Click to Call Text Us
Vargas & Vargas Insurance

1133 Washington St
Dorchester, MA 02124

 Get Directions

Uncategorized

What A Home Insurance Policy Doesn’t Cover

Posted on by cvargas

Is your home insurance policy covering you when you need it most? If you’re like most people on a “standard” home insurance plan, there are several things that aren’t actually covered with your policy!

Don’t worry – you’re about to find out what a home insurance policy doesn’t cover, and how you can quickly make a few updates to your plan to make sure you’ve got the coverage you need.

Before we get into that, take a quick inventory of what you’re hoping is covered in the case an unfortunate event presents itself to you. As we take a deeper dive into what isn’t covered, you’ll be able to quickly identify whether you’ll need extra coverage or if you’re in the clear!

What Doesn’t A Home Insurance Policy Cover?

Most home insurance policies don’t cover the following:

  • In-Home Businesses
  • Floods
  • Earthquakes
  • Vehicles used for business
  • High-value Jewelry.

Take a quick look at each in more detail, and how you can protect yourself.

In-Home Businesses Are Not Covered By Your Homeowners Insurance

Did you join the recent surge of people deciding to jump into at-home work, including freelancing, or even starting a business that’s based in their home? Whether you’ve just started or you’ve been at it for years, many people are unprepared for a sudden loss to their business equipment.

Don’t let that be you!

There are several ways to get your business property covered if you’ve got a home-based business.

According to the Insurance Information Institute (III), you can:

  1. Add a Policy Endorsement to your existing homeowners insurance. This simple endorsement is a simple way to increase your coverage to include business property. If your policy has minimal coverage for business property already (as some policies do), this can be a low-cost way to get the coverage you need.
  2. Add an In-Home Business Policy. This policy is for you if you need more comprehensive coverage for business equipment and have a need for liability coverage for your business. It can be a life-saver if you need to recoup costs beyond simple business property, such as loss of important papers, records, income, etc.
  3. Add a Businessowners Policy (BOP). If you’re a small/mid sized business that operates out of more than one location (including your home), you’ll want to consider the broader coverage offered by a BOP. 

Be Careful: Floods Are Not Covered In Most Home Insurance Policies

This one is slightly tricky, as most people don’t think they live in an area susceptible to flooding.

However, “flooding” can mean many things in your insurance policy. For example, a failed sump pump or water damage due to a clogged drain are generally not covered in a standard home insurance policy.

Many people have been saved by adding a separate flood insurance policy, as there is some gray area in standard policies, and they chose to be safe rather than sorry!

Earthquakes Aren’t Covered

Earthquakes are on the rise, according to data compiled by the National Oceanic and Atmospheric Administration branch of the US Government (and shown in this chart). Despite this, earthquakes are not covered by most home insurance policies.

If the thought of an earthquake hitting your area makes you tremble a little, you may want to consider specific earthquake coverage to be on the safe side.

Vehicles used for business

Not surprisingly, vehicles used for business are not covered in a homeowners policy, even if the damage to the vehicle happens on your property.

High-Value Jewelry

Jewelry-lovers take note! If you’ve got jewelry valued at over $2,000, there’s a good chance your homeowners insurance will not cover these pieces.

To make sure you’re covered, you can easily add on additional coverage into your policy to account for the loss if something should happen to your valuables. 

We’d recommend learning about coverage for commercial auto insurance if you own vehicles used for business, or check with your employer to ensure they have the correct coverage.

We’re Here To Help Find The Right Coverage For Your Situation

Don’t be alarmed if you’re in any of the categories above. Everyone’s situation is unique, and you deserve to be informed about what is – and what isn’t – included in your coverage. 

Let’s talk over your current policy and make sure you’ve got everything you need for your situation. 
Contact us today to get a customized plan, or to just get the peace of mind that you desire!

Read More

Insurance Check-Up

Posted on 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.

Read More

How a Renters Insurance Policy Protects You

Posted on by cvargas
Living uninsured in a rental home can put you at risk of personal liability and property damage. Learn how a renters insurance policy protects the renter
What Renters Insurance Does (& Doesn’t) Cover

Are you planning to rent a residence in Massachusetts? Consider a renters policy to protect yourself against the financial impact of unexpected personal property damage, theft, and legal liability. A renters insurance policy is designed to do just that and help protect tenants, their personal belongings, and the occupied property from the financial aftermath of an unfortunate event or accident.

In this post, we’ll share how a renters insurance policy protects the renter so readers can better understand its importance and where to get the best coverage in Massachusetts.

What Renters Insurance Covers

A renters or tenant insurance policy covers renters from the financial repercussions of unexpected or unpreventable events on their rented homes or apartments. Here’s a breakdown of the coverage:

Personal Property Damage

Standard renters insurance policies cover Personal Property Damage in the event of a fire, smoke, vandalism, explosion, plumbing issue, and other listed disasters. You can opt for one of the two policies – Replacement Cost and Actual Cash Value. Replacement Cost covers the full cost of replacing damaged possessions, whereas Actual Cash Value takes depreciation into account, meaning the compensation will depend on your possessions’ usage and age.

Personal Liability

Personal Liability covers property damage and bodily injuries caused by you, your family, and your pets. In case of a lawsuit, the liability portion of a renters insurance policy can pay for medical bills and repairs, as well as the legal costs for your defense in court. The compensation amount typically starts at $100,000 but can be raised higher depending on your needs.

Additional Living Expenses

Additional Living Expenses (ALE) coverage pays for temporary accommodation and expenses when your rented home or apartment is undergoing restoration or renovation following damage. Typical expenses include restaurant bills, transport, hotel bills, and temporary rentals.

What Renters Insurance Doesn’t Cover

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

  • Pest infestation
  • Earthquake and flood damage
  • Vehicle theft or damage (Belongings inside the vehicle are covered)
  • Roommate property and personal belongings

How Much Does Renters Insurance Cost in Massachusetts?

Renters insurance rates vary according to the state and where you’re shopping from. The average cost of renters insurance in Massachusetts is $192, or about $16 per month. Your location in the state also influences your cost. For example, if your residence is a region prone to natural disasters like severe storms, floods, wildfires, landslides, you’ll most likely have to pay more than the average. Similarly, if your neighborhood has a crime rate, this will also affect your overall cost.

How to File a Renters Insurance Claim

The following are the main steps for filing a renters insurance claim. However, keep in mind that your claims process may vary on the type and extent of the damage:

  • Contact your insurance company or agent as soon as you and your family are secure (in case of fire, theft, vandalism, etc.)
  • Seek emergency repairs to secure the property’s structural integrity. Make sure all the damage is documented in writing with photos and video footage for proof of damage.
  • Answer all the questions related to the damage asked by the agent and insurance adjuster
  • Discuss your policy’s coverage with your agent to understand what applies to your situation and the compensation limits

Secure Yourself with Vargas & Vargas Insurance

At Vargas & Vargas Insurance, we offer top-rated insurance services that will help keep you and your family protected from unexpected events on your rented property. All our clients enjoy customized insurance coverage to match their unique needs, and we offer affordable prices. Contact us today for a free quote.

Read More

Factors that Affect the Cost of Home Insurance

Posted on by cvargas

Your mortgage company will require home insurance for homeownership today. The insurance policy protects your house and possessions from harm and ensures that you can protect yourself from liability in cases of financial and physical loss.

However, since homeowner insurance rates vary from house to house, residents may like to know just how much they’ll be required to pay towards full insurance. In this article, we look at the factors that affect the total cost of home insurance. Study these factors to get an idea of how your insurance rate will be determined.

Area of Residence

Your area of residence is perhaps the biggest factor impacting the total cost of insurance. Homeowners in the state of Louisiana pay three times as much for home insurance than homeowners in Oregon. Natural disasters, political instability, and crime rates play a significant role in determining rates. Rates can vary from city to city, even within the same state.

Home Price

A home with a higher price often takes more to insure because the cost of rebuilding it will be higher. Coverage is provided with the cost of rebuilding in mind. Hence, insurers would like to know what your home costs right now.

Assets Covered

Your home insurance will cost more if you have collectibles and, like antiques, firearms, gold, and silver etc. have more things covered. Besides repair and rebuilding, you should include personal belongings, living expenses, and liability against lawsuits in your home insurance policy.

Home’s Age

The current age and condition of your home can also impact the total cost of insurance. Older homes often come with premium construction materials that are harder to replace. Older homes sometimes have outdated plumbing and electrical systems are also exposed to greater risk.

While the cost of home insurance can vary based on the factors provided above, it shouldn’t come as a deterrent to purchasing the right home coverage. Regardless of what it costs you to insure your home, your home is most likely your most valuable asset. You should purchase the right insurance from a local independent insurance agent to save yourself from huge losses down the line.

At Vargas & Vargas Insurance, we offer top-rated insurance services that will help you keep your business safe during the winter season. All our clients enjoy customized insurance coverage to match their unique needs as we offer affordable prices. So contact us today for a free quote.

Read More

Does My Home Insurance Cover a Flooded Basement?

Posted on by cvargas
Happy homeowner with coverage in the event of a flooded basement

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 insurance, 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.

Read More

How to Insure a Vintage Motorcycle

Posted on 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.

Read More

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

Posted on by cvargas
homeowner reviewing homeowners coverage terms as she renews her policy

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.

Read More

Motorcycle Insurance Coverage Options

Posted on by agentinsure

You enjoy the feeling of freedom you get from riding your motorcycle so it is imperative you’re your protect the investment you have made in your bike. The best way to accomplish that goal is to obtain a motorcycle insurance policy that is best for you and your situation.

Motorcycle Insurance Requirements in Massachusetts

In the state of Massachusetts, you must have at least a liability insurance. This policy will cover bodily injury to others if you are involved in an accident that is deemed to be your fault, along with damage to someone else’s property. You also need to have personal injury protection coverage or you can choose a deductible of $8,000 for yourself and household members. You must also have uninsured and underinsured motorist coverage which will cover bodily injury or property damage that you and/or your passenger sustains if you’re involved in an accident with a motorist who does not have insurance or doesn’t have enough insurance to cover your medical costs and property damages.

Comprehensive Motorcycle Insurance Coverage

Comprehensive motorcycle insurance coverage will cover your bike if it is damaged or destroyed by a fire, vandalism, or a natural disaster, such as a tornado or hurricane. This is an important policy to have to repair or replace your bike if it falls victim to one of these situations or if it is stolen.

Collision Insurance

Collision insurance will cover your bike if you are involved in an accident with another vehicle or an object. For example, if you hit an electric pole with your bike, it will cover the damage to your bike and the pole.

To obtain the best motorcycle insurance policy for you and your situation, contact the motorcycle insurance agents at Vargas & Vargas Insurance in Dorchester, MA today!

Read More

How to Shop for Condo Insurance If You’ve Only Owned a House

Posted on by cvargas
couple shopping for condo insurance in their new home

Condo owners independently own their individual units (though there is common ownership of the common areas), and that means you need to protect it. If you are looking for coverage for your condo, it is essential to understand the different aspects of insuring a condo compared to a home.

What Do You Need to Know Before You Start Condo Insurance Shopping?

When shopping for condo insurance, it is important to be aware that the primary dwelling is protected under the condominium association’s Master Policy. Your condo community may provide all-in coverage or less inclusive insurance like single entity coverage Additional structures do not apply to a condo and are not included in the coverage. When you pay for your condo association’s fees, personal property protection is not covered by the policy. Therefore, it is crucial to consider this when looking for condo insurance.

Aspects of loss of use, medical payments, and personality liability are the same for both condos and homes. Therefore, when shopping for insurance for your condo, it is vital to ensure that you obtain a policy with high-level protection for personal property. This is because your condominium association’s primary dwelling coverage only covers the structure and does not include your belongings inside the walls.

Typical condo insurance covers:

  • Vandalism
  • Fire and smoke
  • Burst pipe
  • Theft

Factors to Consider While You Look for Condo Insurance

When shopping for condo insurance, you need to consider the cost. The cost of standard condo insurance depends on different factors, including:

  • The amount of deductible
  • Your coverage options
  • Aspects covered by your condo association’s insurance
  • Materials used in the construction of the condo
  • Location of the condo

It is essential to review the master policy of your condo association before deciding the amount of your condo insurance. This is because, in some instances, some insurance policies do not cover anything inside the walls of your condo. In such a case, you need to include more items when calculating your insurance coverage.

It is not easy to make general recommendations about condo insurance due to variations in state laws and condominium association bylaws. Consider working with local independent insurance agencies because of their business relations with financially robust insurance entities. Also, local insurance agencies can tailor your policy to meet your specific needs. 

For more assistance choosing the right condominium insurance for you and your family, contact Vargas & Vargas Insurance today. We’re here to help.

Read More

Happy “Interdependence” Day 2020

Posted on by cvargas

This Fourth of July holiday will be very different this year. I have started calling this year’s Independence Day “Interdependence Day” because we need each other now more than ever!

This is the time when we enjoy spending time with family and friends, and maybe watch the sparkling fireworks. However, social distancing limits seats at the picnic table, if any at all, especially with the report of a new wave of COVID-19 cases. 

We continue to believe our doctors and medical community will help us conquer this disease; however, with more than 10 million* confirmed cases of COVID-19 around the globe, this terrible fight is far from over. Meanwhile, the US economy appears to be turning a corner and better times may be ahead.

Voltaire said, “History never repeats itself. Man always does.” which means history may be a guide for what may happen next. 

While we’ve faced several health, social, and economic crises this year, Fourth of July is a good time to think about how lucky we are to live in this great country and to remember the resilience and perseverance we’ve demonstrated over the past 244 years. History has shown us that better times will come.

Thank you for allowing us to be your local independent insurance agent!

Best wishes for a happy and safe Fourth of July!!

Carlos

Read More

Our Services

Reviews

Partner Carriers

  • Arbella Insurance
  • Commerce
  • Mass Property
  • New London County Mutual
  • Norfolk and Dedham
  • Palomar
  • Pilgrim
  • Plymouth Rock
  • Safety
  • Travelers
  • Vermont Mutual