Insurance

Navigating Life Insurance Gaps for Self-Employed Residents in Brandon

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You don’t clock in. You don’t attend HR meetings. You don’t get handed a group plan on your first day.

If you’re self-employed in Florida, you’re your own business, and that means your safety net is entirely up to you. While most freelancers and small business owners focus on client lists, tax deductions, and cash flow, there’s one risk that often gets overlooked: the life insurance gap.

At Runnels Insurance, we see this gap all the time. It’s not just about missing coverage; it’s about underestimating how quickly things can unravel when there’s no plan in place.

What’s Missing? More Than You Think

Being self-employed comes with flexibility, but that flexibility ends the moment something unexpected happens. If you’re gone tomorrow, what happens to your family, your business, or your debt?

Most self-employed residents in Florida carry little or no life insurance. And those who do often:

  • Only have term coverage that’s too small to replace lost income
  • Haven’t factored in business debt or ongoing operating costs
  • Lack of coverage to support dependents or aging parents
  • Forget about final expenses, estate taxes, or burial costs

This isn’t just about income. It’s about stability. The bills don’t stop when you do.

One Policy, Two Lifelines

Life insurance doesn’t just protect your family; it can also protect your business. Certain policies can be structured to:

  • Fund a buy-sell agreement if you have a partner
  • Pay off business loans that your estate might otherwise inherit
  • Keep the lights on while your family or team transitions
  • Act as a tax-advantaged savings tool if structured correctly

Runnels Insurance works with Florida entrepreneurs to build life insurance plans that fit real lives, not just textbook profiles.

Your business depends on you. So does everything else. Call Runnels Insurance in Brandon, FL, and let’s close the life insurance gaps before they cost your family everything.

Umbrella Insurance: Common Exclusions

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Umbrella insurance in Brandon, FL is designed to protect you from liability lawsuits. It can help cover the cost of legal defense or pay a settlement if there’s a judgment against you. However, there are certain situations where your claim may be denied. Here’s what you need to know.

Intentional Defamation

Defamation lawsuits can be complex when it comes to umbrella insurance coverage. A claim may be denied if the insurer determines that you intentionally made defamatory statements with malicious intent. For example, if you were trying to harm someone’s reputation, the insurer may reject your claim. If you’re facing a defamation lawsuit, it’s important to speak with an agent at a company like Runnels Insurance for guidance.

Claims Not Related to Liability

Umbrella insurance is specifically designed to protect your assets and finances in liability lawsuits, such as cases where someone is injured on your property and sues you. It does not cover other types of claims, such as property damage or your personal medical bills.

Policy Exclusions

Umbrella insurance policies often include specific exclusions. For example, personal policies may exclude lawsuits related to your business, while business policies may exclude personal liability claims. Some policies also exclude defamation lawsuits or claims related to professional services, such as legal or accounting work. Additionally, business policies may exclude lawsuits involving environmental issues.

Since exclusions vary by company, it’s essential to review the details of your policy. Speak with a professional representative at Runnels Insurance to learn more about the fine print. We believe in transparency, so you won’t face surprises if you ever need to deal with a lawsuit. Contact us today to learn more. We proudly serve the Brandon, FL area.

Does Condo Insurance Protect You from Neighbor-Caused Damage?

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Living in a condo comes with plenty of advantages. You don’t have to worry about mowing the lawn, fixing the roof, or handling other time-consuming maintenance tasks. However, shared walls and close neighbors can raise an important question: what happens if your neighbor accidentally causes damage to your unit? At Stonewall Runnels Insurance in Brandon, FL, we often help condo owners navigate these situations.

When It’s Not Your Fault But Still Your Problem

Imagine this scenario: your upstairs neighbor forgets to turn off the bathtub, and it overflows, leaking through your ceiling and soaking your hardwood floors. Or perhaps someone next door starts a kitchen fire that damages your walls. These incidents happen more often than you might think, and the big question is whether your condo insurance will cover the damage.

Understanding What Your Policy Covers

Standard condo insurance typically includes coverage for your personal property, the interior of your unit (often referred to as “walls-in” coverage), and liability. If your neighbor causes damage, your insurance may cover repairs—but this depends on the circumstances and who is at fault. In many cases, you would file a claim with your own insurer, and they might seek reimbursement from your neighbor’s insurance later.

It’s also important to review your condo association’s master policy. Sometimes, the exterior and certain structural components of your unit are covered under their policy, which can influence how a claim is handled.

Know Your Coverage Before You Need It

The best time to understand your policy is before you need to use it. At Stonewall Runnels Insurance in Brandon, FL, we help condo owners understand their coverage and ensure there are no surprises when the unexpected happens.

Contact us today to make sure you’re protected, no matter what your neighbors are up to.

Does Motorcycle Insurance Cover Hail Damage?

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Motorcycles are more vulnerable to damage from storms and hail compared to other vehicles due to their size and design. Critical parts of your bike are more likely to sustain damage than those of a larger vehicle, like a truck. It’s essential to understand whether your motorcycle insurance will cover hail damage before severe weather strikes.

Type of Insurance

Whether hail damage is covered depends on the type of insurance you have. Standard liability insurance in Brandon, FL only covers damage to another person’s vehicle if you’re at fault in an accident. It does not provide any protection for your motorcycle.

Comprehensive coverage, on the other hand, protects against non-collision events and situations beyond your control, including natural disasters and other unforeseen circumstances. Most comprehensive policies cover the cost of repairing hail damage. To ensure hail damage is included in your policy, consult an agent at an insurance agency like Runnels Insurance.

Excluded Events

Some insurance policies include fine print that excludes certain events or requires additional coverage for specific scenarios. For example, hurricane damage may be excluded in areas prone to hurricanes. Insurance companies often require policyholders to purchase extra protection for these high-risk events.

If hail damage occurs during an excluded event, such as a hurricane, your insurance company may deny the claim. It’s crucial to read the fine print in your policy and ask your agent about any exclusions to avoid surprises.

At Runnels Insurance, we understand the importance of knowing the details of your policy. Our agents are here to answer your questions and assist you in finding the right coverage. Contact us today to learn more. We proudly serve the Brandon, FL area.

Why Having Boat Insurance Is a Must, Even When Your Boat Is Being Stored.

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It’s easy to assume that once your boat is out of the water and safely stored, there’s no need to keep your insurance active. After all, it’s not being used, right? At Runnels Insurance in Brandon, FL, we often hear this line of thinking, but the reality is that keeping your boat insured during storage is just as important as when it’s cruising on the water.

Risks Don’t Disappear in Storage

Just because your boat is parked doesn’t mean it’s completely safe. Storage facilities, garages, or even your own backyard can still pose risks. Theft is one of the most common claims filed while boats are in storage. Expensive equipment, electronics, and even the trailer can be attractive targets for thieves. Additionally, weather-related events like hail, fire, high winds, or falling branches can cause severe damage, even if your boat is covered.

Liability Coverage Still Applies

Many boat owners don’t realize that liability doesn’t end when the boat is docked or stored. If someone is injured while near or working on your stored boat, you could still be held responsible. Without insurance in place, you may have to cover those costs entirely out of pocket.

Year-Round Peace of Mind

Maintaining boat insurance year-round ensures your investment is protected no matter where it is. Continuous coverage during the off-season means fewer worries and no scrambling to reactivate your policy when you’re ready to hit the water again.

At Runnels Insurance in Brandon, FL, we’re here to help you understand the full value of continuous boat insurance. Let’s make sure your boat is protected—whether it’s docked, stored, or sailing into the sunset. Contact our team today to review your 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!

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.