Understanding insurance policies can be a daunting task, especially when it comes to umbrella coverage in Tampa, FL. Many people find themselves confused by all the different types of coverage and what circumstances require them. In this article, Morgan Insurance Services will help explain the basics and when umbrella coverage should be added to your insurance plan.

What is Umbrella Coverage?

Umbrella coverage is an additional layer of protection that provides a higher limit of liability insurance to protect you from major claims and lawsuits. It gives you the extra coverage needed to protect your assets and finances in the event of a significant loss or lawsuit.

Umbrella coverage typically covers things like personal liability, legal fees, medical payments, and property damage. It can provide coverage when your primary insurance limits have been reached, or a claim exceeds your primary policy’s coverage.

When Do You Need an Umbrella Policy?

An umbrella policy can be an excellent choice for people with assets to protect and who need additional coverage. This type of policy may be necessary if you are a business owner, landlord, or high-net-worth individual. It can provide extra protection if you are sued for more than your existing insurance policies cover.

It can also help protect you from accidents on your property or damage to someone else’s property caused by you or someone in your household. Finally, an umbrella policy can provide additional protection against libel, slander, and other forms of personal injury.

How to Choose the Right Umbrella Policy

At Morgan Insurance Services in Tampa, FL, we are committed to providing our clients with the best coverage and most affordable rates. With us, you get a wide range of options to meet your needs and budget. Reach out today to learn more!

Consumers need to understand what umbrella insurance is. Many consumers out there can benefit a great deal from purchasing the right umbrella insurance policy.

Morgan Insurance Services is an excellent option if you’re looking for an umbrella insurance provider for consumers in Tampa, FL. Here are three things you might not know about umbrella insurance. 

Umbrella insurance offers coverage over the policy maximums of a consumer’s other insurance policies.

Umbrella insurance is not designed to stand alone. Instead, umbrella insurance policies offer coverage that complements the other insurance policies that a consumer has purchased.

Umbrella insurance will offer coverage in addition to the coverage offered by a consumer’s other insurance policies. This protects a consumer’s finances when accident or lawsuit expenses exceed the policy limits of other home or auto insurance policies. 

Consumers should consider purchasing enough umbrella insurance to cover their full net worth.

If a consumer’s net worth exceeds the liability coverage maximum limits of their insurance policies, their assets could be at risk. For complete financial protection, consumers should buy enough umbrella insurance to cover the total value of their net worth. 

Umbrella insurance offers three main types of coverage.

The types of coverage that umbrella insurance includes can be broken down into three main categories. The first two are bodily injury liability coverage and property damage liability coverage. The third is coverage for various types of lawsuits that a consumer could face, including lawsuits involving slander or libel. 

Get in touch with us at Morgan Insurance Services to learn more about umbrella insurance. We’ll be happy to provide you with the information you’re looking for about umbrella insurance options in Tampa, FL.