How much condo insurance do you need?

When it comes to purchasing condo insurance, the amount of coverage you need depends on several factors. In general, the most important factor is how much coverage is required by your condominium association’s insurance policy. Suppose the policy has a minimal amount of coverage specified. In that case, you will want to purchase a policy from Peninsula Underwriters Insurance Agency that matches or exceeds that amount, depending on your personal needs.

In addition to the condo association’s policy and requirements, other factors such as location and your personal assets should also be taken into account when determining how much condo insurance coverage you should purchase. Generally speaking, if you live in an area prone to natural disasters like hurricanes or floods, like in Gainesville, FL, then it is wise to invest in more comprehensive coverage than the association requires.

When shopping for condo insurance policies, there are a few key terms and levels of coverage to understand:

Liability Coverage:

This covers third-party property damage and bodily injury caused by an insured event (such as a fire). It can also cover medical expenses associated with an injury sustained while on your property.

Personal Property Coverage:

As its name suggests, this type of coverage provides financial protection in case any of your possessions are damaged or stolen. Depending on the plan you purchase, this can include items like furniture, clothing, electronics, and jewelry.

Additional Living Expenses:

This type of coverage helps pay for additional living expenses that may arise from an insured peril like a fire or flood causing significant damage to your home such as hotel stays and restaurant meals.

Give Us A Call

For more information, call Peninsula Underwriters Insurance Agency today. We proudly serve the Gainesville, FL area.

Why should I get home insurance in Florida?

Being a property owner in the Gainesville, FL area has continued to be a good housing option. When you are going to own a property here, you will want to know that you are also covering and protecting it as well as possible. One of the ways that you can do this is by getting home insurance.

There are various reasons someone here should get this insurance:

Protect Your Home

A reason that you should have a home insurance plan when you are here is so you can protect your home. A full home insurance policy offers coverage that will provide support if your home is damaged due to bad weather, fire, vandalism, or other situations that result in a loss. Without insurance, the costs to fix these damages can add up quickly. Home insurance offers the support you need to cover these damages. 

Meet all Requirements and Standards

You also should consider getting a home insurance plan so you can meet all requirements and standards for insurance. If you are a property owner, there is a good chance that you have taken out a mortgage and you may also live within a home association. In both of these situations, you will likely be required to carry insurance. If you have this coverage, you can remain in compliance with any obligations. 

Contact Us Today

Having insurance in place at all times on your home is very important. If you are looking for a new plan in the Gainesville, FL area, it would be helpful to call the team at the Peninsula Underwriters Insurance Agency. The professionals with Peninsula Underwriters Insurance Agency know how important this coverage is. We will give you an overview of your options and provide any support needed to build your next plan.  

Why Parents Should Consider Umbrella Insurance

Peninsula Underwriters Insurance Agency wants to help our Gainesville, FL clients know how best to protect their financial future. Learn how umbrella insurance works and why parents benefit from its protections. 

What is Umbrella Insurance? 

Umbrella insurance is, in a nutshell, excess liability protection. Damages may occur as a result of an auto accident, at home, or out in the world. This coverage protects the policyholder and household members, including liability protection for your children. Umbrella insurance offers protection against: 

  • Excess liability for injuries. 
  • Excess liability for property damage. 
  • Malicious prosecution. 

Why Should Parents Consider Umbrella Insurance? 

If you have children, you have increased risk. Children invite friends over who may be injured on your property while playing. Kids may toss a ball over the fence and throw a neighbor’s window. A birthday party you host results in food poisoning cases, and you are sued. In all of these cases, you’d have a financial obligation to pay for the medical bills or neighbor’s repairs. You also have a solid reason to want to protect your financial assets. 

Financial Assets Are At Risk

If you are deemed liable for significant damages, many financial assets are vulnerable to seizure to pay your liability. These include:

  • Property
  • Autos
  • Financial assets
  • Future income

Having an umbrella policy is one way to protect your family’s future and financial stability. As a rule of thumb, consider umbrella insurance if your assets exceed the limits of your existing liability coverage. 

Contact Us Today

If you’d like to understand what umbrella insurance can do for you in the Gainesville, FL area, Peninsula Underwriters Insurance Agency is here to help. Our knowledgeable agents can answer all your questions and help you make the best choices to protect your assets against an uncertain future. 

Will my renters insurance cover the sofa that my dog damaged?

Renters’ insurance is a practical way of protecting your belongings as a renter. It covers a wide variety of different circumstances that include theft, vandalism, and more. The Peninsula Underwriters Insurance Agency takes pride in helping Gainesville, FL residents understand why renters’ insurance can be a beneficial investment.

What is Renters’ Insurance?

Renters insurance provides coverage for your belongings in the event that something happens to them while living in a rented space. Renters’ insurance protects your personal belongings in any rented space, including a home, condo, or apartment.

Your coverage will pay for the repair or replacement in the event of covered perils. These perils include liability, theft, fires, vandalism, sewer backup, and more.

Your rental insurance policy can also include other options that can be added at your request. For example, some renters’ insurance policies offer coverage in the event that you have moved out of your rental for a repair. Your renters’ insurance may pay for a hotel stay if you must for a repair. There are additional options that can be added to a renters’ insurance policy. A licensed agent can discuss your options with you.

Will My Renters’ Insurance Cover The Sofa That My Dog Has Damaged?

The short answer is "no." Renters’ insurance is designed to cover specific situations and circumstances that are clearly outlined in a policy. Obviously, this means that situations that fall outside of the outlined covered perils won’t be compensated for. Unfortunately, pet damage isn’t a covered peril in a renters’ insurance policy.

Contact Us Today

If you’re interested in renters insurance and have questions, call us at Peninsula Underwriters Insurance Agency in Gainesville, FL. We’d be happy to answer all of your questions.

What You Need To Know About Mobile Home Insurance

Mobile homes provide a great housing option for millions of people. Mobile homes are affordable and are often a quick way to get established in your own home. Mobile homes require special insurance coverage. At Peninsula Underwriters Insurance Agency, serving Gainesville, FL and the surrounding areas, we can help you find the perfect insurance policy for your mobile home. 

Special Considerations For Mobile Homes

Mobile homes are not built the same way traditional houses are built. There are some risk factors that affect mobile home differently than regular homes. This does not make mobile homes a substandard housing option, but it is a factor that must be considered when creating insurance policies. 

You can speak with an insurance representative concerning the factors that are considered for mobile home insurance. 

What If I Don’t Get Insurance?

It is often required that insurance is in place if you are buying a mobile home through a mortgage. Even if you are not, it is still the best way to protect the investment you are making. 

What Is Covered?

The mobile home insurance policy will provide coverage in the following areas:

Property damage– If the home is damaged or lost due to fire, natural disaster, or burglary, the policy will help to pay for repairs or replacement. 

Liability– If someone is injured in the home or on your property, liability coverage will pay for expenses that may result. 

If you fail to have insurance on your mobile home, you will be responsible for any repairs or replacement of the home. You may also be liable for any medical expenses or legal fees resulting from someone getting injured. 

Get Mobile Home Insurance Today

If you would like to learn more about our services, please contact us at Peninsula Underwriters Insurance Agency, serving Gainesville, FL and the surrounding areas. 

Do you always need flood insurance in Florida?

When you are a property owner in the Gainesville, FL area, you will benefit in various ways. While you will enjoy the long-term value appreciation that comes here and having a stable place to live, there are risks that should be mitigated with insurance. A type of coverage to consider getting here is flood insurance.

There are various reasons someone will need this coverage:

Protect Assets

An important reason that someone in this part of Florida will want to have flood coverage is so they can protect their assets. Those that would like to own property are going to make a major investment in their future. If you do not have proper insurance, you could lose your investment or be required to make major repairs to protect it. Flood insurance will directly help you protect yourself against the risks associated with flood damage. 

Meet Insurance Requirements

While you will want to have a flood insurance plan to protect your home, an added benefit of coverage is that it will help you meet any insurance requirements. Any mortgage lender will run searches on your home to see if it is in a flood zone. If your home is in a flood zone, they will require that you carry food insurance, and keeping the insurance will help keep you in good standing. 

Give Us A Call

If you are going to invest in a home in the Gainesville, FL area, having the right insurance is important. When determining if flood coverage is right for your situation, it would be helpful to call the Peninsula Underwriters Insurance Agency. There are many choices to make when looking for this insurance and Peninsula Underwriters Insurance Agency can help you evaluate your options and build a plan that gives proper support and keeps you in good standing. 

What Are The Consequences Of Driving Without Auto Insurance?

According to research, one in eight drivers is uninsured. That means that if you’re in an accident, there’s a 12.50% chance the other driver doesn’t have insurance to cover your damages. What these drivers don’t realize is that there are serious consequences for driving without auto insurance. Peninsula Underwriters Insurance Agency in Gainesville, FL is here to help you navigate this important coverage.

The consequences of driving without auto insurance and how it can impact you and your wallet:

1. Your License May Be Suspended

If you’re caught driving without auto insurance, your driver’s license may be suspended. Depending on your state, the length of the suspension may vary. In Florida, for example, your license will be suspended for three years if you’re caught driving without insurance and cause an accident. If caught a second time, your license will be permanently suspended.

2. You May Be Fined

In addition to having your license suspended, you may be fined if caught driving without auto insurance. The amount of the fine will vary depending on your state. In Florida, the fine for driving without insurance is $150 for the first offense and $250 for the second offense.

If you cause an accident while driving without insurance, you may be subject to additional fines. To avoid these fines, get sufficient insurance from Peninsula Underwriters Insurance Agency.

3. You May Be Sued

If you cause an accident while driving without insurance, the other driver may sue you to recover damages. If the other driver is injured, they may sue you for medical expenses. If their vehicle is damaged, they may sue you for repairs. If they miss work due to their injuries, they may sue you for lost wages. If you’re sued and don’t have insurance, you’ll be responsible for paying the damages out of your own pocket.

Give Us A Call

Driving without auto insurance is a risk that is not worth taking. If you’re caught, you may be fined, your license may be suspended, and you may be sued. Peninsula Underwriters Insurance Agency in Gainesville, FL can help you find the right auto insurance policy to protect you and your assets. Contact us today for a free quote. We’ll work with you to find a policy that fits your needs and budget.

How will condo insurance in Florida protect someone?

The Gainesville, FL area has continued to be a great place for people to invest in real estate and buy a home. As you are looking for a home, choosing to purchase a condo is often a good idea. When you are going to purchase a condo, you will enjoy the onsite amenities and reduced maintenance obligations. If you do buy a condo in Florida, it would be a good idea to get condo insurance as it will protect you in various ways.

How Does Condo Insurance Protect You?

Cover Your Asset

Having condo insurance is helpful as it can help to cover and protect any of your assets. With a condo insurance policy, you will have support to replace or repair your personal assets and protect the condo. This will prove to be helpful if you or your condo are a victim of a fire, theft, or other situations that could result in the loss of personal items or condo damage. 

Reduce Liability Risks

You also will want to have a condo insurance plan to reduce your liability risks. There is always a chance that there could be an accident in your condo that leads to an injury or property damage of another unit. If you are liable, you will have to cover the damages. With condo insurance, you will have the coverage needed to protect against this risk.

Contact Us Today

There are a lot of benefits that come with purchasing a condo in the Gainesville, FL area. If you want to invest in a condo in this area, it would be a good idea to call the professionals from the Peninsula Underwriters Insurance Agency. The insurance experts at the Peninsula Underwriters Insurance Agency know how important this coverage is. They can then give the support you need to build your next plan. 

What If I Can’t Afford Home Insurance?

In recent times, the economy has become unpredictable due to pandemics, international wars, and trade wars; therefore, you can easily find yourself out of work and unable to afford home insurance. This is likely a worry for you as a resident of Gainesville, FL, since your home is your most valued asset. Here is what you to know if you can’t afford home insurance anymore.

What Will Happen if I Miss a Home Insurance Payment?

If you miss your insurance payment, your insurer will send you a reminder a few days after the due date. There is typically a 30 days grace period for you to make your payment. If you make the payment within this grace period and it’s the first time you miss a payment on the due date, the only consequence would be that you will have to pay a late fee. However, if you repeatedly miss making your payment on the due date are you are always paying during the grace period, your premiums will rise. Moreover, if you neglect to make payments for more than one month, you risk losing your coverage, and your bill might be directed to a collection agency.

Don’t Cancel Your Home Insurance; Make It Cheaper

Rather than waiting to miss a payment on your home insurance, you should consider making it cheaper as soon as you realize that you can’t afford your current policy. Some solutions to making your home insurance more affordable that we at Peninsula Underwriters Insurance Agency recommend are;

  • Increasing your deductible: The more the deductible you have on your home insurance policy, the cheaper the premiums. 
  • Make your home safer: You can expect a considerable discount on your premiums if your home is safer. Install a smoke detector, anti-theft door lock, and cut trees around the house to make your home safer. 

Are you a resident of Gainesville, FL, and having difficulty getting your home insurance right? Contact Peninsula Underwriters Insurance Agency will all your home insurance needs.

Is umbrella insurance mandatory in Gainesville, FL?

Umbrella insurance was designed to shield you from all kinds of lawsuits, whether it’s a road or home accident.  Lawsuits rain everywhere, and there are no criteria of knowing when you will be hit by one.  That’s why Peninsula Underwriters Insurance Agency recommends buying umbrella insurance to add an extra layer of protection in case you get sued.  Read on to learn more about umbrella insurance in Gainesville, FL.

Umbrella insurance is NOT mandatory

Insurance experts encourage people to buy umbrella insurance, but that doesn’t mean it’s a legal requirement. Nobody will sue you for not carrying a personal umbrella policy. The decision to buy solely depends on your needs and the amount of protection you need.  You will need to assess your risk level depending on the nature of your job, wealth, and lifestyle.

Are there specific umbrella insurance requirements?

Every insurance agent in Gainesville, FL operates differently and will have different requirements during the application. Remember, you need to have a home, boat, motorcycle, and other standard insurance policies to buy umbrella insurance.  If you have an auto insurance policy with minimum liability coverage, your umbrella insurer may require you to increase your limits to qualify for umbrella insurance. Other companies may need you to insure all your properties with them and add umbrella insurance as an endorsement.

How much umbrella insurance is enough?

Since the policy is not self-sufficient, it is critical to speak to your insurance agent to help you know how much insurance to buy based on your needs and the current standard insurance limits. If you’re wealthy, you need to pay more premiums on your umbrella policy to get the most out of your policy.

Not sure where to start your insurance journey? Peninsula Underwriters Insurance Agency can help you get the most out of your umbrella policy. Feel free to call us, and our insurance team will be happy to help.