Putting in a New Deck for Summer? Don’t Forget to Update Your Home Insurance

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Summer’s a great time to make home renovations to accommodate the growing needs of your family. As renovations may alter your insurance coverage, it’s wise to discuss home improvement plans with a Runnels Insurance agent before upgrading your Brandon, FL home. Updating your home insurance ensures you are fully covered against damage or loss. Here are a few ways in which home renovations could alter your current insurance coverage.

Increase Home Value

Major improvements such as adding a new deck or patio can increase the value of your property. This means your current policy limits may be insufficient to cover the cost of home repairs in the event of fire, wind or storm damage. Updating your policy gives you a chance to raise property damage or liability coverage limits to coincide with your home’s new value. This way you will have the protection you need in the wake of a major disaster. By adding renovations to your policy, you also protect these investments against damage or loss.

Increase or Decrease Insurance Costs

Home improvements may result in an increase or decrease in your insurance premium, depending on the contribution they make to your property. A new roof or replacement windows, for example, will increase your home’s security, which could make you eligible for a discount on insurance costs. In contrast, adding a new deck, patio or bathroom will increase property value, which could result in an increase in your premium. By planning ahead, you can configure higher insurance premiums into your monthly budget. 

If you’re considering renovating your home this summer, contact us at Runnels Insurance, Brandon, FL, to update your policy. We can help customize a homeowner’s insurance policy conducive to your family’s individual needs. 

Should You Drop Full Coverage Once You’ve Fully Paid For Your Car?

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Most lenders require you to carry full coverage on your vehicle while you owe on your loan. Once you own your car outright though, you have the option of dropping full coverage. Should you though? Although you may save a little on premiums if your vehicle becomes damaged the repair or replacement cost without full coverage may exceed costs you can bear.

When It Becomes an Option
There comes a time in the life of every car when it makes more sense for its owner to drop down from full coverage to liability. 

  • You’ve paid it off in full.
  • The annual cost of full coverage becomes greater than 10 percent of the car’s current Blue Book value.
  • The vehicle is eight years old or older.

But Is It a Good Option?
Consider what you lose if you drop coverage down to liability only. Liability covers damage and injury to the other person’s vehicle. That’s it. You’ll lose: 

  • collision insurance that covers damage to your own vehicle due to any type of collision accident (i.e. another car or a tree).
  • comprehensive insurance that covers damage to your own vehicle from weather, fire, fallen tree limbs, etc. It also covers vehicle theft.
  • rental car in case of an accident that renders your vehicle undrivable.

If your regular driving requirements mean you are regularly subjected to dangerous driving conditions, it may serve you better to keep full coverage. Also, if you don’t have the funds on hand to replace your car or pay for expensive repairs, keeping full coverage makes sense.

Visit Runnels Insurance serving Brandon, FL to discuss your car insurance options. We’ll help you make an informed insurance decision. 

What is Whole and Term Life Insurance

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There are two main types of life insurance coverage that you can choose from when you are ready to buy life insurance. Both Whole and Term Life insurance has many benefits. Deciding what you may need can be a little confusing, but the Brandon, FL associates at Runnels Insurance would like to help you sort out the differences so that you can make an informed decision.

Whole Life Insurance

Whole life insurance is guaranteed to pay out as long as the premiums are paid. When an insurer dies, the beneficiaries will receive the death benefits. Whole life also:

  • Covers your entire life
  • Has higher premiums than term life insurance
  • Pays the cash value of the policy
  • Takes up to 15 years to accumulate cash value
  • May not have to take a medical exam

Term Life Insurance

Term life insurance allows for coverage under a fixed-rate system of payments for a specific amount of time. It is not guaranteed and after the term is up, you will need to either cancel coverage or renegotiate coverage with a new contract.

  • Will pay only if you die during the term
  • Less expensive than whole life insurance
  • Can use it as temporary life insurance
  • Must renew after the term over
  • May be able to convert it to whole life
  • Pays death benefits, but not cash value like whole life coverage

Things to Consider When Choosing Life Insurance

Whether you decide to go with term life or whole life, there are few considerations you may want to keep in mind.

  • Your age and the age of your children
  • Financial needs and budget size
  • Funeral expenses
  • Health care expenses, if any
  • Any debts, including mortgage, auto, or student loans

The knowledgeable insurance agents in Brandon, FL at Runnels Insurance are available to you navigate the process. Stop by our offices today to get started on a whole or term life insurance policy today.

How Good Credit Affects Your Auto Insurance

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Many Brandon, FL residents have come to us at Runnels Insurance confused by the ways that their insurance premiums can be affected by their credit score. The truth is, your credit score can affect your insurance rates, and having a good credit score is one of the best ways to ensure that your rates don’t end up too high.

Credit Scores Will Affect Your Insurance

While it is not a national practice in all insurance companies, up to 92 percent of all auto insurance companies use credit to assess premiums. Why? The belief here is that your credit indicates a chance of insurance losses. For example, those with bad credit may not be able to afford to maintain their vehicle, leading to an increased risk of breakdowns.

How Good Credit Helps

Improving your credits helps increase your premiums by showing a decreased risk of insurance loss. Good credit showcases that you have paid your bills on time, worked hard to avoid excessive debt, and are a reliable person. Insurance companies believe that this indicates a lower chance of suffering from a serious car accident.

Improving Your Credit

The best way to keep your credit at a suitable level is to make your payments on time. Don’t skip payments, pay everything on time, and work hard to pay off everything you owe. In this way, you can create a solid credit score that will decrease your premium.

And if your identity gets stolen and your credit is affected, don’t be afraid to talk to a credit tracking company. They can help sort through the confusion and avoid this situation causing too much damage to your credit.

At Runnels Insurance, we can help you and anyone else from Brandon, FL get the help they need to get high-quality insurance at low prices. We can help walk you through the difficult credit assessment process and give you a leg up on cheaper premiums.

Is Extra Insurance Necessary When Renting Out a Room?

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Renting out a portion of your home is easier than ever, thanks to roommate-finding websites and smartphone apps. Whether leasing a room or a finished basement, having roommates is a great financial practice. Some homeowners profit from it.

Renting is usually a pleasant experience as long as the proper precautions are taken insurance-wise. The average rental price in Florida is $1,002 per month. This is something Brandon, FL homeowners enjoy taking advantage of.

You already have typical home insurance, but do you need to supplement that for roommates? Runnels insurance offers various coverage options that boost typical property insurance. Their representatives can find the ideal insurance policy to fit your lifestyle.

If you rent out a room in your house, you might not be properly covered in the following instances.

– A tenant causes significant damage to your home

– An injury is suffered by a tenant

– A neighboring home sustains damage as a result of the actions of a tenant

Before choosing your homeowner’s insurance, check if there are any provisions to protect you in any of these instances. It is possible there are none. Even if you don’t plan on renting your home now, it could happen in the future. The perplexing nature of a homeowner’s policies is exactly why the representatives of Runnels Insurance exist. They can consult with you to design the ideal policy for you as a landlord.

Property insurance only covers the home and the property of the owner. The tenant’s valuable property is covered through renters insurance. If you are not properly covered, Runnels Insurance can help you design a policy that fits you perfectly.  Do this even if you are renting your property out short-term on websites like Air BnB. Remember, there is no such thing as being over-prepared when it comes to protecting your valuable property.

Homeowners Insurance in Brandon, FL

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Homeowners insurance protects an owner from property damages and guest accidents with compensation for repair, replacement, and medical costs.

Florida homeowners can protect their home and their finances from unexpected risk incidences, with an insurance policy. Homeowners insurance agreements cover a residence, personal contents, as a well as visiting guests during a disaster, accident, or theft event.

When natural disaster strikes, homeowners insurance coverage compensates an owner for repairs to the structure of a building, as well as replacement of its contents.

If a guest slips and falls on a property, the owner is responsible for liability stemming from injury, treatment expenses, and legal fees. Sign on to a homeowners insurance policy, and protect yourself from extenuating medical and lost wage expenses associated with a negligence claim.

Avoid the hassle of paying out-of-pocket expenses for property repairs or bodily injury of a guest, with a homeowners insurance policy. Homeowners insurance policies are indemnity agreements that protect an owner from liability and other costly obligations.

Standard Homeowners insurance policy offerings include:

Comprehensive Coverage – protects a homeowner from repair and replacement of property after a risk event.

Individual Coverage – insures against debt obligations so that beneficiaries do not assume responsibility for a property mortgage or other outstanding monies owed in case of a serious accident or death.

Packaged Indemnity Agreements – real and personal property coverage against theft or damage of value.

Combined Life Coverage – comprehensive life and homeowners insurance covers expenses associated with costs arising from property and personal property losses, or liability.

A home is a valuable investment property. Protect yourself and your property from disaster and liability with homeowners insurance.

Request the details to homeowners insurance products offered by your insurance broker. Insurance coverage deductibles, claims processing schedules, grace periods, and terms and conditions to homeowners insurance agreements may vary.

To find out more about homeowners insurance in Brandon, FL, and obtain a quote, contact Runnels Insurance.

Are Florida’s Highways Really That Dangerous?

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Anyone who’s driven in Florida knows that the twisty, winding highways can get a bit confusing and that there are plenty of very, very bad drivers in the state. But, is Florida as dangerous as it’s said to be? Let’s look at the facts:

  • Your chances of dying in a car accident in FL are about one in eight thousand if you are in a moving vehicle

2013 saw 2,407 accident-related fatalities for just under twenty million residents. This puts the odds at around one in eight thousand if you are in a car. This places Florida as the 20th most dangerous state for drivers, right between Kansas and Missouri.

  • Pedestrians run a one in thirty thousand risks of being killed in an accident

That number sounds favorite in comparison to the above-listed statistic, right? Only 660 fatalities compared to 2,407? However, this is where Florida ranks absolute worst in the nation. Pedestrians are more likely to be killed in an accident in Florida than in any other state, by far.

So the rumors are true, not so much in that you are likely to be killed behind the wheel in a city like Brandon, FL, but rather, that you are more likely in FL than anywhere else to be involved in an accident that kills or seriously injures a pedestrian.

If you drive in Brandon, it’s especially important to make sure that you have adequate liability coverage. No matter how good a driver you may be, you cannot possibly account for every risk you will meet out on the road. With a solid insurance policy, you’ll be ready come what may.

Is Extra Insurance Necessary When Renting Out a Room?

Posted on by AgentInsure

Renting out a portion of your home is easier than ever, thanks to roommate-finding websites and smartphone apps. Whether leasing a room or a finished basement, having roommates is a great financial practice. Some homeowners profit from it.

Renting is usually a pleasant experience as long as the proper precautions are taken insurance-wise. The average rental price in Florida is $1,002 per month. This is something Brandon, FL homeowners enjoy taking advantage of.

You already have typical home insurance, but do you need to supplement that for roommates? Runnels insurance offers various coverage options that boost typical property insurance. Their representatives can find the ideal insurance policy to fit your lifestyle.

If you rent out a room in your house you might not be properly covered in the following instances.

– A tenant causes significant damage to your home

– An injury is suffered by a tenant

– A neighboring home sustains damage as a result of the actions of a tenant

Before choosing your homeowner’s insurance, check if there are any provisions to protect you in any of these instances. It is possible there are none. Even if you don’t plan on renting your home now, it could happen in the future. The perplexing nature of a homeowner’s policies is exactly why the representatives of Runnels Insurance exist. They can consult with you to design the ideal policy for you as a landlord.

Property insurance only covers the home and the property of the owner. The tenant’s valuable property is covered through renters insurance. If you are not properly covered, Runnels Insurance can help you design a policy that fits you perfectly.  Do this even if you are renting your property out short-term on websites like Air BnB. Remember, there is no such thing as being over-prepared when it comes to protecting your valuable property.

Why Home Insurance Is Cheaper Than Not Having It

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Most households maintain a budget these days. They keep a close eye on where their money goes so that they will have enough at the end of the month. In many of these households, home insurance isn’t included in the budget because they don’t have it. If your household in Brandon, FL doesn’t have home insurance, you are setting yourself up for a financial letdown.

Avoid Costly Repairs with Home Insurance

Although home insurance increases your monthly expenses, you can budget for it. However, the cost of making repairs following a hurricane or other disaster can cost you thousands of dollars. Between 2010 and 2014, the average cost for a fire, lightning, and debris removal claim was $39,791. When you compare that to the average annual cost of home insurance in Florida, $1,991, it’s easy to see that not having home insurance costs more.

Home Insurance Covers Liabilities

Another protection offered by home insurance is liabilities. If a guest visits your home and sustains an injury on your property, it’s possible you will be responsible for making them whole. Without home insurance, you must cover these costs alone. If you are fighting to maintain your budget, an injury on your property could be the budget-breaker that prevents you from providing for your family.

Home Insurance Prevents You from Replacing Personal Assets

When you experience a loss, odds are, you will experience a loss of personal property as well. Items like computers, TVs, and furniture are expensive to replace. Imagine if you had to replace all the personal belongings you own in one room. How much would it cost? What if you had to replace all of your personal belongings? Fortunately, you may not have to do that if you have home insurance.

In Brandon, FL, home insurance is a necessity. If you don’t have it, contact us to get it now by contacting us on our website. Budgets are great, but they can’t help you avoid a financial catastrophe due to repairing your home or replacing your property following a loss.

How To Choose the Right Home Insurance

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Home insurance is something that should be specific to each and every policy holder and as such, finding the right policy is going to be different for every person. What might work for some may not work for others making it necessary to learn how to choose the right policy. For those in the Brandon, FL area, Runnels Insurance can help you find your perfect policy.

Where to Start

You should first start by determining how much you home and its contents are worth. This is going to help your agent determine how much they need to insure your home for and how much it would cost to replace the contents of your home and rebuild in the current economy. You then need to speak with an agent about how much you need to take out.

The Next Steps

After your initial consultation and finding out how much your home is worth, you also need to take the time to see what supplemental policies you might benefit from. For instance, if you live in an area where flooding is common, where hurricanes happen, or where an earthquake is likely, you might want to add those policies to make sure you are covered.

Checking Coverage

Even after you get your coverage taken care of and your policy is in place, it is beneficial to check coverage often and to update it to reflect changes that have been made to your home and value changes in rebuild costs. Your agent will work with you to make sure your policy is up to date through the duration of the time that you are with the agency and that you hold that particular policy.

For those that want more information and live in the Brandon, FL area, contact the agents at Runnels Insurance today.