If you’ve recently purchased a condo, you may be feeling a mixture of emotions. You’re likely thrilled to have your own place, but the idea of adding additional payments and HOA fees to your budget can be daunting. Additionally, you may be unsure how much it will cost to insure your new condo; however,

Vargas & Vargas Insurance has provided thousands of Massachusetts condo owners with the coverage they need.

In this article, we’ll provide an estimate for the cost of condo insurance, discuss the factors that can affect it, give sample premiums from Massachusetts residences, and offer tips on how to reduce the cost.

How much does a MA condo insurance policy cost?

It is not possible to give you an exact figure of what condo insurance would cost without knowing the specifics. However, an approximate range can be given based on average premiums observed. Generally speaking, a condo insurance policy could cost between $300 and $1,000 annually ($25 to $84 per month). To get a more precise evaluation, further details need to be considered.

What affects the cost of MA condo insurance

The range of coverage we gave is not exact since each condo policy differs depending on various factors. The following elements will influence the policy.

Condominium insurance limits

Every kind of insurance has a maximum amount they will pay out in the event of a claim. Each policy typically includes several different limits that apply to each coverage included. For example, condo insurance may have limits on dwelling, personal property, loss of use, loss assessment, medical payments to others, personal liability and personal injury. Generally speaking, policies with higher limits tend to cost more.

What does your master policy cover

The kind of coverage you need for condo insurance depends on if your master policy is walls-in or all-in. An all-in policy will provide protection for anything in the condo that isn’t owned, such as appliances, wiring, plumbing and carpets. It covers all the items that would be taken with you if you moved out.

A walls-in policy does not cover anything inside your walls, even if it belongs to you. This includes drywall, carpeting, flooring, countertops and appliances; it may also exclude plumbing and electrical units.

If the master policy is all-encompassing, usually the HO-6 policy must have enough dwelling coverage to pay for the master policy’s deductible. However, if the master policy only covers external walls, then you need a greater amount of dwelling coverage to cover what’s inside your unit.

The deductible you choose

The level of deductible you choose affects the cost of personal insurance. A deductible is an amount that needs to be paid by the owner of the condominium before an insurance company will pay a claim. Generally, you have a selection of deductibles for home insurance, commonly $1,000, $1,500, and $2,000. The more significant the deductible amount is that you pick, the less expensive your premium will be.

Your Condominium exposure

Insurance companies use a variety of factors to determine your insurance quote. One of the most important elements is the risk assessment, which looks at the likelihood of you making a claim. This assessment takes into account a variety of factors such as your age, driving record, location, and credit rating. The higher the risk, the higher the premium you will be charged. It’s important to note that the insurance company will also consider the type of coverage you are requesting. For example, if you are requesting coverage for a high-value item, this could increase the risk and therefore the premium. The same is true of additional riders or endorsements that you may request. Understanding the risks associated with the coverage you are requesting is key to getting the best quote possible.

Prior claims history

If you have previously had to make a claim on your condo insurance, the insurance company will view you as more of a potential hazard and may increase the cost of premiums accordingly.

The insurance company

The cost of a condo insurance policy can differ significantly depending on the insurance carrier that provides it. We’ve seen examples of price variations ranging from a few hundred dollars in some cases. That is why we emphasize the importance of working with an independent agent who can compare different policies from various carriers to get you an appropriate coverage for the best price.

Other factors that affect the condo insurance price

The location of the condo, the location of the condo can affect the cost of insurance due to the varying levels of risk associated with different areas. For example, a condo located in an area prone to flooding or other natural disasters may cost more to insure than one located in a lower risk area.

The age ,the age of the condo can also be a factor, as older structures may require more coverage than newer ones

The size, the size of the condo can affect the cost of insurance, as larger condos may require more coverage than smaller condos. and the materials it is made out of.

The materials, the materials the condo is made out of can have an effect on the cost of insurance, as certain materials may be more expensive to insure than others.

Vargas & Vargas Insurance is committed to providing assistance and support to families and individuals for more than four decades. Our staff are available to answer any queries you may have, so don’t hesitate to reach out today by dialing 617-298-0655.

As temperatures heat up, so do some types of insurance claims. Keep reading to find out the most common accidents we see during the summer and a bit of guidance on how to prevent them.

Outdoor fires – Bonfires, cookouts, and grilling are fun but can put you at risk for fire. Never leave a fire unattended, and keep fires at least 10 to 25 feet away from flammable structures/surfaces.

Make sure that the surrounding area is free of any debris, and that the fire is in a fire-safe pit or container. Additionally, have a bucket of water or a fire extinguisher on hand in case of an emergency. Make sure to keep children and pets away from the fire at all times. Finally, when you’re done with the fire, make sure to completely extinguish it so that it won’t reignite. Taking these safety measures will help ensure that your outdoor fire is a safe and enjoyable experience for everyone!

Pool Accidents – Splishing and splashing come with a lot of dangers. Fencing in your pool, jumping safely, and never leaving children unattended help prevent accidents.

Additionally, it’s important to teach children how to jump safely into the pool. Make sure they understand how to properly enter the pool and the importance of not running around the pool area. Lastly, it’s never a good idea to leave children unattended when they’re in the pool. Make sure that there is always an adult nearby who is paying attention and can help if something goes wrong. Taking these simple precautions can help to prevent pool accidents.

Car Accidents – Road safety is essential during summer vacations and road trips. Practice defensive driving, and complete a maintenance check-up on your car before hitting the road.

Complete a maintenance check-up on your car, such as checking the oil, brakes, and tires, to ensure that your car is in peak condition. By following these tips, you can greatly reduce the risk of being involved in a car accident.

Home Burglaries – During the summer months, when people are away from home on vacation, there is an increased risk of home burglaries and thefts. Taking a few simple precautions can help reduce the likelihood of a home burglary. Installing a home security alarm system is one of the most effective deterrents.

Motion detection lights placed around the exterior of the home can also help scare away potential intruders. Additionally, having a trusted neighbor collect your mail on a regular basis will help keep your home from appearing vacant. Taking these steps can help protect your home from burglaries and give you peace of mind.

Pro Tip – Add deadbolt locks to all windows and doors for extra security. Consider smart devices like locks and video surveillance systems to control remotely. This added protection could help keep your summertime claim-free. Additionally, consider installing alarm systems in case of intruders. Finally, send the alarm certificate to your insurance agent to receive a discount.

At vargas & Vargas Insurance we always have time for you, you can reach us at 617-298-0655.

A survey done in 2020 showed that only 6% of homeowners with insurance policies made claims. This might lead you to ask why you’re paying a fee each month if no one is taking advantage of the coverage. The answer is easy: filing a claim isn’t always the best choice. Home insurance is meant to protect your financial security in the case of major damage to your home, but if it’s just a few thousand dollars or less, it may not be worth filing a claim. Ultimately, whether or not to file depends on your policy.

If you are uncertain if you should submit a homeowners insurance claim, this article is designed to help. Read on to learn more about analyzing your insurance policy and deciding upon when it is appropriate to file a claim.

Choosing The Right Home Insurance Policy

Before you sign up for a new insurance policy, you need to account for the value of your home, possessions in your home, and your budget. The more your home and personal property is worth, the more you will be paying for your home insurance policy.

Your premium is a new monthly bill, and it is important that you can comfortably and reliably pay it. Additionally, you should think about how much you can afford to pay out of pocket in the event your property is damaged. Let’s say the deductible is $1,000. Can you pay $1,000 out of pocket before your insurance kicks in or do you need a policy with a lower deductible? Talk to an insurance agent to get started building the right plan for you.

Understanding Your Insurance Policy

To begin with, it is important to comprehend your home insurance policy. What is the amount of your deductible and does filing a claim lead to increased premiums? Additionally, what type of coverage does your insurer provide? Is my situation eligible for coverage? We will discuss these issues in more detail below.

Understanding Your Deductible

The deductible is the amount that you have to pay yourself before your insurance begins to cover costs. You will not be paying towards your deductible unless a claim is made with your home insurance. For instance, if the deductible for your policy is $1000, then in cases of damaged or stolen items, you would need to spend $1000 and your insurer would cover anything above that sum.

Additionally, keep in mind that filing a claim can potentially increase your insurance premiums. Your insurance company may view you as a higher-risk customer, resulting in higher monthly payments.

Keeping An Eye On Your Premiums

The first step in deciding whether to file a homeowners insurance claim is to understand your deductible. Your deductible is the amount of money you’re responsible for paying out-of-pocket before your insurance policy kicks in.

For example, if you have a $1,000 deductible and experience $3,000 in damages, you’ll be responsible for paying the initial $1,000, and your insurance company will cover the remaining $2,000.

It’s important to consider your deductible when deciding whether to file a claim. If the cost of damages is less than your deductible, it may not be worthwhile to file a claim at all. Additionally, if the cost of damages is only slightly above your deductible, you may want to consider covering the cost out-of-pocket instead of filing a claim, as it could potentially raise your premiums.

Outlining The Damages

Home insurance can be confusing. Does it provide coverage for the home itself and its contents? The answer is yes. The real inquiry, however, relates to what circumstances are covered by the policy. Many insurers offer plans that are based on the Insurance Services Office HO-3 policy, so let’s examine what this plan covers. Generally, standard insurance policies protect possessions from natural disasters such as lightning, windstorms, hail storms, extreme snowfall and volcanic eruptions.

House fires, electrical damage, theft and vandalism are usually covered by insurance plans. On the other hand, water damage, earth movement, infestations, mold growth and neglect are not typically included in these policies. These sorts of damages can be expensive to repair so it’s important to be aware that you may not receive any compensation for them. We will discuss this further later on.

Understanding Your Responsibility After a Loss

All Home insurance policies contain duties that the insured must comply with to recover under the policy. These duties vary from policy to policy but generally include providing notice of the damage to the insurer shortly after the damage occurs, taking appropriate actions to protect the property from further damage, and appearing under oath for an examination of the incident.

Your Insurance Policy Is Not A Maintenance Policy

If your roofing is in bad condition and it caused your home to be damaged in a windstorm, you may be able to file a claim. However, it depends on the terms of your insurance policy and the maintenance agreements that are in place.

As a homeowner, it is your responsibility to maintain your property. This includes any needed repairs or renovations concerning plumbing, electrical wiring, roofing, siding and so on. If you do not take care of any damage or wear and tear it can be considered negligence and your insurance company may reject your claim. There are certain ambiguities when filing an insurance claim for maintenance costs; for example if there have been weak patches in the roof for some time with missing shingles and signs of leakage.

It is possible that you could file an insurance claim for the wind damage to your roof, but this depends on the maintenance requirements in your policy. Most insurers require their customers to maintain certain parts of their home, such as the roof, in order to be eligible for coverage. After a severe windstorm has damaged more of your shingles and some interior roofing, you find yourself with an emergency repair job that will cost money. If you have kept up with regular maintenance, then filing a claim may be possible.

Pro-Tip

When damage you need to file an insurance claim, take pictures of the damage if possible. Make a list of everything that was lost or damaged. Keep the list and photos handy to support your claim to provide a clear image of the damage(s) you are reporting.

How Much Can You Save

Vargas & Vargas Insurance has been providing reliable and affordable coverage for over four decades. Our knowledgeable agents are dedicated to helping you find the right policy for your needs, so you can rest easy knowing your business is safe and secure.

With our expertise and comprehensive coverage options, you can feel confident that whatever life throws at you, your business will be taken care of. Invest in peace of mind today with homeowners insurance from Vargas & Vargas Insurance, you can reach our team at 617-298-0655.

Before taking a trip, it is important to understand what insurance coverage applies in the case of an accident while driving a rental car. We at Vargas & Vargas Insurance are often asked how claims will be handled in these situations. To be prepared, it is essential to research the extent of coverage provided by rental car companies and if additional insurance needs to be purchased.

What Is The Insurance Coverage For Rental Car Accidents?

In most states, if you have your own auto insurance policy, the coverage will apply to you and the rental car you are using. This means that if there is an accident involving your rented vehicle, your existing auto policy would still provide coverage. However, keep in mind that this type of protection only applies within the United States and its territories – it does not extend to international rentals. In Massachusetts, it is mandated by law that rental car companies must carry a certain amount of liability protection for any accidents involving their vehicles. For example, they must be able to cover up to $5,000 worth of damage claims concerning their cars. After the required liability limits are reached by the rental company, any remaining costs will come out of the renter’s personal auto or named non-owner policy.

Renters of long-term leases have restrictions on the amount of coverage they can get.

Loss Of Use

If you have an accident and damage a rental car, the rental company may charge you for not being able to use it while it is being repaired. Typically, your auto policy will not cover this fee, however, if you have Safety Shield Plus added as an endorsement to your policy, it may be covered. Also, many credit cards provide coverage for loss of use when renting a car if used to pay for the rental.

What Is Rental Automobile Insurance?

In some situations, you may need to obtain rental car insurance in order to be covered for any accidents you are involved in while driving a rental car. It is important not to confuse this with rental reimbursement coverage. Rental car insurance is a distinct policy provided by the car rental company that provides protection for the rented vehicle. This kind of coverage typically includes:

• Liability coverage: This covers you for any medical bills or damage to another person’s property if you cause an accident while driving a rented vehicle. 
• Loss/collision damage waiver: A collision or loss-damage waiver protects you in the event of damages that occur to the rental car, including vandalism and theft. 
• Personal accident insurance: This offers coverage against injuries to you and your passengers while driving a rented vehicle. 

Personal effects coverage: Provides protection for your belongings if they are taken or ruined while in a car you have hired.

Do I Need Rental Car Coverage?

Typically, you won’t need to purchase a separate rental car policy. If you have an auto insurance plan already, it will extend protection to any rented vehicles. If your auto policy includes comprehensive coverage, collision coverage, liability insurance and medical payments/personal injury protection, then buying an additional rental car policy is likely unnecessary. Additionally, any personal possessions in the rented vehicle would be safeguarded if you have a homeowners’, renters’ or condo insurance plan.

When Should I Purchase Rental Car Insurance?

In some cases, having a rental car policy may still be advantageous even if you already have car insurance. Examples of such situations include when you wish to avoid making claims on your auto policy; don’t have collision or comprehensive coverage; travelling somewhere that isn’t covered by your plan; having high deductibles on the auto insurance; having low liability limits under the policy; or renting a moving truck or vehicle (auto insurance won’t cover this).

What Should I Do After A Rental Car Accident?

If you are in an accident with a rental car, or if another driver has a rental car, the steps to take afterwards are similar to those after any other auto accident. However, there are some extra considerations that must be kept in mind. To deal with an accident involving a rental car, do the following: move yourself and the vehicle out of harm’s way; assess if anyone is injured; call emergency services; swap contact information and document details about the crash; take pictures of any damages and road conditions/obstacles; let your rental company know what happened (they may require you to fill out their own report); and notify your insurance carrier even if it was not your fault so you can decide whether to file a claim.

Covering rental Cars:

Now that you are aware of the different insurance coverage options for rentals and what to do in the event of an accident, you can confidently get behind the wheel of your next rental car. Even with full coverage, it is understandable for someone to feel confused after a collision. That is why Vargas & Vargas Insurance is available to help guide you through any claims process that may arise from a minor or major accident.

Dealing With An Independent Insurance Broker

Vargas & Vargas Insurance has been helping Families, individuals and businesses for over 40 years, you can reach our team at 617-298-0655

Massachusetts does not have a grace period for registering your vehicle when you move into the state. You must register it right away. If you are transferring the registration from an old car to a new one that was purchased from either a dealer or an individual, then you have 7 days after selling the previous vehicle to do so. Registering a car in Massachusetts may seem complex at first glance.

Buying Automobile Insurance

In Massachusetts, only 3.5% of drivers are not insured, making it the second lowest in the country. This is largely due to the stringent laws regarding car insurance. To register a vehicle, you must provide evidence of insurance; visiting an independent agency can help you decide which type of coverage is best for your needs. Comparing quotes between different companies online is one way to find the best rates; alternatively, having an independent agent compare quotes on your behalf may save time and effort.

The representatives of Vargas & Vargas Insurance collaborate with numerous insurance companies to offer our clients the most economical rates on the market.

Registering Your Vehicle With the Massachusetts RMV

Once you have purchased your automobile insurance policy, you can now register your car at the RMV. Make sure to bring all the necessary items with you in order to complete the registration process successfully.

What Is Needed for Auto Insurance

Registration and Title Application: This document is needed for all registration transactions, such as out-of-state vehicle transfers and new vehicle registrations. It can be obtained from the RMV in person or downloaded online and must be completely filled out with a signature from your insurance provider. The form will have details about other documents that may be required, like lien holder info. You need to present valid identification that could include a driver’s license, Massachusetts ID or social security number. Additionally, your registration and title application should contain your auto insurance information along with an insurance stamp and signature.

Proof of ownership: Your title is generally an indication of possession. If you have obtained a loan to buy the car, the title would stay with your lender until you settle the debt. In this situation, your registration will stand in its place.

Required Costs: The fee for a certificate of title is $75 and the fundamental registration charge is $60. Unless other expenses are applicable, you can expect to pay close to $135 in total. After your application and related documents are processed, you will be issued vehicle registration and plates. The certificate of title will be processed and sent via mail within 6 to 8 weeks. If the car is under a financial obligation, the title will be transferred to the lender.

Get Your Car Inspected

Once your registration is complete, you have 7 calendar days to get your vehicle inspected. All vehicles registered in Massachusetts must pass a yearly inspection. The inspection typically costs $35 but could be more for a commercial vehicle.

Once you finish signing up, you have a week to have your vehicle checked. All cars registered in Massachusetts must go through an annual inspection. The cost of the assessment is usually $35 but may be more for a commercial car. Massachusetts has 1,800 approved inspection centers. To find one near you, search the Inspection Station Locator online. If your automobile passes the examination, you will get a vehicle inspection sticker that is valid for 12 months. A temporary “fail” sticker will be issued if it doesn’t pass and drivers must make repairs within 60 days and get it re-inspected.

Your Local Independent Insurance Broker

Registering your car correctly is essential to avoid hefty fines and sanctions. Getting your vehicle registered in Massachusetts begins with obtaining the right auto insurance plan. Car insurance is a beneficial asset that can guard you and your automobile. Contact Vargas & Vargas Insurance to find out more about acquiring an insurance policy that meets your needs at a reasonable cost.

An independent insurance broker is an agent who provides a wide selection of policies from many different insurers to satisfy the customer’s requirements. On the other hand, captive agents or direct writers, including companies such as Allstate, Liberty Mutual, Farmers and USAA and Amica among others, are dedicated to one particular insurer and only offer that company’s insurance products.

How much does it cost to work with an independent insurance broker?

Using an independent insurance broker does not come at any additional cost compared to dealing with a direct write or captive insurance agent or going to the insurance company directly. We can make the process simpler for you by obtaining quotes from a variety of insurers, and we may even be able to find you a better deal than if you were to shop around on your own.

Why work with an independent insurance broker?

Unlike major national insurers who need to invest huge amounts of money in advertisements instead of their communities, our drive is to offer customized service and the most competitive rates for our customers in our community. And we are involved in our community. We contribute to local companies, charities, and other groups and provide advice and assistance. We hire and spend our income in our communities.

Having more options

Having a variety of options is always beneficial. A local independent insurance broker can help you get the best-tailored coverage at an affordable rate. As opposed to being tied to one specific insurer, we will be able to partner with you to figure out the best policy for your needs.

As an independent insurance broker we are called “independent” because, unlike captive agents and direct agents who only represent one company, we have the flexibility to shop around and find the best coverage from many different insurance companies that fits your individual needs. We take the time to understand your unique situation and identify the coverage that best meets your requirements.

We’re Your Advocate

Working with an independent insurance broker has many more additional benefits, like We may be able to provide discounts and other advantages that large national companies cannot.

Working with an independent insurance broker has additional benefits.

The customer service provided by Vargas & Vargas Insurance is unparalleled. An automated chatbot may be able to provide a polite and friendly interaction, but nothing can replace the human connection and personal relationships.

Our team will stay with you through all of life’s ups and downs. You are welcome to contact us whenever you need help – whether it’s finding insurance for a new driver, buying a new home, filing an insurance claim if something unexpected happens, or anything in between. We make ourselves available via phone, email, text message or face-to-face meetings. No request is too big or small – we will review your policy details and refer you to experienced professionals such as real estate agents or mortgage lenders.

The right insurance at the right price for you

An independent agent has access to a variety of insurance carriers and coverages, which is an important distinction to note. This is because it will likely save you time, money, and frustration in the future. Gone are the days of trying to find another insurance agency to work with. At Vargas & Vargas Insurance, we don’t settle for good enough or one-size-fits-all. We are committed to finding you the right coverage at the right price.

We know you

And as an independent broker can serve as your insurance advocate over the course of your life. This local expertise can bring many benefits, such as getting to know you personally and understanding the changes in your life and circumstances over time. We offer advice and guidance and may have information about particular risks in the vicinity, which can aid you in preventing any gaps in your insurance protection.

And we always have time for you. You can reach Vargas & Vargas Insurance at 617-298-0655 and be glad that you did.

Selling a home can be both exciting and stressful. There are common mistakes that often result in costly outcomes, so it’s important to do your research before beginning the process of selling your home. Taking precautions will ensure a smoother sales experience with greater financial rewards.

Selling without the Use of a real estate agent

Real estate agents possess a wide range of knowledge and expertise to help you get the most out of your home sale. They are familiar with local market values, have experience selling homes and can point out flaws that need attention before listing. Agents also leverage their professional networks to spread word about new listings quickly, know what makes buyers qualified for purchase negotiations and handle all legal paperwork involved in closing the deal.

When selling your own home, you are responsible for the listing, showing and legal process. However, this can be difficult due to many buyer’s agents not wanting to show FSBO homes. This limits potential buyers significantly and could result in a financial loss of between $60-90k.

Avoiding Major Maintenance

Before selling a home, renovations like new garage doors and kitchen remodels can increase the value. However, it’s important to not replace essential repairs with these improvements as buyers will usually request an inspection post-offer; poor results could lead to delays or cancellations of the deal. Doing major repairs yourself may cost more initially but you’ll have control over who takes care of them.

Failing to understand the expense of selling

Selling a home can involve more than just paying realtor commission, which is usually 3.8-4.6% of the sale price plus 0.5-2.8% in closing costs; additional expenses may include repairs necessitated by an inspection report from lenders before they approve a loan.

If you decide not to make repairs, the buyer may offer a lower price for your home. The cost of staging will depend on how many rooms and what kind of decor is needed; buyers might also ask for concessions like keeping some appliances or having the seller cover their closing costs.

Failing to Have Adequate Insurance

Even if you have already paid off your mortgage, it is important to maintain a homeowner’s insurance policy. This form of insurance not only safeguards your home and belongings from disasters, but also provides liability coverage should an accident occur on your property that causes injury to someone. Furthermore, if you have moved away from the home before selling it, the lack of occupancy may increase its vulnerability to vandalism or theft.

Discuss the details of the sale with your real estate agent before you put your house up for sale and make sure your insurance policy will give you the necessary protection during the selling process.

Failing to Get Your Home Ready for the Sale

Your home is important to you for many reasons, but potential buyers want to imagine it as their own. By taking away unnecessary objects and adding tasteful decorations, you can make your home more attractive during viewings. Clutter can give the impression that the space is smaller than it actually is, and personal items can stop people from picturing themselves living there. Research shows that staging a house before showings decreases the amount of time it takes to sell by 31%, and increases its value by 6-10%. If you don’t prepare your house for showings, you could miss out on offers and take longer to find a buyer.

The best of the BEST

Vargas & Vargas Insurance only works with the finest real estate agents, mortgage specialists, and lawyers. Please contact us if you need a recommendation for one of these professionals.

Homeowners often don’t consider the consequences of pricing a house too high or refusing to negotiate, which can lead to a prolonged time on the market and a lower sale price. To avoid these issues and make your home sale go more smoothly, it is important to prepare beforehand.

For insurance coverage that will help protect you throughout the selling process in Massachusetts, contact Vargas & Vargas Insurance at 617-298-0655, your local independent agent, today!

When your child reaches the age of 18, a lot of things change. They are allowed to move out and vote, may join the military, and even come home with tattoos or lottery tickets. It can be frightening to consider that once they reach this age, you no longer have the legal authority to make decisions on their behalf; not even in an urgent situation.

You won’t be able to access their medical, school, or financial records in such cases. We understand how intimidating this can be for parents, as many of our staff at Vargas & Vargas Insurance have children who either have become adults or are close to it.

We assist clients from all backgrounds and ages in ensuring they get the right insurance coverage to fit their family’s situation. We have put together some tips in this article that can help ensure both you and your grown child are taken care of during a crisis.

Obtain consent to disclose protected health information according to HIPAA regulations

Once your child reaches the age of 18, it is not possible for you to have access to any of their medical records. Therefore, if your child consents, they should sign a HIPAA (Health Insurance Portability and Accountability Act) release form. Once this form has been signed by your child, healthcare providers will be able to share medical information with you about them. This means that if the situation arises where your child cannot communicate with you regarding a medical emergency, their doctor will be able to inform you on what is happening.

Sign a power of attorney

Apart from health considerations, parents must also consider financial security for their child once they reach 18. If the adult child is unable to take care of their own finances, what can be done? A power of attorney allows a parent to be appointed as the designated person to handle the financial matters on behalf of their son or daughter. This would include accessing bank accounts, managing credit card companies, and taking care of contracts, loans, and enrollment agreements.

Think about getting life insurance.

It can be difficult to think about the death of your child. However, if this were to occur, you would want to make sure that you had the financial means to manage their final arrangements. As soon as your child reaches 18 and starts living independently, their chances of being in danger increase. If you are not able to pay for death-related costs at this time, life insurance may be a good option. If your child gets insurance and designates you as the beneficiary, funds will be provided upon their passing for whatever expenses may arise.

Life insurance isn’t only applicable in the event of a death. If a person has the proper riders attached to their policy, they can guarantee that they will be able to get insurance in the future as their needs change.

The cost of a life insurance policy rises with age. This means that if you buy a policy when you’re younger, the cost will be lower for the length of the policy, and no one can take it away from you as long as you continue to pay the insurance premium.

Vargas & Vargas Insurance is committed to providing assistance and support to families and individuals for more than four decades. Our staff are available to answer any queries you may have, so don’t hesitate to reach out by dialing 617-298-0655.