Mandatory Homeowners Insurance: A Mortage Requirement When buying a home and seeking a mortgage, you might be surprised to find out that your mortgage lender mandates homeowners insurance. Let the experts at Vargas & Vargas Insurance, servicing Dorchester, MA, assist you in acquiring homeowners insurance and determining the optimal policy for you. Why Do Lenders Insist on Homeowners Insurance? Mortgage lenders require homeowners insurance as it helps protect their financial interest in your home. If an unexpected disaster strikes, the lender wants assurance that they can recover the money ..read more

Paying your homeowners insurance is a necessity for financial protection when unexpected home disasters occur. Roughly 1 in 20 insured homeowners file an annual claim, equating to an average of about 5%. In 2021, 5.3% of insured homes reported having a claim per these statistics from III.org. But how do you navigate the claim process and determine the right compensation? This is where adjusters come in. Insurance companies have their own adjusters, but have you heard of public adjusters? Let’s explore the pros and cons of using a public adjuster compared to an insurance adjuster. Read on to l ..read more

Home safety is a significant concern for people everywhere. Home is where your heart is, but it is also where many accidents happen. Many accidents in the house are preventable if the correct measures are taken in advance. At Vargas & Vargas Insurance in Dorchester, MA, we want to make your home safer by providing you with the best and most affordable home insurance.  Keep poison out of reach. Many things we use daily in our homes are not safe if ingested by pets or children. It can be things like cleaning products or even laundry detergent. If you treat weeds in your lawn ..read more

The agents at Vargas & Vargas Insurance serving the Dorchester, MA area offer home insurance policies to protect and secure one of your most significant investments. While home insurance is not required under Massachusetts law, having a good policy in place is still very important. If you owe money to a bank or mortgage lender for the purchase of your home, you will be required to carry a home insurance policy. Even if you’ve already paid off your house, you should still have homeowners insurance because you never know when disaster will hit. What Does Home Insurance Cover? A home insuranc ..read more

There are many things that will affect how much you pay for home insurance. Of these, a credit score can make a big difference in how much you pay. Much like using your credit to secure a loan or an account with most banks, your score will help insurers determine risks. For this, they’ll use a “credit-based insurance” score, or CBI. The Key Difference Between Credit-Based and FICO Score Although both the CBI and FICO use the same data, the processing is a bit different. Insurers are using most of the data associated with your credit, but not all of it. Unlike trying to apply for a line of cre ..read more

https://youtu.be/8rkttbjZ-jg Home insurance is not equal across the board. In fact, there are many, many factors that come into play when figuring your premiums. This includes how rates are affected by the location of the property. This boils down to how much of a risk factor is associated with your home because of its physical location. And this goes beyond the base an insurer may use for calculations. What Location Factors Affect Rates? There are many aspects to consider when pricing out a home insurance policy. Today, we’re just looking at the most common locality issues that will adjust yo ..read more

Homeowner’s insurance helps to alleviate financial issues in the event of an emergency. However, not all insurance policies are the same across the board. There are a lot of things that are considered when setting up the policy. In fact, it’s quite possible that your premiums will be different from someone who lives across the street. Even if your neighbors are using the same insurance provider. Age of the Residence One of the primary elements that will adjust your premiums is the age and condition of the home. If you have an older structure, there is a good chance you’ll pay more in premiums ..read more

Taking care of your property is nothing short of improving your investment. And although homeowner’s insurance can help recover in some cases, it doesn’t cover a lot of maintenance costs. This is especially true if damages are the direct result of being neglectful. These are just some of the costs that might come out of your pocket. Termites and Other Insects Although you may find your home tranquil, there are a lot of insects that might find it tasty. Termites and other insects can quickly turn your home into a sanctuary. In some instances, insurance policies do not cover the damages created ..read more

Your home insurance policy doesn’t provide a blanket of protection from everything. For example, you might not have coverage if a flood causes water damage to your property. But that also depends on the type of flood and what was damaged. Today, let’s take a quick look at flooding and what you can do to protect yourself. What kind of Flooding Isn’t Often Covered? Although home insurance can help with some costs caused by flooding, there are quite a few that may not be in your policy. This may include: Natural disasters, such as extreme rain or snow. External sewage line breaks or backups. Su ..read more

Understanding the terms of your home insurance policy can alleviate a lot of confusion and problems down the road. It’s not simply a form full of non-sensical legal jargon; it’s the plan to keep your home and family safe from financial ruin. Today, let’s take a look at those terms and clear some of the confusion. General Home Insurance Terms While a lot of insurance plans are unique to certain vendors, there are terms that are usually universal. So, no matter who is holding your policy, this list will still be of great benefit. Declarations Page The Declarations page is essentially a quick ov ..read more