” for the Condo Building, generally covers all the common areas of the Condo. It does not cover the inside of your Condo unit.
You insure the interior of your unit with your own insurance policy, typically called a HO-6 policy. This insurance very much resembles renters’ insurance for apartment-dwellers. The premiums for an HO-6 policy are typically reasonably affordable. These policies insure you for any claims you may have inside your Condominium unit.
But what happens when the main condo furnace goes out and you have damage in your unit?
We recommend the following as your logical course of action:
1. Immediately contact the Managing Agent and inquire about filing a claim against the Master Insurance Policy for the Condo. You should expect that you’ll run into some resistance here from the Insurance carrier for that Master Policy. They’ll attempt to direct you to your own HO-6 Insurance policy since the damage is inside your unit.
Remember, that damage was caused by the main furnace failing. Stand your ground.
2. Assuming you are successful in filing a claim against the Master Policy, you still may need to file a claim against your HO-6 policy for the finer points of items that would not covered at all, or not covered to the full extent of value for your precious belongings inside your Condo.
Review your current insurance policy now to be 100% sure you have all the appropriate coverages before it’s too late.
We’re happy to provide a free consultation to review your existing Master Policy and your HO-6 policy. We want you to know the extent of your existing coverages for your protection and to help assure you of any additional coverages you may need.
The review is free of charge. Call us now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.
It’s a new week once again, friends – are you ready?
As you know, I start each week with some positive words of wisdom, and this week’s are:
Last week, I promised to help you rid your life of some of the distractions that keep you away from being productive. Your smartphone, your inbox and the open tabs on your computer are all open invitations for distraction. You’ll give yourself extra time each day to focus when you silence your notifications, close your inbox and remove unnecessary tabs from your desktop.
If you want to focus, you can’t welcome unnecessary opportunities to intrude on your mental space.
Emails can be particularly intrusive because they often have an unnecessary sense of urgency. There are businesses and organizations that stress the importance of prompt responses to emails, but we can’t treat every situation like an emergency.
Many times, we blame electronics for distracting us from our work, but sometimes our physical body forces us into a state of serial-tasking. For example, if you’re hungry while trying to work, your attention will flip between your hunger and your work until you take care of your physical needs.
In addition, you’ll also want to be sure you’re attending to your health in a broader sense. Getting enough exercise, practicing mindfulness and incorporating regular breaks into your day will keep you from being tempted by distractions.
What works for me is looking at exercise as the gift to myself for doing my work. When 1PM comes around, an alarm sounds on my devices that it’s “me” time. I’ll then get out of the office and go to the gym or for a long walk outside.
People are more likely to login to YouTube or check social media when they need a break. Instead of trying to work and watch a mindless video at the same time, dedicate time for yourself to enjoy this distracting activity. Limit how much time you’ll spend on this break so that your guilt-free distraction time doesn’t turn into hours of wasted time.
Make technology your ally. Apps like Forest help to turn staying focused into a game. Extensions like RescueTime help to track your online habits so that you can be more aware of how you spend your time. One of my favorite browser plugins “The Great Suspender” suspends all of those open windows on your internet browser.
Multitasking is not the key to productivity. The key to productivity is focus. It’s far better to schedule time to focus on each task than it is to try to do everything at once.
Make use of the methods outlined above and prepare to be more effective and less exhausted in the process.
If you own a Condominium (Condo), you may have equipment both inside and outside your unit for which you are responsible. In a closet inside your unit would be your water tank. There is also an HVAC unit that may be just outside your unit, to heat and cool your home. Most of the time, you ignore these two quiet workhorses that keep you in comfort all year round.
Shockingly, every once in a while, and sometimes suddenly, the equipment may fail and need repair. Most often and most inconveniently, the HVAC will fail when the temperatures outside are the hottest or coldest, depending on the time of the year. Thus, only your comfort is compromised.
However, every once in a while, these machines break down and leak. With water. Lots of water.
If your HVAC unit is outside your Condo, this may not be as terrible of an event, unless you own a Townhouse and the unit is in the basement and there’s a danger of the water seeping into your basement.
But it can be really bad if you’re on an upper floor and one or several of your Condo neighbors lives below you. Water loves to follow the powerful attraction of gravity: downward. Downward towards your neighbors’ Condo unit!
Yes, your first step is to call the emergency number for your equipment repair tech. If you’re not sure, call the property manager so they can dispatch someone immediately to mitigate the damage. If the property manager is not available, call your local insurance agent who will have access to reputable Restoration Services companies. They all have emergency lines so you’re covered seven days a week.
In the event of a leak which could lead to a potential claim, mitigating the loss is critical and required under your insurance contract. You’ll want the restoration company onsite as quickly as possible to dry out all the water and repair the water damage. Do not forget to take photos of the damage before the restoration company arrives. It’s key that you document the extent of the damage at the time of the event. This also mitigates any confusion or misunderstanding of the extent of the loss when the claim is settled. The key word here is “mitigate”.
You don’t want to be caught by surprise when a leak happens all over your downstairs neighbors’ precious Star Wars toy collection. Review your current insurance policy now to be 100% sure you have all the appropriate coverages before it’s too late. The review is free of charge. Call us now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.
Condominium (Condo) Buyers should obtain and review the financial statement of the Condo as part of your purchase process. Have the statement reviewed by a professional such as an Attorney or CPA. The financial health of the Condo can affect you in the future as you settle into ownership of your Condo unit. The financial statements can also give you a good indication of the competence of the Condo Board and Managing Agent.
Condo Complexes on the smaller size may be exempt from having their financials audited. The ByLaws will identify if an audit is required. Audited financials means the CPA firm has verified the numbers presented in the statement rather than compiling from information provided by the Condominium Board Members and/or Managing Agent.
The financial statement should cover the previous two years (three is preferable) and often a Year-to-Date statement. A Financial Statement includes:
Income and Expenses for the entire Condominium. This is also known as “Operating Statement.”
Balance Sheet demonstrating Assets and Liabilities.
Cash Flow Statement.
Some key areas you want to focus on include:
Reserve Fund (for major capital repairs and improvements),
Cash Flow to determine if the building is taking in as much money as it is paying out monthly, Maintenance Fees owed (an indicator of the financial responsibility of your soon-to-be-neighbors),
Footnotes.
The financial well-being of your future home is as important to the transaction as every other aspect of your purchase. Request the Financial Statement as early as possible in the negotiating process, even before you’ve presented your Offer, if possible.
Review your current insurance policy now to be 100% sure you have all the appropriate coverages before it’s too late. The review is free of charge. Call us now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.
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.
You know that I start each week with some positive words of wisdom! This week’s positive wise words are:
Last week, I wrote about how humans are incapable of truly multi-tasking, engaging instead in serial switching.
It’s true that you are capable of absorbing information with your eyes while doing other things efficiently. Scientifically speaking, making use of your vision is the only thing you can truly do while doing something else. Think of walking to the street corner, looking at the traffic light while you are walking.
For everything else, you’re serial-tasking. Constant refocusing like this can be exhausting. Worse still, it prevents us from giving our work the deep attention it deserves.
Think about how much longer it takes to do something when you have to keep reminding yourself to focus. That’s one element of why multi-tasking does more harm than good for your productivity.
This element is one of four reasons to stop all these multiple-task-shenanigans: Multi-tasking wastes your time.
Yes, you’re literally losing time with all your self-imposed interruptions! People lose an average of 2.1 hours per day getting themselves back on track when switching between tasks.
You’re decreasing your productivity by as much as 40% with all your many and varied simultaneous tasking activities according to some studies. That’s a significant loss in efficiency. Would you be happy if your surgeon operated with 40% less accuracy and attention while you’re “under the knife?”
I have three other great reasons why you should stop multi-tasking. Next week I will share them with you! Stay tuned!
“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.
