Does My Home Insurance Cover My New Condo?

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If you’ve recently purchased a condo in Florida and already possess a homeowners insurance policy, you might think you’re fully covered. However, insurance for a standalone house differs significantly from what’s required for a condo. Collaborating with Runnels Insurance, serving Brandon, FL, to ensure you have the appropriate coverage is crucial for safeguarding your investment.

Condo Insurance Differs from Homeowners Insurance

Traditional homeowners insurance, often referred to as an HO-3 policy, is designed to cover a single-family home, including the structure and the land it occupies. On the other hand, condo insurance, typically known as an HO-6 policy, is customized for units within shared buildings. It covers your individual unit, your possessions, and certain interior parts, but not the entire building or shared areas.

Typical Coverage Provided by Condo Insurance

An HO-6 policy generally includes coverage for interior walls, floors, ceilings, appliances, and personal property. It also offers liability protection and may include coverage for loss of use if your condo becomes uninhabitable following a covered loss. However, it doesn’t cover the building itself, common hallways, or the roof—your condo association’s master policy covers those areas.

Review the Condo Association’s Master Policy

In Florida, condo associations often maintain a master insurance policy that covers the building’s exterior and shared spaces. However, coverage varies among associations. Some may include limited interior coverage, while others do not. Reviewing the association’s policy to understand exactly what you’re responsible for insuring independently is crucial.

Transitioning from a house to a condo involves more than just updating your insurance. It ensures your property and liability are adequately protected. A local agent like Runnels Insurance, serving Brandon, FL, who is familiar with the Florida market, can guide you through what you need and help you avoid paying for unnecessary coverage.

Welcome Our New Team Member: Yadira Nunez!

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We are thrilled to welcome a new addition to our insurance agency—Yadira Nunez! Beginning June 3rd, Yadira will officially join our team, bringing her extensive experience and expertise in personal lines insurance.

With more than seven years of experience serving the insurance needs of East Hillsborough County, most recently in Riverview, Yadira has developed a deep understanding of protecting what matters most to her clients. She holds a 2-20 agent license and specializes in personal lines insurance, including home, auto, boat, motorcycle, and other essential coverage options.

Additionally, Yadira is well-versed in builders’ risk insurance, supporting property investors who renovate and resell homes. Her knowledge and dedication make her a valuable asset to both our team and the community.

As a bilingual professional, Yadira is excited to assist Spanish-speaking clients, ensuring they receive top-tier service tailored to their unique needs.

We are delighted to have Yadira join us and look forward to the expertise, dedication, and warmth she brings to our office.

Please join us in giving her a warm welcome!

Car Insurance Issues for College Students

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Auto insurance is a legal requirement for drivers in Florida. Many individuals have queries about car insurance and the policy options they should consider. If you reside in the Brandon, FL area and wish to discuss your auto insurance options, our team at Runnels Insurance is eager to assist. We have been serving drivers in your area since 1994.

Car Insurance Considerations for College Students

College students face numerous challenges, and those who drive must also make informed decisions about car insurance. Interestingly, the Affordable Care Act has enabled some Florida college students to pay a penalty instead of purchasing car insurance. Specific Florida colleges mandate that their students provide proof of insurance, purchased independently or by their parents.

Students who choose to opt out of insurance need to present a copy of a decline request. College students who don’t intend to drive can opt for an away-at-school discount, which serves as their proof of insurance for school. Full-time students may be eligible for discounts to maintain good grades and safe driving. According to Car and Driver, although college students may prefer their own car insurance policy, remaining on their parent’s auto insurance policy can reduce their share of the car insurance premiums.

Contact Us Today for Your Appointment

Regardless of your age, if you drive, you need auto insurance. Our team at Runnels Insurance is ready to help you prepare for the potential occurrence of an auto accident. Residents of Brandon, FL can find the auto insurance answers they need when they visit our office. Call us to schedule an appointment today, and let’s prepare you for the road.

How Much Commercial General Liability Insurance Do You Need?

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Choosing the right amount of CGL coverage can feel overwhelming, but for many businesses, $1 million is a common starting point. It’s a solid foundation to protect your company against potential risks. That said, the exact amount you’ll need depends on the unique ins and outs of your business.

What Factors Influence the Cost of CGL Insurance? Did you know that $1 million in coverage could cost as little as $25 a month? Of course, the actual price tag depends on a variety of factors, such as:

  •  Your Industry: High-risk industries, like construction or manufacturing, often pay higher premiums compared to lower-risk sectors like consulting or retail.
  • Your Sales Revenue: The more money your business makes, the higher your potential liability, which can impact your premium.
  • ·Your Physical Space: Larger premises can mean increased exposure to risks, and this might influence your costs.
  • Your Workforce Size: Businesses with more employees or a larger payroll may see adjustments in their rates.

Why Do These Details Matter? Insurance providers look at these factors to gauge the risks your business might face. Tailored policies ensure you get coverage that fits your specific needs—offering protection without overpaying.

Why Do These Details Matter? Insurance providers look at these factors to gauge the risks your business might face. Tailored policies ensure you get coverage that fits your specific needs—offering protection without overpaying.

About Us Our agency proudly serves all of East Hillsborough County, including Riverview, Brandon, Seffner, and Valrico. With over 30 years of experience providing insurance services, we’re dedicated to helping you find the right coverage. We’d love to have you as part of our insurance family—call us at 813-653-0681 today!

Term vs. Whole Life Insurance: Which is Right for You in Brandon, FL?

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Life insurance is crucial to planning for the future in Brandon, FL. Regardless of your age, you need to be realistic about your life goals and how you want to protect your loved ones. Choosing a policy isn’t as simple as it seems. You also have to consider whether term or whole life insurance is the best option. Our agents at Runnels Insurance can help you with this decision.

Term vs. Whole Life Insurance

There are a few key differences between term and whole life insurance.

Term insurance allows you to choose a term of 5 to 40 years (depending on the insurance carrier). When the term is up, your coverage ends. This can be an affordable option to ensure you have coverage, at least until a point where you are more financially set.

Whole life insurance provides coverage for the entirety of your life, ensuring that you don’t have to revisit your policy down the road. Many whole policies also build value over time, allowing you to borrow against it if needed.

Choosing What’s Right for You

Choosing the right life insurance is important. You want to look at your age, health, and financial stability to help you decide between term and whole life.

While it may not be easy to decide right now, talking through the options with a knowledgeable insurance agent can help. You can learn more about the policies to make a more educated decision.

Start Exploring Life Insurance Today

Term and whole life insurance have their pros and cons. Knowing which is right for you can be a difficult decision, so it’s best to talk with an experienced insurance agent. At Runnels Insurance, we’re here to answer questions, offer recommendations, and get quotes to ensure you can protect your future in Brandon, FL.

Specialized Insurance Solutions for Property Investors

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Investing in properties can be immensely rewarding, but it does come with its own set of unique challenges, particularly concerning insurance. More and more investors are acquiring properties through land trusts, family or estate trusts, LLCs, and corporations instead of their personal names. This trend often leads to hesitancy from insurance agencies that may not fully grasp the needs of property investors. Fortunately, we’re here to bridge that gap and provide tailored insurance solutions specifically for property investors.

Navigating the Insurance Landscape 

Our agency collaborates with over 30 Florida insurance companies, ensuring that we can shop your property and liability insurance with companies that welcome purchases made by entities. We have intentionally partnered with insurance providers who understand and are eager to meet the unique requirements of property investments.

Understanding Insurance Policy Options 

Property investors have diverse insurance needs, and we offer a range of policies to meet those needs effectively:

  • DP1 – Basic Insurance Policy for Rental PropertiesThe DP1 policy is the most basic insurance available for rental properties, offering limited coverage ideal for landlords looking to minimize costs. This named perils policy covers specific perils listed in the policy but typically excludes theft, burglary, vandalism, malicious mischief, accidental water damage, falling objects, and replacement cost coverage on contents, as well as often the structure itself. However, we have partnered with companies that provide replacement cost loss settlement on the structure, making the DP1 form acceptable to lenders. It’s crucial to communicate your coverage needs clearly with your agent when considering a DP1 policy.
  • DP3 – Comprehensive Coverage for Rental PropertiesThe DP3 policy offers extensive coverage and is often referred to as an open perils policy. It covers all perils except those explicitly excluded in the policy. The DP3 is a replacement cost policy that can cover your contents and provide loss of rents coverage. It is one of the best non-owner-occupied policies on the market, offering robust protection for your investment.
  • Renovating? Consider a Builders Risk PolicyFor those renovating properties, a Builders Risk policy provides coverage for damage to the insured structure and liability during the renovation process. Policies can be written in terms ranging from 2 to 12 months. Typically, renovations need to improve the property by 50% of its value to qualify for a Builders Risk policy. However, we represent a company that requires only a 20% improvement, with the shortest term being six months, and liability must be written separately. For cosmetic changes that don’t qualify for a Builders Risk policy, we offer Vacant Dwelling insurance.
  • Liability Insurance/Medical PaymentsThis coverage protects you if you are sued for bodily injury or property damage to others’ property. Coverage amounts range from $100,000 to $1,000,000, with $300,000, $500,000, and $1,000,000 being the most common. Medical payments coverage, usually included in a dwelling policy, offers smaller coverage amounts ($1,000-$5,000) for medical bills resulting from injuries on your property. Notably, liability and medical payments coverage are not always offered for properties purchased in the name of an entity (LLC, Corp, or Trust) but can be purchased separately—we can accommodate this as well.

When working with you, we evaluate your situation and needs to properly insure your property. We become your insurance partner, allowing you to focus on what you do best—buying, selling, and managing properties. Trust us to provide comprehensive and tailored insurance solutions that meet your unique needs as a property investor.
Call us today at 813-653-0681. You can ask for Larry Johnson or email him at larry@runnelsinsurance.com.

What Assets Are Covered With Umbrella Insurance?

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If you’re considering adding umbrella insurance to your home policy, it’s important to remember that while some assets are covered, you’ll need protection if you’re found liable for damages exceeding your standard liability coverage.

Real Estate

Any real estate you own, including your primary residence, vacation properties, rental properties, or land, should be covered by your umbrella insurance policy. These assets are typically the first to be frozen and sold if you can’t pay for damages. You should ensure these properties are included in your insurance policy, considering their current value and adding at least 10 percent to account for future value.

Vehicles and Recreational Equipment

All vehicles you own, including any classic cars, should be covered. Additionally, recreational equipment such as ATVs, UTVs, boats, watercraft, and RVs should be included. These items can be quickly sold at estate sales to cover expenses and damages, so your umbrella insurance must cover their combined value.

Financial Accounts and Investments

Your checking and savings accounts and any stocks you own can also be frozen and sold to pay for damages. You can protect their current value and anticipated future worth with umbrella insurance. It’s important to have enough umbrella insurance to cover these accounts so you don’t have to liquidate them.

When setting up your umbrella insurance policy, ensure it covers at least the current value of your assets. It’s good practice to add at least 10 percent to that number to account for future increases in net worth.

If you’re in or around Brandon, FL, contact our agents at Runnels Insurance for more information on umbrella insurance.

Your Ultimate Partner in Commercial Property Insurance

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Owning a commercial building comes with its own set of challenges and responsibilities. Ensuring your buildings are protected against various risks is crucial, but it can be daunting to navigate the complexities of insurance policies and coverages. That’s where our expertise comes in.

At Runnels Insurance, we specialize in commercial property insurance, offering tailored solutions for landlords and commercial real estate investors. As an independent agency, we have the advantage of shopping around for you, checking dozens of insurance companies to find the best policy and the best rate.

Why Choose Us?

1. Comprehensive Coverage

We can design a policy that extends to inventory, equipment, tools, and more. Whether it’s a small office building or a large industrial complex, we have you covered.

2. Tailored Solutions and Protection Against Most Disasters

Natural and manmade disasters can strike unexpectedly. We provide coverage for wind, named storms, hurricanes, fires, and other unforeseen events. Many building owners don’t spend much time thinking about the proper coverage for their buildings. With our expertise, we can help you choose the best policy that fits your specific needs. We take the time to understand your unique situation and offer personalized recommendations. You can have peace of mind knowing that your property is safeguarded against a wide range of risks.

3. Independent Advantage

Being an independent agency means we work for you, not the insurance companies. We have the freedom to explore multiple options and provide unbiased advice. Our goal is to ensure you get the most suitable coverage at the most competitive rate.

Let Us Be Your Insurance Partner

Navigating the world of commercial property insurance doesn’t have to be overwhelming. Let us do the heavy lifting for you. With our extensive network of insurance providers and in-depth knowledge of the industry, we are committed to finding the best solutions to protect your valuable assets.

Contact Larry Johnson today at 813-653-0681 or email him at larry@runnelsinsurance.com to discuss your insurance needs. We proudly serve all of Florida, not just Hillsborough County. Discover how we can help secure your commercial properties. Your peace of mind is our priority.

Why Builder’s Risk Insurance Is Essential for Real Estate Investors

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Real estate investment can be an exciting and profitable venture, especially when it involves buying and renovating properties. However, with this potential for profit comes a set of risks that investors must manage. One of the most crucial tools in an investor’s arsenal is builder’s risk insurance. This specialized coverage not only protects the structure during the renovation process but also offers premises liability coverage. Here’s why it’s a must-have for every real estate professional:

What is builder’s risk insurance?

Builder’s risk insurance is a type of property insurance specifically designed to cover buildings under renovation or construction. It is a temporary, specialized policy that covers the property from the start of the project until its completion. This insurance is not limited to new construction; it is equally valuable for real estate developers, property owners, or general contractors overseeing renovation projects.

Key benefits of builder’s risk insurance

Protection during renovation

The primary benefit of builder’s risk insurance is that it provides coverage for damage to the structure during the renovation process. This includes protection against risks such as fire, vandalism, theft, and wind/hail and hurricane damages. Without this coverage, property owners could face significant financial losses if the structure is damaged during construction.

Premises liability coverage

In addition to protecting the property itself, builder’s risk insurance also provides premises liability coverage. Premises liability refers to a property owner’s legal responsibility for injuries and accidents occurring on their property due to unsafe conditions, such as slip and fall accidents, inadequate maintenance, defective conditions, negligent security, and fire hazards.

Customizable and flexible

Every renovation project is unique, and builder’s risk insurance policies can be tailored to meet the specific needs of each one. Coverage can be customized based on the type of construction, the scope of the renovation, and the duration of the project. This flexibility ensures that property owners have the right level of protection at all times.

Our competitive advantage

At Runnels Insurance, we work with multiple builder’s risk insurance companies, ensuring that we offer very competitively priced policies. Although we are located in Brandon, we write policies all across the state of Florida. Additionally, we have agents who specialize in working with the property investment community and are very familiar with their needs. Our expertise allows us to provide tailored solutions that meet the unique requirements of real estate investors, property owners, and contractors. Reach out to us today at 813-653-0681 and ask for Larry Johnson or email him at larry@runnelsinsurance.com

About Florida Condo Insurance and Wind Coverage

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Choosing the right health insurance policy for your young family can be challenging. Understanding your options can help you find a comprehensive plan that covers your entire household’s medical needs while keeping premiums and costs as affordable as possible. At San Marcos Insurance Group, we specialize in finding tailored health insurance policies for young families in Chandler, AZ.

The Importance of Health Insurance Coverage for Young Families

Health insurance coverage is essential for young families for routine checkups, emergency care, and necessary vaccinations. It protects against unnecessary out-of-pocket expenses and provides peace of mind.

Health Insurance Options for Young Families in Chandler, AZ

Young families in Chandler have several options when it comes to health insurance policy types, including:

  • Employer-Sponsored Insurance: Full-time employees may qualify for coverage from their employers, typically resulting in reduced premiums and, in some cases, additional benefits such as vision and dental coverage.
  • ACA (Affordable Care Act): The ACA marketplace allows individuals and families to explore insurance plans online.
  • Medicaid: Low-income families may qualify for Medicaid or, in some cases, the Children’s Health Insurance Program (CHIP).
  • Private Insurance: Private insurance can be obtained and customized for specific needs. It may also provide additional perks and/or access to specialized providers or networks outside of Medicaid and traditional policies.

If you’re looking for a reliable health insurance policy that meets your household’s coverage needs and aligns with your budget, we can help. Contact San Marcos Insurance Group in Chandler, AZ, to learn more about your health insurance policy options. We can provide a consultation to begin reviewing and comparing health insurance policy options suitable for your family’s needs.