Brandon FL

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.

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.

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.

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.

Legal Requirements For Having Motorcycle Insurance

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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?

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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.