Can I Have More Than One Life Insurance Policy?

Are you interested in buying life insurance from Runnels Insurance, serving Brandon, FL? If so, you should know that you can have multiple life insurance policies. Many successful people know that life insurance policies can be an excellent investment.

You’re Allowed to Have More Than One Life Insurance Policy

Life insurance applications may include a question asking whether you already have a policy in place. But this doesn’t preclude you from getting another policy. As long as you’re truthful in your application, you can have as many life insurance policies as you want.

When to Buy Another Life Insurance Policy?

Certain life events indicate that you should consider buying another life insurance policy. If you extend your family with a new baby or a new adoption, you’ll have more people to take care of after you pass. Rather than trying to make your existing life insurance policy stretch to more beneficiaries, you can purchase another policy to take care of the new beneficiary.

Another time to buy another life insurance policy is when you have college plans for your child. A whole life insurance policy is a great way to build a fund that can be cashed in when it comes time to pay tuition. It’s also helpful to know that a whole life insurance policy needn’t be included as income on any student loan applications you fill out.

Finally, another life insurance policy enhances your long-term financial picture. You may wish to have a combination of a term life insurance policy and a whole life policy.

Contact your insurance representative at Runnels Insurance, serving Brandon, FL, for more information about purchasing multiple policies. We’re here to answer questions and help you make your loved ones financially secure.

Three Things You Need to Know About Umbrella Insurance

If you’re in the Brandon, FL area and looking for an overarching policy to provide additional coverage, you may benefit from umbrella insurance. At Runnels Insurance, we can work with you to find the best policy for your specific needs so you can have the confidence and peace of mind that comes with quality insurance protection. There’s no reason to settle for less when you can work with us to get all the coverage you need for long-term security.

1. Umbrella Policies Can Protect What Matters

People like umbrella coverage because it goes above and beyond your other policies. For example, if you have a claim against your vehicle policy that exceeds your coverage limits, you can use your umbrella policy to cover the rest. This is true with home, auto, and other types of insurance, including commercial policies in many cases.

2. This Coverage Isn’t Just for High-Asset Individuals

Many people mistakenly think that high-asset people are the only ones needing umbrella coverage because they potentially have much to lose. While it’s true they could have a significant risk of loss, they aren’t the only ones vulnerable to claims that can be highly devastating and take their toll on the future. Nearly everyone can benefit from umbrella coverage.

3. Your Agent Can Give You Great Options

Working with an agent at Runnels Insurance can help if you’re in the Brandon, FL area and looking for an umbrella insurance policy. We understand the importance of having enough coverage and protection and can help you make adjustments as your needs change. Contact us today, and let our agents give you the information you need to make an informed insurance decision.

Condo Association Master Policies: Deciphering What’s Covered

Living in a condominium in or around Brandon, FL, often involves belonging to a condo association. These associations typically hold a master insurance policy to protect the shared spaces and structures within the community. Understanding the details of the condo association master policy is crucial for individual condo owners.

Types of Condo Association Master Policies

There are two primary types of condo association master policies:

  • Bare Walls-In Coverage: This policy typically covers the building’s structure, common areas, and shared elements up to the bare walls of individual units. It does not extend coverage to the interior of individual units, leaving condo owners responsible for their interior elements.
  • All-In Coverage (All-Inclusive or All-In-One): This more comprehensive policy covers the building’s structure and common areas and includes coverage for fixtures, installations, and improvements within individual units. All-in coverage provides broader protection, reducing the respective condo owner’s need for additional insurance.

Determining Coverage Limits and Exclusions

The owners should pay attention to coverage limits and exclusions. Coverage limits outline the maximum amount the policy will pay in the event of a covered loss. Exclusions specify situations or perils not covered by the policy.

Understanding Common Area Coverage

The master policy typically covers common areas such as hallways, elevators, lobbies, and shared amenities. Condo owners need to know the extent of this coverage to understand where the association’s responsibility ends and theirs begins.

Interior Coverage for Individual Units

Understanding whether the master policy includes coverage for the interior of individual units is critical. If the master policy follows a bare walls-in approach, condo owners may need additional insurance to cover their unit’s interior elements.

Runnels Insurance Can Help You

At Runnels Insurance, we can help answer questions concerning condo insurance. We serve the Brandon, FL area. Contact us today. 

Reasons Why You Should Never Cancel Motorcycle Insurance in the Winter

If you own a motorcycle in Brandon, FL, you know that the weather may get too chilly in winter to ride comfortably. For this reason, many motorcycle owners make the mistake of canceling their motorcycle insurance during the winter months. But your agent at Runnels Insurance serving Brandon, FL wants you to know that there are many reasons why you shouldn’t do that, including:

1. Protection For Your Investment

Motorcycle accidents aren’t limited to being on the road. They can happen even when your bike is parked or stored. For example, consider what would happen if a winter storm or hurricane ripped the roof off the shed where you park your bike. You’d be left with an enormous repair or replacement cost.

2. Lender Requirement

If you’re making payments on your motorcycle, the lender may require year-round insurance coverage, even if you don’t ride for several months out of the year. Canceling it could mean paying a penalty.

3. Seasonal Coverage Options

Talk to your insurance agent about possible seasonal coverage. This is an excellent alternative to cancelation, and all you need to do is click or call to get it activated again when the weather improves.

4. Unusual Weather Patterns

It’s becoming more common to experience the occasional great riding day in the winter. But you can’t take advantage of this if you’ve canceled your motorcycle insurance and aren’t able to legally take your bike out on the road. It’s much better just to be able to go out for a ride spontaneously when there’s a perfect day in the middle of winter.

At Runnels Insurance, serving Brandon, FL, you can get year-round motorcycle insurance that protects your investment and gives you peace of mind knowing that your bike is financially protected. Give us a call to learn more!

Boat Rental and Insurance: What You Need to Know Before Letting Others Set Sail

Boat rentals in and around Brandon, FL, are a popular way for boat owners to earn income while sharing the joys of boating with others. However, before you decide to rent out your boat, there are several important considerations regarding insurance that you should be aware of. 

Understanding the Need for Boat Rental Insurance

When renting your boat to others, you entrust your valuable asset to unfamiliar hands. While most renters are responsible, accidents and damages may occur. Boat rental insurance is designed to protect both you as the owner and the renters from financial losses in the event of unforeseen incidents.

Types of Boat Rental Insurance

  1. Boat Rental Liability Insurance: This coverage is crucial and typically covers bodily injury and property damage that may occur while the boat is being rented. It safeguards you from legal liabilities resulting from accidents involving your boat.
  2. Hull Insurance: Hull insurance protects your boat against physical damage, such as collisions, grounding, or theft. 
  3. Equipment and Accessory Coverage: This type of insurance protects the equipment and accessories on your boat. It includes coverage for fishing gear, water sports equipment, and navigation systems.

Navigating the Rental Agreement

When you decide to rent out your boat, it’s crucial to have a well-drafted rental agreement in place. This document should outline the terms and conditions of the rental, including responsibilities, restrictions, and insurance requirements. 

Check Your Existing Boat Insurance Policy

Before renting out your boat, review your current boat insurance policy. Many standard boat insurance policies may not cover rental activities, so you may need to explore additional coverage options.

Runnels Insurance Can Help You with Boat Rental Insurance

At Runnels Insurance, we can answer all your questions concerning boat insurance. We assist the Brandon, FL. Contact us today.

Is Life Insurance a Good Investment For Young Families?

Life insurance is a significant financial planning tool that can offer a layer of protection to individuals after an untimely passing. Life insurance can prove very valuable whether you are just starting a family or focused on retiring. If you want to learn more about life insurance coverage, you can count on Runnels Insurance to provide exceptional products and services to the residents of Brandon, FL.

Life Insurance Coverage

There are many instances where life insurance can offer benefits. If you have a young family, especially one with small children, you can provide protection via life insurance. There are a few policies to choose from, but term life and whole life are the most common choices for younger individuals. If you pass unexpectedly, your family will have the resources to pay for mounting debts and future expenses like school and bills. 

On the other hand, if you plan to retire in the next few years, you can begin building cash value into a whole-life policy that can allow you to borrow against it after a time if you have emergency expenses. It also helps you create a nest egg for retirement expenses in the future. 

If you want to learn what options work best for your situation, we can help. Our agents are licensed and knowledgeable about life insurance. We can assess your potential needs and match you with the most beneficial policies. 

Find Out More

If you live in or near Brandon, FL, you should contact Runnels Insurance to schedule a consultation to get answers to questions or begin shopping for a life insurance policy. We are dedicated to helping our customers get the protection they need for the things that matter the most. 

Umbrella Insurance FAQs

Umbrella insurance covers you for damages that exceed your basic policies. If you have home, auto, or renters insurance in Brandon, FL, you might consider investing in umbrella insurance for added protection and peace of mind. It can cover you when a claim exceeds your liability limits and may pay for legal fees associated with libel, slander, and other covered events. Contact your agent at Runnels Insurance to learn more.

Do I Need Umbrella Insurance?

Umbrella insurance isn’t required by law in Florida. However, it can be a wise choice if you have valuable assets to protect. If you have higher risks than others, umbrella insurance can help you protect your assets. Examples of higher risks include owning a trampoline or swimming pool or living in an area where car thefts are more prevalent.

How Much Umbrella Insurance Do I Need?

This will vary depending on your personal needs and policies. However, your insurance agent can help you determine how much umbrella insurance you need to cover your home, car, and other assets appropriately.

What Does Umbrella Insurance Cover?

Umbrella insurance gives you protection over and above what your standard insurance policies will cover. Generally, umbrella insurance can help you pay for property damage, injuries, personal liability claims, and some lawsuits. It’s important to carefully review different policies to ensure you choose the one that fits your situation the best.

What Isn’t Covered by an Umbrella Policy?

An umbrella policy generally won’t pay for damage to your property or injuries. Like regular insurance, umbrella insurance won’t cover intentional acts that damage someone else’s property. The best way to understand what your policy covers and doesn’t cover is to schedule an appointment with your agent from Runnels Insurance.

Contact us today or stop by our office for more information on umbrella insurance in Brandon, FL.

What’s Covered and Not Covered Under a Condo Insurance Policy?

You’re proud of your condo in Brandon, FL, and it may act as your primary home or vacation oasis. But what does and doesn’t your condo insurance cover? Besides flooding, there are other perils that your condo insurance doesn’t handle. For example, your condo insurance covers personal liability and living expense coverage, but your homeowner’s association master insurance policy addresses damages to common areas. At Runnels Insurance, we can answer any questions you may have on your policy and review it for coverage gaps.

What Does Condo Insurance Cover?

These policies typically cover personal property, your unit, loss of use, and your portion of damage to common areas.

The building property portion of your policy covers everything inside the walls of your specific unit, including lighting and plumbing fixtures. Your policy will probably include property coverage for electronics, furniture, and other movable belongings and personal liability for condo-related lawsuits filed against you.

Meanwhile, loss-of-use condo coverage pays for transport and lodging if you cannot remain in your condo, and loss assessment coverage pays your part of the losses shared with other association members.

What’s Not Covered Under Condo Insurance?

In short, your condo insurance won’t pay for any damage covered by your master building policy. So, you could find yourself footing the bill for losses due to wear and tear or termite damage. You may already know that natural events like flooding and earthquakes are also typically not covered under your personal condo insurance. Fortunately, you can obtain separate coverage for these perils.

If you would like one of our team members to review your personal and master condo insurance, we would be happy to do so. It’s essential to understand your coverage so that you can act quickly to cover any gaps before it’s time to file a claim.

Contact Runnels Insurance in Brandon, FL today to set up an appointment to discuss your condo insurance needs.

I only drive my motorcycle a few times per year. Do I need motorcycle insurance?

Believe it or not, motorcycle insurance isn’t required in every state. However, it is required in most states. Florida is the only state where motorcycle insurance isn’t required, but motorcyclists are required to register their bikes with the DMV. Our Brandon, FL team at Runnels Insurance is committed to helping motorcycle owners get the coverage they need. 

What is Motorcycle Insurance?

Motorcycle insurance is similar to auto insurance because it provides liability coverage for other people’s injuries and property when you’re at fault. However, like auto insurance, you can also purchase collision coverage for your motorcycle and injuries you may incur as well. The coverage can include fire, theft, and damage your bike may incur from poor weather conditions and theft. 

I only drive my motorcycle a few times per year. Do I need motorcycle insurance?

As a Florida motorcycle owner, you don’t need to invest in motorcycle insurance while you’re a resident of Florida. However, if you plan on driving your motorcycle in other states, you will need to invest in motorcycle insurance regardless of how often you drive your motorcycle. Also, motorcycle insurance may be a good idea if the cost of repairing your motorcycle after an accident is too expensive. Motorcycle insurance, like car insurance, has many benefits. Plus, liability coverage is helpful if you’re found at fault for someone’s injuries, accidents, property damage, and traffic violations. If you have questions regarding motorcycle insurance, call us. We’d be happy to help you explore your options.

Your only requirement in Florida is to register your motorcycle at the DMV. 

Is there value to getting a boat insurance plan in Florida?

Owning a boat can be a great option in the Brandon, FL area. If you are going to buy a boat, you should start thinking about your insurance needs. While having boat insurance is not necessarily required in all situations, it can still be a good investment. There are various reasons why this coverage is a good idea and offers value to boat owners. 

Ensures the Boat is Covered

Like investing in any other asset, you will want to know that your boat is covered. Some various risks and perils can impact your boat and investment in it. An accident, theft, vandalism, or fire could require a lot of money to make the necessary repairs. However, you will get the financial support you need to cover your boat if you have insurance. 

Reduce Liability Risks

If you are looking to get a boat, it is vital that you are very careful when using it. However, even if you are careful when operating the boat, you could still make a mistake that leads to an accident. When this occurs, you will be responsible for damages you may have caused. Fortunately, you are able to receive support in this situation if you have a boat insurance policy, as it will give coverage if you are found liable.

Boat owners in the Brandon, FL area always need to take their insurance needs seriously. When you want a boat, call our team with Runnels Insurance. There are always a lot of big choices to make, and our team of professionals can help you assess your situation. We will give you the support and guidance you need to build an ideal plan for your situation.