Advantages of Umbrella Insurance

If you’re a homeowner, you likely already have liability insurance to protect your assets in case of injuries. However, many homeowners go the extra mile and opt for umbrella insurance. If you live in the Brandon, FL, area and you’re interested in umbrella insurance, our team at Runnels Insurance is ready to answer all your queries.

Umbrella insurance is an additional coverage that covers expenses beyond what your standard insurance pays. For instance, if you are involved in a car accident, and the other driver’s injuries cost more than the liability limit on your policy, umbrella insurance can cover the extra costs. These policies supplement the liability insurance on homeowners’ or auto insurance.

How Can Umbrella Insurance Help You?

As per Nerd Wallet, umbrella insurance can assist you by covering excess expenses from causing injury to someone. If you or your car happens to damage another person’s property, the surplus costs can be handled by your umbrella insurance. In the event of court cases, your umbrella insurance can also cover the costs of your attorney and court expenses.

Umbrella policies are beneficial for those who own large properties. It’s also advantageous for those possessing items that could cause injuries – such as a pool, gun, or dog. Investing in umbrella insurance may be a wise decision if you’re involved in a sport where there’s a chance of accidentally injuring someone else. Landlords often find umbrella insurance useful due to the risk of being sued by their tenants.

Contact Us Today About Umbrella Insurance

When exploring insurance options, make sure to inquire about umbrella insurance. Clients in the Brandon, FL, area are more than welcome to connect with Runnels Insurance for more information on umbrella insurance. Our agents are eager to discuss all your insurance options. Call us to schedule an appointment today and learn how umbrella insurance can be beneficial for you.

Review Your Comprehensive Condo Insurance Policy

Take some time to review your comprehensive insurance policy. When changes occur within your living space, make sure to update your condo insurance plan.

Comprehensive Coverage

Comprehensive coverage safeguards your personal possessions and any building materials you hold primary responsibility for. It provides protection against liability incidents, theft, vandalism, and natural weather disasters.

A comprehensive insurance policy may include add-ons. These additional coverage options fill in gaps and enhance the coverage the policy provides.

Policy Review

Review your comprehensive condo insurance policy thoroughly. Ensure that all the personal details included are up-to-date. If changes have occurred that necessitate policy modification, note them.

The policy will list all the possessions covered by the insurance plan. While reviewing the policy, refer to your home’s contents. Ensure that the high-value items included in your policy remain in good condition. If you’ve sold any personal possessions, make a note of the items you no longer own.

This information will be helpful when it’s time to modify your comprehensive condo insurance policy. If you’ve purchased any items since getting your condo insurance, remember to record details about them.

When you’re ready to modify your insurance policy, you’ll need to provide information about any newly acquired items.

Contact Runnels Insurance

Make an appointment with one of our insurance agents who serve Brandon, FL. At Runnels Insurance, our agents are trained to consult with clients and recommend a broad range of condo insurance products that deliver the protection property owners need.

Legal Requirements For Having Motorcycle Insurance

In Florida, like in many other states, motorcycle insurance is required of riders. Understanding these requirements is crucial for motorcyclists to ensure they comply with the law and have adequate protection on the road in the Brandon, FL, location.

Mandatory Coverage

Florida law mandates motorcycle riders to have minimum insurance coverage to legally operate their vehicles on public roads. The minimum required coverage includes $10,000 in Personal Injury Protection (PIP) and $10,000 in Property Damage Liability (PDL) coverage.

Personal Injury Protection (PIP)

Personal Injury Protection, or PIP, provides economic protection for hospital expenses and lost income for the policyholder and any passengers injured in a motorcycle accident, regardless of who is at fault. This coverage ensures injured parties receive prompt medical care and financial support after an accident.

Property Damage Liability (PDL)

Property Damage Liability, or PDL, coverage protects the policyholder from financial responsibility for damage to other people’s property caused by a motorcycle accident. This coverage helps repair or replace vehicles, buildings, or other property damaged in the accident for which the policyholder is at fault.

Additional Coverage Options

While PIP and PDL coverage are the minimum requirements for motorcycle insurance in Florida, riders may purchase additional coverage options for enhanced protection. These options may include Bodily Injury Liability (BIL) coverage, Comprehensive coverage, Collision coverage, and Uninsured/Underinsured Motorist coverage.

Penalties for Non-Compliance

Failure to carry the mandatory minimum insurance coverage for motorcycles in Florida can result in significant penalties, including fines, license suspension, and vehicle impoundment. Additionally, involving an accident without insurance can lead to personal financial liability for medical expenses, property damage, and legal fees.

Let Runnels Insurance Give You Information

Runnels Insurance answers your motorcycle insurance questions and serves the Brandon, FL, region. Call us today for updated information. 

When do You Need Specialized Insurance Coverage for Your Boat?

Although boat owners in Brandon, FL are not legally required to obtain boat insurance, investing in one is certainly a practical decision. Typical boat insurance policies cover a gamut of risks, including weather-induced damage, fire, collisions, and vandalism. They also oversee liability claims, protecting your financial interests if your boat inflicts injury or damages property.

Standard boat insurance policies, however, may be insufficient in some cases. In certain situations, specialized coverage becomes imperative for truly enjoying your boating experience.

Specialized Equipment

Do you have specialized, high-cost equipment on your boat? If so, it’s vital to ensure that your insurance policy covers such equipment. This could include boat add-ons, water sports gear, fishing equipment, or navigational tools.

Water Sports

For parasailing, jet skiing, or wakeboarding fans, procuring a policy that covers any damages or injuries you unintentionally cause is essential. However, please note that such policies often cover injuries to third parties and not the policyholder. You would need to secure relevant medical coverage to cover your medical bills following an accident.

International Cruising

While the ocean doesn’t care about boundaries, your insurance agency will likely set geographical limitations on your policy. If you intend to sail in international waters, you must obtain a policy covering those regions.

Runnels Insurance in Brandon, Florida: Your Trusted Insurance Partner

At Runnels Insurance, we take pride in offering diverse boating insurance policies for varied watercraft. Reach out to us today and explore your insurance options. Let’s work together to choose a policy that caters to your unique requirements.

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.