Insurance Check-Up

Posted on February 22, 2022February 22, 2022 by cvargas

Insurance Check-Up

Life Changes and it’s Time for an Insurance Checkup

Having insurance policies is vital to gain great security and protection from unexpected problems. Ensuring everything in your life at an early stage is also a great idea.

While getting yourself and your house, vehicle, and assets insured is vital, you also need an insurance checkup to review your policies yearly. This allows you to ensure that the insurance coverage will be of help to you when your circumstances and lifestyle change. But if your insurance doesn’t cover you as it should, you need to make some changes to the policies or, even purchase new policies to cover your changing needs.

Here are some reasons why you need to opt for an insurance checkup.

Change in Family Status

Are you planning to get married or expect a baby? It would help protect your growing family by purchasing the right insurance plan. Insurance checkups will allow you to ensure whether the coverage is enough to support your entire family when you are not around. The loss of a family member through disability and death is also the right time for an insurance plan review.

Remodeling or Moving Your House

If you plan to remodel your house, your house value will surely increase. Similarly, if you move from the house, you might own a property with a higher value than the one you have before. Since your assets have increased, you need an insurance plan that covers these assets.

Retirement Time

When you decide to retire, you need something to rely on for your future expenses, especially final expenses, it’s vital to choose the right insurance plans to protect you properly. It would also be helpful if you had the proper insurance that will pay for your funeral, medical care, and debts.

Chance in Assets Value

Many people insure their jewelry and other assets to get the money if they get damaged or lost. But they forget the fact that these valuable assets increase over time. By keeping the coverage updated regularly for these valuable assets, you are protected in the event you lose them or they are stolen.

Discounts

Many insurance companies offer discounts on different insurance plans. This way, you can purchase the right insurance plans at much lower prices. So, if you have not received your discounts, it’s time to have an insurance checkup.

Bottom Line

Whether it’s life, house, vehicle, or assets insurance, insurance is not something that you purchase and forget. You need to always look for ways to lower your premiums and avail optimal benefits from your policy. For this purpose, you need to opt for an insurance checkup.

Missing Coverage

If you have any assets at all, an umbrella policy is a 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 beyond your liability limits, you may be required to pay the remainder of the money out of pocket. It could take all of your savings and assets and even your future assets to make that payment.

This will help you look for flaws in your insurance and allow you to get the features that you don’t have. Not only this but practicing this method can help you lower your premiums and get interesting discounts and offer. So, if you currently have any insurance, consider reviewing it.

At Vargas & Vargas Insurance, our clients enjoy customized insurance coverage to match their unique needs at incredibly affordable prices. Contact us today for a free insurance review or quote.

Preventing Frozen Pipes at Your Home and Office

Posted on February 2, 2022February 15, 2022 by cvargas

Cold temperatures can mean frozen pipes and finding solutions to prevent bursting pipes and flooding of your home are very important. Water will expand in the freezing environment, while metal pipes get a contract in colder days. Since the water in the pipe responds to winters oppositely, this causes pipes to damage or burst.

Here we have mentioned some simple and accessible tips that you can use to prevent this problem in your home and offices.

Add Insulation to Different places

Adding insulation to basements, attics, and crawl spaces will help you get higher temperatures in these areas. Not only will this help you live comfortably in your house, but it also keeps your pipes in these spaces from freezing.

Close Garage Doors

Most people keep their garage door open while doing a different task. However, this can lead to great problems if you have a water supply in this area. The cold and freezing air can reach the pipes and cause them to freeze. Closing all the passages for wind can help you maintain a warm environment around the pipes.

Allow Water to Drip from Faucet

You need to keep open one or two faucets in your house or office throughout the winter weather. Running water through the pipe prevents water from freezing by staying in one position. Of course, you don’t need to open the faucets, allowing faucets to trickle completely will do the trick.

Seal Leaks

Hire an expert to identify air leaks in your house and office, especially near the pipes. Ask the experts to use different methods to seal leaks around the windows, doors, and electrical wiring. You can also use insulation or caulk to keep the cold air out of your personal space.

Open Cabinet Doors

This might look like a bizarre idea, but it can help you save yourself from great troubles. Keeping your cabinets open in winter will allow heat to get to the pipes present in your walls. This technique is more important for pipes under appliances and sinks that have more risk of bursting.

Drain Outside Water Lines

Water lines in uninstalled or unheated areas have more risk of freezing. Since the outside pipes and water lines are more exposed to freezing weather, you need to drain them before winter. So, prepare your water lines and empty them before winter.

Drain Water from Swimming Pool

Water in a swimming pool can get frozen, which can freeze other pipes connected to a swimming pool. Draining water from your house or office pool will save your pipes from getting affected by the freezing wind. Make sure to do this task before winter knocks on your door.

Wrapping Up

Frozen pipes can ruin your day, as it can lead to costly repairs. Not to mention, bursting frozen pipes also waste your time and effort that you can use for some productive work. So, it’s vital to prepare your water lines for this problem, rather than getting into trouble. For this, you can keep your cabinets open and the garage door close to maintain a warm temperature. Also, you can seal leaks and insulate different spaces in your office and home.

Protect Your Property with Vargas & Vargas Insurance

At Vargas & Vargas Insurance, we offer top-rated insurance services that will help you keep your property safe and protected. Should you suffer a frozen pipe that you need help with, we are but a call, text, or email away. All our clients enjoy customized insurance coverage to match their unique needs, and we offer affordable prices. Contact us today for a free quote.

Home Renovations That Might Lower Your Massachusetts Home Insurance

Posted on December 13, 2021February 15, 2022 by agentinsure

Home Renovations That Might Lower Your Massachusetts Home Insurance When you are getting ready to renovate your home, you may be thinking of additional costs such as your home insurance. Some improvements will typically lower your home insurance rates.

At Vargas & Vargas Insurance, we want Dorchester, MA homeowners to get their home renovations done right.

If you are thinking of renovating, you may want to add these modifications to your home to help with your Massachusetts home insurance policy.

Alarm System With Monitoring

When you have an alarm system on your home, with the audio or video monitoring, you increase your security. You are likely to see a reduction in insurance rates with an alarm system from an approved company.
You may not need to get your alarm company approved but check with your provider. Adding an alarm system during home renovations will also keep your new changes secure from safety threats.

Install a Sewer Backup Valve

Sewer backup is a significant home insurance risk. You can even update your home insurance policy to include coverage for this, as the costs are exorbitant.

Adding a sewer backup valve is easy, and can help you in the event of a sewer backup disaster. When water has nowhere else to go, it will come into the home. This is an expensive problem, and your insurance company knows this. Add a valve to the sewer and this could save you from this problem, and also from insurance costs.

Install a Sump Pump

A flood in the basement is a disaster. If you don’t have one already, a sump pump is a very affordable way to prevent flooding when bad weather hits. Overland flooding in Massachusetts is on the rise and could lead to an increase in claims. Add one to avoid this mess, and to potentially lower your home insurance costs.

Get a Quote

When you are renovating your home, you need to talk to your insurance company or update your home insurance policy. At Vargas & Vargas Insurance, we want Dorchester, MA homeowners to have the most thorough policy, through every change in love. Call us for a quote and update your policy today.

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 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.

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.

How to Prepare Your House for Hurricane Season

Posted on July 20, 2021July 17, 2021 by cvargas

We’ve talked about preparing your business for hurricane season, but knowing how to prepare your house for hurricane season can be just as (or even more) important. There are ten to sixteen named storms in an average hurricane season, including four to eight hurricanes. When winds reach over 155 mph, you’re going to be thinking about protecting your life and family when a hurricane hits, not your home. We’ll give you some tips in this guide so when the wind starts howling, your house will be safe.

Keep Supplies Handy

When the hurricane comes, you want to be prepared, know where everything is, and have a kit of emergency supplies. Keep some flashlights, batteries, and more in the kit so you don’t have to search for them in an emergency.

Trim Your Trees and Shrubbery

Tree branches can go through your windows like missiles during a hurricane; make sure you prune your trees and remove all loose branches from your trees.

Unplug All Electronics

Electrical surges are widespread in hurricanes. By unplugging your electronics, you minimize the risk of damage.

Seal Windows and Doors

Ensure that your windows and door stay locked and secured. If you have storm windows, ensure that they are properly installed and locked, as well.

Prepare for Long-Term Outages

It may be a good idea to purchase a backup generator. Then, if the power goes out, you still have options. Also, keep your bathtubs full of water in case you lose access for any length of time.

Review Your Insurance Policy

It’s best to do this before the storm, when things are still calm. If it’s been a while since you’ve reviewed your home insurance policy, you may not be carrying the correct amount of coverage. The amount may not be enough to rebuild your home if the worst happens. Get peace of mind and know you have coverage as you prepare your house for hurricane season.

How We Can Help

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 our team is here to answer all of your insurance questions. Contact us today.

What’s the Difference Between Builder’s Risk Insurance and a Home Insurance Policy? Part Two

Posted on June 29, 2021June 12, 2021 by cvargas

It’s easy to understand the importance of home insurance when your investment is immediately accessible to you, as are all of the belongings you put inside. However, a building under construction sometimes requires a little more explanation as to the importance of builder’s risk insurance.

Why Does Home and Builder’s Risk Insurance Differ?

A completed home provides all of the information for proper risk assessment. All of its features are fixed in place for determining the replacement cost value. The liability risks are mitigated as much as possible. Your coverage needs are clear. Thus, the home insurance policy can be tailor-made for your home as it stands, with all factors known.

For a building under construction, there are many unknown or constantly changing variables. Your insurance provider calculates the replacement cost, and therefore coverage, based on the expected features of the completed home. The building’s completion stage is varied. So the liability risks also vary at any given time. At some points, there may be more materials on-premises than on the structure. Because the building changes, it needs a policy that addresses this reality.

How Does Builder’s Risk Insurance Address the Changing Protection Needs of a Building Under Construction?

Why do you pay the same premium and have the same amount of coverage for a building in the beginning stages of construction as in the final stages? This is a fair question considering the amount of loss is much greater when the building is nearing completion.

Builder’s risk insurance addresses this by considering the most coverage needed at any time during the construction period. It also considers the premium needed to cover that risk. The insurance company then takes into account normal construction time periods. Instead of changing the coverage and premium throughout the build, they average the cost to insure the building over the entire construction period at various stages of completion into one premium. This assures that the building has proper coverage at a fair premium, regardless of the building phase.

What Coverages Are Unique to Each Policy Type?

A home insurance policy provides much more personal property coverage and additional coverages. This includes additional living expenses in the event of a claim. These types of coverages would not necessarily be needed under a builder’s risk policy since the home is not occupied.

What about a home addition? Home insurance policies vary on how they cover home additions. It may be that you would have adequate coverage under your home insurance policy. However, a larger addition may require a builder’s risk policy or a special endorsement of your home insurance policy. Having an insurance agent you can trust to advise you on your particular policy and needs is imperative.

A builder’s risk insurance policy provides coverage for theft of building materials and often even for building materials in transit to the building site. It also provides liability protection for the enhanced risk of a building under construction. The liability does not extend to the contractors or subcontractors. But it does provide coverage if a child or neighbor were to wander onto the site and get injured.

Ultimately, all builder’s risk insurance policies are temporary. Once the building is complete, you should consult your insurance agent to discuss whether you should convert to home insurance, rental dwelling insurance, or commercial insurance. For additional information, see part one of our series, What’s the Difference Between Builder’s Risk Coverage and a Home Insurance Policy?

Whether you need home, rental dwelling, commercial, or builder’s risk insurance, Vargas and Vargas Insurance is here to advise you on your journey. We work for our clients, not the insurance company, to provide individualized coverage at the right price. Contact us today to discuss your insurance needs.

What’s the Difference Between Builder’s Risk Coverage and a Home Insurance Policy? Part One

Posted on June 22, 2021June 12, 2021 by cvargas

You’ve found your dream home, and now you need to protect that dream with home insurance. Maybe you couldn’t find the perfect home you had envisioned, so you are building it. That investment also needs protection, either through builder’s risk coverage or home insurance. How are these two types of homes and home insurance protections the same, and how do they differ? Most importantly, why does it matter?

Who Needs Home Insurance or Builder’s Risk Coverage?

Home Insurance

If you are the owner of a fully constructed home and you and your family reside in the home, home insurance is the right choice for you. Home insurance provides coverage for your dwelling, personal property, and liability you might incur as a homeowner, among other optional coverages. Home insurance is not for rental homes (when you’re the renter), commercial properties, or homes in the construction process.

Builder’s Risk Coverage

Coverage for buildings in the process of being built requires specialty coverage to meet the unique risks associated with a building that is changing daily. The building may be residential or commercial, and coverage may be needed by a variety of individuals, such as:

Homeowners
Property Owners
Contractors
Subcontractors

Ultimately, the individual named on the construction loan, or the person who retains the deed to the property, needs the builder’s risk coverage. They are the one taking on the risk of a loss until ownership changes hands.

When Should You Begin Coverage?

A home insurance policy should begin immediately upon ownership, effective on the date of the home closing. If you change insurance providers, it is imperative that there is no gap in coverage from one insurance company to the other. Make sure you understand the date and the time coverage will cease with the current company and coordinate coverage with your new insurance company to prevent any unprotected gap in time.

A builder’s risk policy provides coverage from the time construction begins until the project’s completion. Because the construction phase is constantly changing, the coverage and premium are designed with this in mind. Most insurers require a builder’s risk policy at the beginning phase of construction. They will not provide a policy mid-construction. It’s just as important to convert your builder’s risk policy to a home or commercial insurance policy once completed for coverage more appropriate for a completed and occupied building.

Now you know who needs home insurance versus builder’s risk coverage and when coverage should begin. For further explanation on how these two policies differ and why it matters to you, see the second part of our series on What’s the Difference Between Builder’s Risk Coverage and a Home Insurance Policy?

Vargas and Vargas Insurance understands the importance of having the right insurance for every stage of your journey. We are an independent insurance agency that works for our clients, not the insurance company. We will customize your coverage for your unique needs at the right price. Give us a call today.

Home Insurance Terms You Need to Know, Part Two: Homeowners Coverage Terms

Posted on May 4, 2021April 13, 2021 by cvargas

The only thing worse than having a homeowners insurance claim is having a claim and realizing you didn’t understand the home coverage terms in your insurance policy. Now you don’t have the coverage you thought you had. Vargas & Vargas Insurance wants you to have the knowledge you need to make the right decisions about your insurance. Arming yourself with the knowledge of homeowners coverage terms is crucial in preventing unwelcome surprises when a claim occurs.

Homeowners Coverage Terms

Dwelling Coverage

A dwelling is the building in which you live. In home insurance terms, your home is your dwelling. It is insured for the perils in your policy up to the policy dwelling coverage limit. But this is for the main structure only and does not include the contents. Contents have their own coverage area in a home insurance policy.

Additional Structures Coverage

Any structures on the premises not attached to the main dwelling are other structures or additional structures. This includes a workshop or shed, for example. An amount equal to 10% of the dwelling coverage is usually also allotted toward additional structures as part of your basic coverage. However, you may want to purchase additional coverage, if needed. This coverage does not apply to the contents of the additional structure. Those are covered with your personal property coverage.

Personal Property Coverage

This is for all of your personal belongings, such as clothing, furniture, electronics, household tools, etc. It’s important to speak with your agent about items you think may fall into this coverage area but actually may not. Examples might be golf carts and four-wheelers. Keeping an inventory of your personal property is important, as you will need to itemize them in the event of a loss.

Liability Coverage

Homeowners can be held liable for a wide variety of events occurring on their property. Liability coverage provides legal protection for the majority of these, up to your policy limit. Also, most policies come with a basic amount that you can increase for a minimal additional premium.

Additional Living Expense/Loss of Use

When a claim occurs, your home may not be inhabitable for a time. This is why Additional Living Expense coverage, also known as Loss of Use coverage, is so important. This coverage will help with the cost of displacement up to the time period specified in the policy.

Endorsement

An endorsement is an addition to your homeowners policy. You may need more coverage than allotted in your basic policy in a particular coverage area. Endorsements allow you to add that coverage. A common example is for jewelry. Most policies provide a limited amount of jewelry coverage but allow more coverage through endorsements.

Exclusion

An exclusion is a coverage area that insurers specifically do not include in your policy. Your policy will have a list of exclusions. It’s imperative to review these exclusions, as there are often options to provide coverage for the excluded perils separately. One example is flood coverage. Floods are usually an excluded peril, but flood insurance is available as a stand-alone policy.

Inflation Protection

The cost to repair or replace your home and belongings does not stay static. Most homeowners policies include inflation protection, which raises your coverage in small increments each renewal, as needed, to keep pace with inflation.

Risk/Peril

A risk is the possibility of something unexpected happening. A peril is the cause of something unexpected happening. The peril of a wind storm increases the risk of damage to your roof. Knowing what perils are covered under your policy is imperative for you to have proper protection from the risks you face as a homeowner.

For more homeowners coverage terms, see the first installment of Home Insurance Terms You Need to Know. Homeowners coverage terms can be intimidating while also being vitally important. That’s why Vargas & Vargas, a premier local independent insurance agency, is here to help. We will customize your insurance coverage to your specific needs at the right price and are here to answer all of your insurance questions. So contact us today.

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