Five Things Auto Insurance Doesn’t Cover

If you want to add collision insurance to your policy, you’ll receive peace of mind that it covers damage to your vehicle hit by a stationary object or another car. However, there are some things that this insurance won’t cover. The pros at Peninsula Underwriters Insurance Agency in Gainesville, FL have put together this guide to help you understand what condition insurance is and doesn’t cover.

What Is Collision Insurance?

Collision insurance covers your car if it’s damaged by another vehicle or other object. That includes stationary objects like guard posts and fences. Collision insurance may also reimburse you for damage to your car or truck caused by unavoidable perils. If you’re looking for insurance to pay for damage resulting from a collision with a telephone pool or other objects, collision insurance can meet your needs. Typically, it pays the costs of repairing your car minus the deductible.

Things Not Covered by Collision Insurance

This insurance won’t pay for every type of collision damage. Although all policies vary, collision insurance typically doesn’t cover dings and dents from nonvehicular accidents. So, if a deer jumps in front of your truck late at night, damaging your fender, you’ll need comprehensive coverage. Similarly, it doesn’t cover events such as theft or extreme weather.

If you cause an accident resulting in damage or injury to other drivers and their passengers, it’s not covered by collision insurance. You’ll need property damage and bodily injury insurance for that. Talk to your agent about the type of insurance you’ll need to pay for injuries after a car accident (not covered by collision insurance).

Do you carry valuable equipment or belongings in your car? Collision insurance doesn’t cover personal belongings.

Talk to the Peninsula Underwriters Insurance Agency team in Gainesville, FL, about your collision insurance needs today!

Three Types of Coverage in Your Condo Insurance

When you’re a condo owner, your condo board will require you to have a condo insurance policy. This is for the good of yourself and the rest of the condo owners. If you didn’t have condo insurance and something happened to your home, you might be unable to pay for the repairs. Condo boards don’t want damaged condos in the complex that will drag down property values. This insurance policy comes with several types of protection for you. Contact us at Peninsula Underwriters Insurance Agency in Gainesville, FL to get started with your policy.

Condo Coverage

One of the types of coverage you get in a condo policy is protection for the actual condo. Because condo owners own a specific part of the building, the policy is written for just the areas that you actually own. This may exclude certain areas, such as your outside walls. The coverage protects you in case of certain covered events. Events like disasters and calamities can be covered so that the policy will pay for the rapers afterward. 

Coverage for Possessions

These policies also include coverage for your possessions inside your condo. This coverage can pay to replace the items you lost in a covered event. A damaging incident can cause enormous damage to your things, and paying for the replacements yourself could be very difficult. 

Liability Coverage 

If someone came into your condo and had an accident there, you would be responsible for the medical bills and other costs. With this coverage, the policy can pay those bills so that everything is taken care of. 

Get Condo Insurance 

It’s important to have this insurance just in case. Call us at Peninsula Underwriters Insurance Agency in Gainesville, FL, to get your policy.

How To Determine the Right Deductible You Should Choose For Your Home Insurance

Homeowners Insurance and Deductibles: Striking the Right Balance

Your homeowner’s insurance is a crucial line of defense against costly losses stemming from unexpected calamities. You might be tempted to raise your deductible when looking for ways to reduce your premium costs. However, this tactic could prove costly after an incident. At Peninsula Underwriters Insurance Agency, situated in Gainesville, FL, our proficient staff can guide you to determine the optimal terms to fit your unique circumstances.

Influence of Changing Deductibles on Your Premium

Deductibles usually come as a fixed amount. However, they can occasionally be expressed as a percentage or, in some cases, a combination of a fixed amount and a percentage. Deductible amounts typically fluctuate in increments of $500 to $1000, with each increment leading to a corresponding reduction in your premium.

Deciding If a Deductible Increase Is Right

Before opting for a higher deductible, you should conduct a comprehensive financial assessment. Determine what you can comfortably afford to pay out-of-pocket following a damaging event. A higher deductible might be feasible if you have substantial savings that can comfortably cover home repairs. Conversely, if significant savings are absent, extensive damage may make restoring your home to its pre-loss condition challenging. How much of your savings you’re willing to deplete for repairs can provide insights into how high your deductible can comfortably be. If you’re earmarking your savings for other expenses, maintaining a low deductible and tolerating a higher premium might be more sensible.

Choose Peninsula Underwriters Insurance Agency for a practical approach to your home insurance needs. Our insurance policies are flexible and can be customized to your specific needs. Contact Peninsula Underwriters Insurance Agency in Gainesville, FL, for a no-obligation quote on homeowners insurance today and effectively secure your home investment.

Give Yourself Proper Protection With Umbrella Insurance

Peninsula Underwriters Insurance Agency has helped many Gainesville, FL businesses find high-quality insurance that makes sense for their needs. For example, umbrella policies are a great way to keep your company safe and are more than worth considering, no matter what business you operate.

What is Umbrella Insurance?

Umbrella insurance is a unique extra liability protection that covers you after your other policy maxes out. It’s a common type of protection that many businesses and homeowners buy. High-quality umbrella insurance will protect you in a variety of ways. Typically, liability protection works in a fairly simple way and includes a myriad of steps that make it more effective, including:

  • You Get Sued/Need Protection: Your typical liability policy will kick in at this point and cover up to its payment limits. If your issue is fully managed, your umbrella insurance won’t kick into play.
  • Your Limit is Exceeded: What happens when your liability protection maxes out? Well, you’ll either have to pay out of your pocket or get your umbrella insurance policy to help you out here.
  • Umbrella Insurance Pays for Problems: At this point, your umbrella insurance policy will kick into play and pay for your liability coverage. It has a very high limit, so you should be safe.
  • Extra Protection for Other Issues: If you run into other issues, your umbrella policy should protect you with high-quality payouts that meet your specific situation’s unique needs.

We’re Here for You

With the help of our team at Peninsula Underwriters Insurance Agency, you can get the umbrella insurance that your Gainesville, FL business needs. Contact us to let us know what kind of operation you run, and we’ll do whatever we can to ensure that you get the great support that makes sense for you.

How Renters Insurance Works in a Shared Space

Do you share the space you rent in Gainesville, FL? Whether it’s a roommate, another family, or anyone else, if everyone at the property rents, you’ll likely wonder how renters insurance works in such a shared space. Renters insurance policies offered by us at Peninsula Underwriters Insurance Agency can help you cover your personal belongings and personal liability, but some nuances can come into play when you’re renting in a shared space.

Renters Insurance Fundamentals

To start, the basic renters insurance policy covers personal property and liability, and may cover additional expenses if they fall under a loss type contained in the policy. As you can tell, your renters’ insurance policy is all about you and only you.

Your policy will typically only cover you and no one else, even in a shared space. A shared space can introduce more risk to your personal belongings and more of a need for you to have liability protection. More people mean more opportunities for damage, theft, visitors, negligence, and other perils.

All Renters Should Have Separate Renters Insurance

Because of how renters insurance works, it’s usually better if all parties renting in a shared space have their separate policies. This cuts any potential confusion and ensures everyone has coverage that works best for their specific needs.

Other Options May Exist

While we strongly believe you should have your own renters insurance policy, it’s possible to find alternative options for a shared space. For example, you can share a policy with the other renter or renters, but that can come with several complications, especially if a dispute arises. You can also seek an insurance service that specifically has renters policies for shared spaces or can tailor a policy to a shared space.

Consult With Us

If you share a space with one or more people who also rent or just want your own rental insurance in Gainesville, FL, contact us at Peninsula Underwriters Insurance Agency to learn more about your options.

I bought an old used mobile home. Do I need insurance?

A mobile home is similar to a conventional home in that insurance provides many different types of coverage. Mobile home insurance covers the structure of your home, as well as your possessions, and liability claims. Like homeowners’ insurance, mobile home insurance is designed to provide coverage for your home and your belongings. Our team at Peninsula Underwriters Insurance Agency is invested in helping Gainesville, FL mobile homeowners understand mobile home insurance.

What is Mobile Home Insurance?

Mobile home insurance provides coverage for your mobile home, personal property, and any other structures on your property. It also provides liability coverage as well as coverage if you’re unable to use or inhabit your mobile home. Mobil home coverage also includes any connected decks, garages, patios, or storage sheds. Your mobile home is also protected from damage that can occur as a result of theft and vandalism, as well as natural disasters like wind, hail, and fire. It should be noted that mobile home insurance is often a requirement if you live in a mobile home park. However, the state of Florida doesn’t require mobile homeowners to carry insurance, but a mobile home park or lender may require it. 

I bought an old used mobile home. Do I need insurance?

Maybe. Not all insurance companies will insure a mobile home that was built before 1976. However, the rules and criteria will vary from one insurance company to the next. However, if you can get mobile home insurance, it may be a good idea to invest in it because it covers the repair or replacement of accidental damage to your home, personal items, and other structures on your property. Mobile home insurance can also cover vandalism, theft, and more.

If you think you could benefit from mobile home insurance, call us at Peninsula Underwriters Insurance Agency in Gainesville, FL. We’d be happy to help you explore your options. 

What Northern Florida Homeowners Should Know About Flood Insurance

Northern Florida is well known for beautiful weather and, at times, unpredictable weather. Whether you are new to the region or a lifelong resident, understanding the basics of flood insurance is essential as a homeowner. 

Homeowner’s Insurance Is Not Enough

Some new residents mistakenly assume a standard homeowner’s insurance policy is sufficient to protect their homes when water damage occurs. Unfortunately, these policies sometimes only cover water damage from a source inside your home, such as a busted pipe. Water damage caused by torrential rain, storm surge, or other weather events may not be covered. Protection from these events generally requires a separate flood insurance policy.

Your Flood Zone Matters

The state’s northern region is divided into various flood zones that classify its risk level. Knowing your home’s classification is essential to understanding your coverage needs. Much of the Gainesville, FL region is designated a high-risk zone, including ratings of A and AE. Given this increased flood threat, flood insurance is vital, and adequate coverage is also essential. At Peninsula Underwriters Insurance Agency, we can help you understand your zone rating.

There May Be A Waiting Period

Another surprise newcomers often encounter is the waiting period. Many policies require a 30-day waiting period between purchase and coverage activation. As such, homeowners who wait to secure flood insurance until a named storm is projected to target the region may not be covered at the time of impact. Securing insurance early is best to ensure you are protected when the unexpected occurs.

Peninsula Underwriters Insurance Agency Is Here To Help!

Knowing the important details and being proactive about flood insurance is essential. The more you understand the region’s unique risks, the better equipped you are to implement the necessary safeguards. Contact us at Peninsula Underwriters Insurance Agency. We are happy to serve the Gainesville, FL area and here to help you protect your home. 

How do You Know You Have the Right Level of Insurance Protection for Your Vehicle?

If you own a vehicle, you need to have reliable auto insurance to prevent losses associated with covered risks. It’s not enough to simply have liability coverage; you’ll need the right coverage level for your specific situation. If you want to learn more about your auto insurance options, you can trust the Peninsula Underwriters Insurance Agency professionals. We offer exceptional Insurance products and services to the Gainesville, FL area residents.

Auto Insurance Protection 

Having the right level of auto insurance protection is essential. You’ll want to ensure your auto insurance policy and add-ons cover potential incidents that can create loss while also preventing gaps in coverage. Gaps in insurance mean the difference between what insurance covers and the vehicle’s actual value or the overall loss.

If you want to find out if you have the right level of protection, our expert insurance agents can help. We work closely with each customer to get a clear picture of their present situation and then match them with insurance products that meet their needs. We can assist with policy changes, additions, or claim submissions. It’s all a part of our dedication to providing the area’s best support, services, and insurance products.

Contact Us Today 

Having the right level of insurance coverage is essential. If you would like to learn more about auto insurance and which options are the best for your current situation, don’t hesitate to get in touch with us today. Feel free to call or stop by the Peninsula Underwriters Insurance Agency office to schedule a consultation for services. We proudly serve the residents in and around the Gainesville, FL area to ensure they get policy coverage that provides security and peace of mind.

Remodeling vs. Renovating Your Condo

Updating your Gainesville, FL condo can offer a fun way to express your personality. It also may require an insurance review. Which requires an insurance review – remodeling or renovating?

Renovating Requires an Insurance Review

The insurance agents at Peninsula Underwriters Insurance Agency want you to understand why renovating your home requires an insurance update but remodeling does not. When you remodel, you use what you already own in a new way. When you renovate, you alter the structure of your condo with new walls, built-in bookcases or a desk, etc.

That means a renovation physically alters your home and adds value to it. Renovating requires a condo policy review, so your policy still covers the full value of your home. Because remodeling uses what you already have, it does not require an update.

What happens if you don’t update your policy?

Without a policy review and update, your condo policy covers exactly what it did before. If you insured your condo for $100,000, that stands. Here’s the thing. Your renovations added to the market value of your home. If you transformed a walk-in closet into a bathroom, you raised the value of the condo by about $20,000.

Without the review and update, your insurance only covers the original condo as you bought it. You would lose all the money you had invested in renovations without updating the policy and home value.

What to Do

Contact Peninsula Underwriters Insurance Agency and talk to one of our agents about your planned or ongoing renovations to your Gainesville, FL condo. Take some photos of the finished work and email them to our office to show the finished state of the condo. We will update your policy and provide you with updated insurance paperwork and any premium changes applicable.

When should you review your home insurance?

Your home policy needs to be reviewed every so often so that you can be sure that it is exactly what you need. Every home and homeowner has unique needs, and yours may change over time. At Peninsula Underwriters Insurance Agency in Gainesville, FL, we take your business very seriously, and we work hard to make sure that you have the coverage you need. 

When your policy renews

Most home policies are renewed every year. About a month before the renewal date, you will receive a copy of the policy either in paper or digital format. The front page is the declaration page, and that is where all the information about the policy is located. It tells you the amount of your deductible and any endorsements you have on your policy. This is the time to look at all of those figures and make sure they all make sense with where you are today. 

When you need more liability coverage

There are things you add to your home that increase your liability level. A dog, a swimming pool, a trampoline. All of these require a rethink of how much liability coverage you have. 

When you do major renovations

When you do a renovation that adds square footage to your home or if you have updated your bathrooms and kitchen, these are things that can increase the value of your home. If you have added a new roof, your home is less of a risk. 

When you add safety equipment

If you add home security or wired smoke detectors, you may be eligible for a discount on your home insurance. Call your insurance agent to discuss the discounts that you may get. 

We Can Help!

Contact Peninsula Underwriters Insurance Agency in Gainesville, FL when you are ready to discuss your home insurance policy and your coverage.