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.

Welcoming Larry Johnson to Our Insurance Agency!

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We’re thrilled to announce that Larry Johnson, an insurance industry veteran with 33 years of experience, is joining our agency! Starting January 7th, Larry will bring his extensive knowledge and expertise to our team, offering a wide range of insurance services to our valued clients.

Larry’s impressive career spans just about all lines of insurance, including:

  • Homeowners
  • Renters
  • Dwelling
  • Auto
  • Commercial Auto
  • Boat
  • Motorcycle
  • Recreational Vehicles
  • Builders Risk
  • Investment Property Renovation Insurance
  • Commercial Property
  • General Liability
  • Workers Compensation

Previously, Larry was with L&M Insurance Group in Riverview, where he honed his skills and built a strong reputation for excellence in the industry. His dedication to providing personalized and comprehensive insurance solutions makes him a perfect fit for our agency. We’re confident that adding Larry to our team will enhance the service and support we offer our clients.

Please join us in giving Larry a warm welcome to the agency. We look forward to the positive impact he will bring, and we are excited for you to meet him and benefit from his expertise.

Stay tuned for more updates and feel free to reach out to us for any of your insurance needs. We’re here to help!

Welcome aboard, Larry!

The Roles of Underinsured and Uninsured Coverage for Motorcyclists in Brandon, FL

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As a motorcyclist, it’s essential to protect yourself adequately, even if you’re a lover of unparalleled freedom and adventure out on the open road. One of the most critical forms of protection for motorcyclists living near Brandon, FL, includes uninsured (UM) and underinsured motorist (UIM) policies. At Runnels Insurance, we’re here to help you better understand the roles of each once it’s time to settle on an insurance policy that’s right for you.

The Importance of UM and UIM Policies for Motorcycle Owners and Riders in Brandon

If you’re located near Brandon, Florida, investing in UM or UIM policies can help protect you financially and legally, as nearly 20% of the drivers in Florida do not currently have any insurance. In Florida, it’s also important to note that there are more than 600,000 registered motorcycles in the state, highlighting the importance of adequate insurance coverage for recreational and seasonal riders alike. UM and UIM coverage can help with:

  • Hit-and-Run Protection: UM coverage provides financial protection when a driver cannot be located or identified to charge with a crime.
  • Medical Bills: Medical bills incurred after being involved in an accident, regardless of your fault, will also be covered with the right UM or UIM policy in place.

Whether you’ve just invested in a motorcycle or been a rider near Brandon, FL, your entire life, properly insuring yourself and your investment is key to maintaining your peace of mind and sense of security. If you’re determined to protect yourself and your bike anytime you’re out on the road but want to know more about the difference between uninsured and underinsured motorist policies, we can help. For Contact Runnels Insurance directly for information and your consultation and quote today, contact Runnels Insurance directly.

Fishing Boat vs. Pontoon Boat: Which is Your Next Purchase?

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Trying to decide which boat to purchase next can be a big decision. Not all boats are made the same and have different designs for different hobbies. Depending on what you like to do and how many people you like to have in tow, you might choose between a pontoon boat and a fishing boat.

Speed

A fishing boat is the best option if you’re looking for a boat that can go fast out on the water. They are lighter than a pontoon boat and can reach higher speeds faster. This doesn’t mean that a pontoon boat can’t get up to a decent speed; it’s just not going to navigate and get back to the dock as quickly as a fishing boat.

Size

If you want to enjoy your days out on the water with lots of friends, you may want to consider the pontoon boat. It is designed to be a carrier boat and comes with excess seating so that you can have a lot of people together at once. Because it is designed for social gatherings, it even has an easy drop down into the water for swimming, anchored in the river or lake.

Maneuvering

If you like to fish in quiet places, small fishing boats are best suited for fitting into small spaces tucked away out of sight. They can easily maneuver through the waters, getting into creeks and channels. Pontoon boats, because of their shape and size, aren’t able to get into these areas. If you don’t mind fishing out in the open, a pontoon boat is still another excellent option.

Trying to decide which boat is right for you depends on what you’re looking to get out of the experience. If you’re in the Brandon, FL, area or surrounding communities, Runnels Insurance can help you get the insurance coverage you need before getting out on the water.

Is It Time for a Home Insurance Review?

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If you’re in the Brandon, FL area and have had your home insurance policy for over a year, it’s time to review and update it. That’s where Runnels Insurance comes in. Our dedicated agents are here for you, and we want to ensure you’re protecting your home as effectively as possible. We can answer your questions and provide multiple quotes from different insurers so you can confidently choose the policy that fits your needs and goals.

The Importance of Regular Policy Reviews

Often, people set up their home insurance policies and renew them when they’re due. While keeping your insurance policy active is important, you also want to make sure you adjust or update it as needed. For example, if you change your home significantly, you may need to update your policy to account for that.

We recommend reviewing your policy once a year, even if you don’t change your home. Our agents can provide quotes from several insurers for you to consider and can also review your current policy for comparison. Whether your current policy is the best one for your home and situation or you need a different one, we can answer your questions and provide plenty of information about all your policy options.

Contact Runnels Insurance for a Policy Review

Reach out to Runnels Insurance today if you’re in the Brandon, FL, area and looking for a home insurance policy review. We’ll be happy to examine your current policy and make suggestions or advise you on a different policy. Either way, you’ll have the knowledge you need to make the best choice for your home protection goals.

Unexpected Things Your Auto Insurance May Cover

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Auto Insurance: Unseen Benefits

Auto insurance is indispensable for vehicle protection. While you’re aware it comes to the rescue in the event of an accident, your policy may cover a multitude of other unforeseen issues. Keep in mind that policies may differ; hence, it is recommended that you consult with your insurance representative at Runnels Insurance in Brandon, FL, for further clarification.

Animal Damage

The state of Florida is populated with a variety of animals, both wild and domestic ones. Potential vehicle damage may arise from rodents nibbling on the wires and upholstery, raccoons or even naughty pranks done by your household pets. Consult with your representative to ensure your auto insurance policy covers animal-inflicted vehicle damage.

Lost Wages

A bare minimum of $10,000 in Florida is mandated for PIP coverage. But are you aware that this can also cover up to 60% of lost wages due to an injury resulting from a vehicular accident? Remember that this benefit may have an upper limit, so make sure to refer to your policy terms.

Weather Damage

Considering Florida’s constant weather changes, it’s crucial to ensure your policy covers possible damages caused by storms, falling trees or branches, hail storms, and even tornadoes.

Pothole and Sinkhole Damage

Given Florida’s predominantly limestone bedrock, occurrences of potholes and sinkholes are relatively common. These encounters may cause significant damage, ranging from suspension, bent tire rims, and alignment issues. In the extreme case of a sinkhole, it may even swallow your car! By having collision coverage in place, the repair costs due to pothole damage and sinkhole losses might be covered, depending on the terms of your specific policy.

For a thorough understanding of your specific auto insurance policy, feel free to consult with your insurance company representative at Runnels Insurance in Brandon, FL, who will gladly answer all your inquiries!

Can You Name Anyone as a Beneficiary For Life Insurance?

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Choosing a beneficiary for your life insurance policy is an important decision. At Runnels Insurance in Brandon, FL, we often get questions about who can be named. Let’s explore your options in more detail.

Who Can Be a Beneficiary?

You have the flexibility to name almost anyone as a beneficiary. Common choices include spouses, children, or other family members. However, you can choose friends, charities, or a trust. The key is to ensure that the person or entity you select will fulfill your wishes and manage the funds responsibly.

Naming a Minor as a Beneficiary

If you wish to name a minor, it’s important to consider the legal implications. Insurance companies typically won’t pay proceeds directly to a minor, so appointing a guardian or setting up a trust can be beneficial. This ensures that the funds are managed appropriately until the child reaches adulthood.

Can You Change Your Beneficiary?

Yes, you can change your beneficiary at any time, as long as your policy is in force and the beneficiary designation is revocable. It’s wise to review your choice regularly, especially after significant life events like marriage, divorce, or the birth of a child. Keeping your beneficiary designation up to date ensures that your insurance benefits are distributed according to your current wishes.

Considerations When Naming a Beneficiary

Think about the financial needs of those you’re considering. Will they need support for living expenses, education, or other obligations? Discussing your decision with potential beneficiaries can help align expectations and prevent misunderstandings later. 

Get Personalized Guidance on Florida Life Insurance

For personalized guidance on naming a beneficiary and understanding your life insurance options, contact Runnels Insurance in Brandon, FL. Our team is here to help you make informed decisions for your future.

Advantages of Umbrella Insurance

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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

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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.