Runnels Insurance

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.

4 Ways To Improve Your Home Insurance In Brandon

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When you live in Brandon, it is important that you take the time to explore your homeowner’s insurance policy. There may be various ways for you to make improvements on the policy. This can deliver greater peace of mind throughout the entire year. All it takes is working with the right insurance professional.

Compare Rates

Once a year, you should take the time to compare rates with different insurance companies. There may be a more affordable premium available to you. By getting quotes, you can explore coverage, company reputation, as well as annual premiums to determine whether you have the best policy in place.

Explore the Add-Ons

There are various forms of home insurance add-ons that you may be able to add to your current policy. This can provide you with additional protection in the event that something happens to your home. Such things include additional liability, higher valuation on your belongings, as well as flood insurance.

Learn About Common Claims

It’s important to know about some of the most common claims that occur in Florida. This way, you can ensure that you have the coverage in all areas. Otherwise, you could be in a situation where you file a claim and have denied because you didn’t have sufficient coverage against whatever took place in or around your home.

Work with an Agent

A lot can be said about working with an independent insurance agent. You can learn more about your options and how to get the coverage you need for your home when you work with an insurance professional. This way, you can eliminate the guesswork that you have been dealing with in the past.

Learn more about home insurance and the best way to protect your house and family by contacting an independent insurance agent at Runnels Insurance today.

 

Rainy Day Protections: Umbrella Coverage

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When most people think about insurance, they usually think of car insurance and, if they own a house, homeowners. Some many think of life insurance as a possible option if their job offers it; however, not many people realize that there are additional insurance options beyond the state required minimums. When disaster strikes, it is a common occurrence that people who opted for the minimum insurance coverage possible can find themselves, their property, and their family in danger because of that lack of coverage. Furthermore, even people who opted for larger coverage can sometimes find themselves in that same dangerous situation because of insurance running out or a particular situation not being covered.

Umbrella insurance serves to provide that needed kind of overlapping coverage. Having an umbrella policy may provide coverage during situations that other policies may not cover and is specifically designed to kick in when those first policies have been exhausted. For example, an umbrella insurance policy may protect you against certain types of lawsuits or personal liability situations. Since insurance laws can vary from state to state, it is vital to speak with your local insurance agent to make sure that you are getting the coverage you need to feel safe and secure in case an emergency or life altering event occurs. 

Located in Brandon, FL, Runnels Insurance offers a variety of ways to explore your insurance options through face to face meetings with agents, phone calls, and email. Within minutes, you can have the information you need to make sure you have an umbrella for when those rainy days come. After all, no one wants to get caught in a bad situation without coverage. 

The Benefits Of Home Inventory

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It is always a good idea to conduct home inventory on your home in Florida. This way, if you have to file a claim, you know exactly what is inside your home. Without an inventory, it could be problematic to prove what you have and get the money need to make replacements.

Know What You Have

You may not even realize just how much you have until you start creating inventory. You will want to go room by room to list what you have. It’s also a good idea if you photograph every item. This will help to reduce the likelihood of being denied something.

Determine Values

Go through and determine the value of everything within your home inventory. This is important for several reasons. First, it will make it easier for a claim to be filed if you know exactly what you possess. Second, it will ensure that you have enough coverage on your policy based upon the value of the items inside your home. For example, jewelry and art can be valued higher than you may think – and you want to have it dictated on your policy.

Simplify Claims

Filing a claim with your home insurance company can be long and tedious. The claim adjustor is going to want to know everything you had that was lost or damaged. If you cannot produce a thorough list of everything, it can make it harder to establish a value, and you could end up getting cheated out of money that is rightfully yours. When you have a home inventory, you can produce a list, complete with photos and values.

To learn more about home insurance and home inventories, contact Runnels Insurance today and speak to an agent. This will make it easier to enjoy peace of mind.

 

What Kind of Liability Coverage Do You Need for Home Insurance?

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Liability coverage on a home insurance policy is used to protect you against damages associated with an accident occurring on your property. In many cases, liability insurance helps safeguard a homeowner against lawsuits resulting from an injury occurring within your home or damage to another’s personal property. Your level of coverage is accessed based on your budget and need.

Determining How Much Liability Insurance is “Enough”

Different carriers will offer several types of inclusions on liability insurance plans for homeowners. Most standard coverage will include payments toward medical bills if a visitor is injured in your home and the courts find you legally responsible for the accident. Legal fees may also be covered within the inclusions of liability insurance. Loss wages could also be reimbursed under a liability plan if the injured was out of work because of the accident. Liability insurance may help cover property damage caused by an accident, like the breaking of an expensive family heirloom. If a person dies within your home, dependent on the kind of policy you have, death benefits may be paid out under the plan.

An agent can talk to you about the minimum and maximum amounts of coverage provided through each plan. There is also typically an option to add an umbrella policy to offer additional protection beyond the maximum coverage amount. Exclusions are also important to review with an agent. For instance, a home insurance policy with liability coverage is not likely to protect the insured if an automobile caused damages.

Never get caught without having the proper amount of liability coverage to protect your home and valuables. Contact an independent insurance agent at Runnels Insurance for quotes and available policies for homeowners in Brandon, FL and surrounding areas.

Insuring your RV Home and Possessions

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When making the jump to live in an RV full-time, it is important to make sure that the insurance policy you carry covers not only the RV itself, but also all your personal possessions and property.  An insurance policy for those living in an RV is very similar to a homeowner’s policy.  The two main types of coverage to consider when purchasing or renewing a policy are:

Property Coverage
When living in an RV full-time, all the possessions that you own are with you and for that sole reason, you want to make sure that all personal items are protected and covered should loss or damage occur.  When shopping for insurance, inquire about how much monetary coverage the policy provide and if it will cover the costs of your items.  Ask if all items such as jewelry, electronics, small furniture items, tools, etc. are covered.

In addition, many who live in an RV full-time may store possessions in a storage shed away from where the RV is..  If the possessions within are damaged or stolen, check to see if insurance can be bought to cover these items. 

Personal Liability
Just as you would with a homeowner’s policy, bodily injury and property damage needs to be purchased as part of a policy in case of an accident if someone falls or slips while in your RV or on the campground area of where your RV is parked.

Runnels Insurance, serving Brandon, understands the different types of insurance needed to protect your personal possessions and your RV.  Visit our website or call us at 813-653-0681 to talk to one of our team members about what type and how much insurance you need.  We offer various types of insurance to provide you with the best pricing possible.

Home Security and Safety Tips

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Making your home safe and secure is fundamental to keeping your family protected from outside influences, such as intruders and heavy weather conditions. There are a few things you can do to limit your home from being disturbed or damaged.

Simple Upgrades to Prevent a Home Burglary

  • Lights – Shine lights on dark spots around your house. At night, take a walk around your property and investigate any areas that a thief could have access to. Add lighting to that area. Solar powered lights are good because they automatically come on when the sun goes down.
  • Cameras – Small cameras around your home will give you extra security. Place a camera over your front and back doors and any sliding doors you may have. Make sure every access point is covered.
  • Secure Sliders – Sliding glass doors are a thief’s dream. Even if they are latched, they are easier to open for an experienced intruder. Place a slide-locking bar on the bottom of the doorframe to prevent the door from moving.

Keep Your Home Safe During a Storm

  • Windows – In Florida, hurricanes are prevalent. Having storm windows could prevent violent winds from breaking glass and causing you or your family injuries.
  • Roof – Reinforce your roof with wind-resistant asphalt shingles.
  • Gutters – Repair loose or clogged gutters. They can cause physical damage to your home during and after a storm.
  • Loose Furniture – Lawn furniture and other unsecured debris should be tied down or brought inside before a storm. These items can become flying torpedoes in hurricane force winds.

Located in Brandon, Florida, the independent insurance agents at Runnels Insurance are available to assist you with information that will keep your home safe and secure. They can also provide research for your new or existing insurance policy.