Florida Insurance Blog

Uncovering the Mysteries of Umbrella Coverage: When Do You Need It?

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!