The agents at Vargas & Vargas Insurance serving the Dorchester, MA area are happy to explain the importance of having a renters insurance policy.
Many people who rent their home, apartment, or other types of home are under the impression that their landlord’s property insurance policy will cover their personal belongings, but that is not the case. While most landlords in Massachusetts are required to have property insurance on the properties they own, it does not cover the belongings of the tenants living in these places. This is why a renters insurance policy is so fundamental for all tenants to have in place.
What Does Renter’s Insurance Cover?
Renters insurance will cover all of your personal belongings, such as your clothing and toiletries, furniture, appliances, and anything else you have purchased for your home. This means that if your house catches on fire, you will not lose everything you own because your renter’s insurance policy will assist you in replacing the items you lost and then getting back on your feet. A renters insurance policy can also assist you if a natural disaster occurs and destroys or damages the home you are renting or if the place is vandalized. A renters insurance policy can also assist you in paying for items that are stolen in a burglary.
Contact Vargas & Vargas Insurance
To obtain an adequate amount of renters insurance for your situation, you will need to create a policy. Call the experienced and knowledgeable renters insurance agents at Vargas & Vargas Insurance serving the Dorchester, MA area today to obtain a quote and to get your renter’s insurance policy started!
Service line breaks can be costly and unexpected, as they are not usually visible to homeowners. These lines provide water, gas, electricity, and other essential services to homes. At Vargas & Vargas Insurance we’ve seen how damaging a service line break can be when homeowners must pay for repairs out of pocket due to a lack of coverage on their homeowner’s insurance policy. Homeowners should only have to worry about having to dig up their garden for access if there is a punctured pipe – not the full cost of repairs too.
In this article, we’ll explore the optional endorsement you can add to your policy that provides protection for your home from any service line damages, as well as what is and isn’t covered in the policy.
Does Home Insurance Cover Service Lines?
Service lines are an important aspect of a home, but they are not usually included in a typical homeowners insurance plan. However, it is possible to include coverage for service lines by purchasing an extra endorsement from most insurers. This type of coverage provides protection from any unexpected expenses caused by damaged service lines on the property, such as tree roots blocking water pipes or cracked sewer lines. It would cover the costs for fixing or replacing these utility lines, including the expensive digging required to access them and any landscaping that may be disturbed during repairs.
Once your deductible has been paid, your insurance provider will cover the costs of repairs or replacements. Service line breaks can cost anywhere from $5,000 to $10,000, so it is beneficial to add this endorsement to your policy in order to avoid incurring these large expenses out of pocket.
Damages That Are Covered
Service line coverage endorsement typically covers damages such as:
Wear and tear
Rust, decay, deterioration, and corrosion.
Additionally, it may cover damage from tree or root obstruction or
Vermin, insects, or rodents.
Landscaping or excavation accidents,
Freezing,
Collapse, and
Mechanical or
Electrical breakdown may also be covered.
Weight from cars can cause the collapse of an above-ground structure.
The Types Of Services Provided Include:
Examples of the various services that are part of a house can be seen here.
Telephone cable lines
Water Pipes
Drains,
Natural gas
Sewage
Fuel
Sprinkler systems
Liquid flow lines
Steam
Fiber optics
Buried electric wires
Types Of Service Lines Not Covered
These service lines are not included in the service line coverage.
Fuel containers
Cabling or pipes that traverse a body of liquid
Sewage systems
Wiring or tubing that isn’t linked up and ready to go
What Does Service Line Coverage Cost
The cost of this coverage is actually very affordable and provides important protection. This coverage would usually cost between $50 and $100 per year for the $10,000 to $20,000 of additional coverage it offers on top of your homeowner’s insurance policy.
Overall cost and premium would vary depending on the insurance carrier. Because this coverage is so affordable and offers important protections, Vargas & Vargas Insurance tends to recommend this coverage for all of our client’s policies.
Protecting your home from service line breaks
Staying on top of the upkeep and inspections of your home can be tricky, so it’s a good idea to ensure you’re protected from any possible damage by having comprehensive coverage in your homeowner’s insurance policy. As a homeowner, it is essential to understand what is included in your insurance policy and the areas where you may not be covered.
Your Local Independent Insurance Broker
Vargas & Vargas Insurance is dedicated to providing customers with the best service possible. We are independent brokers and work with many financially strong insurance companies to customize an insurance plan that meets the individual needs of our clients. For four decades, we have been helping homeowners understand the significance of having the proper homeowners insurance.
When buying a new house, getting help from a trustworthy insurance agent and an experienced mortgage broker is essential. Even if you have bought thirty homes before, you may not realize that homeowner’s insurance can complicate the mortgage approval process in Boston, MA.
Mortgage Company Requirement
When obtaining a loan from a bank or other lender, you will be expected to provide proof of an insurance policy sufficient to either rebuild the home or cover the mortgage amount. Your chosen mortgage broker or loan officer has to meet the lender’s standards, but it is also important for your home insurance policy to cover what it would cost to reconstruct your house in case of a claimable event and not just the value of the mortgage.
Replacement Cost Versus Mortgage Amount
It is likely that the amount to reconstruct your home will be different from the mortgage amount you take out. You certainly don’t want to miss the difference in case of a disaster such as a fire. For example, if you borrowed $250,000 after making a down payment of $50,000, that means the house is worth $300,000. But reconstructing it (including labor and materials) could cost up to $375,000. It is important to remember that there is a variation between buying and rebuilding your house.
An appropriate homeowners insurance policy would cover up to $375,000, not the amount of your mortgage.
The Mortgage Company Binder Requirement
Your mortgage broker needs to see an insurance binder with the bank’s name and the proper language. Failing to provide this correctly could lead to a postponement of the closing date. To ensure that you are prepared, a reliable Boston MA, mortgage broker will supply the exact language the bank requires and thoroughly analyze the binder prior to the closing. This way, they can make sure that the binder contains all of the necessary information and meets all of the guidelines set out by the bank. They can also help ensure that the binder is properly formatted and all of the necessary details and terms are included. This can help avoid any potential issues or delays on the closing day. By taking these steps, you can be sure that you are well-prepared for the closing and that everything will proceed smoothly
When is a great time to shop around for your insurance binder
We recommend calling local independent insurance brokers around the time that your offer is accepted and you have scheduled the home inspection process. This will give your insurance broker enough time to shop around for the best coverage at the best price for you and your new home.
Insurance Discounts
At Vargas & Vargas Insurance, we recommend that homeowners bundle their house and car insurance to get all the possible discounts. We work closely with the top mortgage brokers to ensure they have the necessary paperwork done on time; having an insurance binder is a key part of getting a home loan approved. We are experienced in dealing with all mortgage brokers in Massachusetts.
Local Independent Insurance Agency
Vargas & Vargas Insurance is a local independent insurance broker, we work for you, the customer, and not any one insurance company, and we always have time for you. We shop around with many local and national insurance companies to offer you a tailored fit insurance policy for your specific needs. We have been helping first-time home buyers for over 40 years and teaching them about the significance of their homeowner’s insurance, call us today.
Experiencing a car crash in an unfamiliar place can be frightening. Not only must you cope with the emotional and physical effects of the accident, but you’re in unfamiliar surroundings. You may have many queries at once, but the first one is likely to be “Do I still have insurance coverage when I’m not home?”. Let’s look into this matter further.
Where Does My Policy Cover?
You don’t have to be concerned if your auto insurance doesn’t seem to apply in other states; most policies cover all 50 states, and the U.S. territories such as Puerto Rico, and even the Canadian provinces. To make sure you understand exactly what your policy covers before traveling with your vehicle to another state or country, you should speak with an insured attorney. Note that going into Mexico or other South American countries may not be included in your insurance coverage.
What is included in my insurance coverage?
If you are involved in an accident out of state, your car insurance will adjust to meet the requirements of the state where the accident occurred. For example, if you are from Massachusetts, your car insurance will have minimum liability limits of 20/40/20 for property damage and personal injury protection (PIP). If you are involved in an accident in Georgia, their state requires minimum liability limits of 25/50/25 for bodily injury and property damage liability.
If you are in an accident in Georgia, your insurance policy’s limit for liability will automatically increase to the state’s minimum.
If you’re driving in a state with a lower liability limit than your home state, your insurance policy will provide the maximum coverage on your policy, even if it’s more than what the state you’re visiting requires.
What if the state does not have a “no-fault” policy?
In states that have a no-fault system, drivers must carry at least $10,000 in personal injury protection (PIP) coverage. This means that if an accident happens in one of these states, the PIP coverage will be used to cover any injuries regardless of who was at fault. In contrast, tort states do not use a no-fault system and the negligent driver is held responsible for any injuries resulting from an accident.
If you suffer an injury caused by a careless driver while travelling in the state of Georgia, which is a “fault” state, the driver would be held accountable for your injury and related costs. The law of Georgia will decide how to settle the incident and the insurance policy held by the responsible driver will determine how medical expenses and lost wages are dealt with.
In a no-fault state, the minimum PIP coverage required by law is the same for both Georgia residents and Massachusetts drivers. The governing law in a no-fault state will be based on the state in which the accident occurred.
What is the best way to deal with a car accident occurring in another state?
Always follow the standard auto accident checklist when involved in a crash, which includes checking for injuries and the safety of passengers, calling the police and emergency services, assessing and documenting damage, and contacting your insurance company.
Depending on your insurance policy, your insurance may also cover additional expenses such as towing or repair costs.
When speaking with your insurance company, be sure to let them know that you are in a different state so they can determine what coverage is available to you..
Auto accidents can be confusing, so make sure to discuss your accident with your local independent insurance agent
Local Independent Insurance Agency
Vargas & Vargas Insurance is a local independent insurance broker, we work for you, the customer, and not any one insurance company, and we always have time for you. We shop around with many local and national insurance companies to offer you a tailored fit insurance policy for your specific needs. We have been helping first-time home buyers for over 40 years and teaching them about the significance of their homeowner’s insurance, call us today.
In Massachusetts, all drivers are required to register their vehicles and purchase compulsory auto insurance coverage. To ensure that drivers comply with state insurance laws, drivers must turn in their license plates before canceling their auto insurance policy. And if you are transferring your Vehicle’s ownership, it is your responsibility to properly register and insure the car before driving on state roads. Leaving your license plate on the car could make you liable for the actions of another driver.
Before You Turn In The Plates, Are You Planning To Buy A New Vehicle?
If the answer is yes, then you have seven days from the sale of your old car to register a similar one with the same license plates.
In Massachusetts, you have seven days after disposing of a car to transfer the plates to the new vehicle. You must be at least 18 years old, the new vehicle must be of the same type and have the same number of wheels, and you must carry the transfer documents to prove the registration transfer.
To use the 7-day grace period, you must transfer the title of your old car to a new buyer.
It the answer is no, then cancel the plates immediately. This is because your Auto Insurance follows your registration, not the vehicle itself. If you don’t cancel the plates, you will still be liable for any excise tax associated with that vehicle and cannot cancel insurance coverage either.
How Do I Cancel My License Plates
In order to terminate your vehicle’s insurance coverage, you will need to submit a Plate Return Receipt. Here is the link for the state of Massachusetts:
To cancel your plate, you need your email address, the type and number of the plate, the last four digits of your Social Security Number, and a Driver’s License. Once you have finished cancelling your MA plates, please inform our office and send us a copy of the Plate Return Receipt for proof that coverage for the vehicle has been cancelled. As a courtesy to our customers, we offer various RMV services such as Registration and Title Applications, plate transfers, registration renewals etc.
If You Are Junking Your Car
If you have been in an accident, your car might be totaled and not worth selling. Sometimes, old cars simply have little value or have major mechanical problems like a blown motor or damaged transmission. In such a case, you might choose to donate your car to a non profit, Click here to learn more about donating your car, or have your car towed to a junkyard where it will be crushed. Your license plate still has the same function – it identifies you as the owner of the car. As soon as your car is out of your possession, you have no control over what happens with the license plate. Remove the license plate when you take your personal possessions out of the car. This is a good idea to be safe, especially if you are thinking of selling the car
If You Are Returning A Leased Vehicle
When returning a leased car to the dealership, you are still responsible for all of the belongings that came with the vehicle. This includes the license plate. Before returning your leased car, make sure you have everything that came with it, including the second set of keys, cargo covers, spare tires, original floor mats, and third row seats. Remove all your possessions from the car and take off the license plates.
Vargas & Vargas Insurance is always available to help you, with your Massachusetts auto insurance policy, you can contact our team at 617-298-0655 when transferring ownership of a vehicle, turning is a leased vehicle, or donating your car. We can help you understand your auto insurance policy in Massachusetts.
