Florida Insurance Blog

How Umbrella Insurance Can Protect You Financially

You need all the financial protection that insurance can provide. The problem often comes when there isn’t enough coverage for something that happens. This can especially be true when it comes to medical bills. These are constantly rising, and the cost of even a non-serious injury can be incredibly high. You get a layer of liability insurance in your home and auto policies to protect you. However, this may not be as much protection as you think. If there were a severe accident or injury, the policy may not be able to pay for it all. To ensure it’s all paid, you need the protection of an umbrella policy. When you want umbrella coverage, give us a call at Morgan Insurance Services in Tampa, FL.

More Liability Coverage

An umbrella insurance policy simultaneously adds more liability coverage to your home and auto insurance policies. This means you’ll have much more of this coverage for both policies. Getting an umbrella policy is much less expensive than adding more liability protection to your home and auto policies individually. It also leaves you well-covered against several accidents that can happen. 

Accidents and Overages

If someone has an accident in your home, they may become injured. You would then have to pay for those injuries. The same is true if you cause an accident with your vehicle and someone else has injuries. After your auto or home policy has paid up to its maximum for the accident, there may be an overage of bills due. Umbrella insurance can pay those overages, so you won’t have to. 

Get Your Umbrella Policy

It would be best if you had financial protection, and umbrella insurance can help. Call us at Morgan Insurance Services in Tampa, FL.

What Exactly is Umbrella Insurance?

Umbrella insurance might be a new term to many people who are only familiar with the basic types of insurance like life, auto, renters, and homeowners. Here is an overview of umbrella insurance that can help you better understand what it is so you can purchase it if you decide it might be beneficial. 

What is Umbrella Insurance?

Also known as excess liability insurance, umbrella insurance is coverage that pays once a primary insurance plan’s limits have been reached. Umbrella insurance provides excess coverage for auto, home, and other types of insurance. For instance, if you have been sued because a newspaper delivery person slipped on your icy porch and broke their leg, then their medical bills could quickly add up costly. If their medical bills were expensive and their homeowner’s insurance was maxed out, yet there was still a balance owed, umbrella insurance would kick in and pay that money that the primary insurance didn’t pay. 

What Happens to Excess Without Umbrella Insurance?

Without umbrella insurance, if someone ever sues you for whatever reason and your regular insurance has paid the maximum amount to the victim, you’re responsible for the excess out of pocket. Since this could end up causing great financial strain, it’s always essential to have an umbrella insurance plan to accompany your other primary types of insurance, just in case. Umbrella insurance usually doesn’t cost much extra, and it can be very beneficial in case you’re ever sued and even under other circumstances. 

As you can see, umbrella insurance can be very useful. If you’re a Tampa, FL resident, and you’re considering choosing another insurance agency, Morgan Insurance Services is available to provide you with high-quality coverage. We offer umbrella insurance and any other type of coverage you might need. Give us a call or visit our office in Tampa, FL for a quote today. 


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!

Three things you might not know about umbrella insurance

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. 

Why Florida Residents May Want to Consider Umbrella Insurance

Residents of the Tampa, FL area may not know about the steep benefits umbrella insurance can offer. Some think that umbrella insurance is only for the richest people in the world, but that couldn’t be farther from the truth. 

Umbrella insurance exists to fill in the gaps when your standard policies run out. Morgan Insurance Services is happy to help educate our customers on the various ways that umbrella insurance is a beneficial addition to their insurance policy. 

Whether you own multiple homes, recreational vehicles, investment properties, or vintage cars (among many other things), umbrella insurance can step up to the plate when the coverage on your investments runs out. 

Additionally, umbrella insurance can be used to cover personal liability instances, including slander, libel, and false arrest. Many people don’t realize that umbrella insurance goes far beyond the standard of what insurance is known for. This is another reason why umbrella insurance is suited for everyday people, not just the 1%. 

Umbrella insurance also fills in for bodily injury liability, property damage liability, and protects owners of rental units. It’s a very versatile type of insurance that is worth looking into if you have many assets and investments out in the world and want them to be fully covered.  

Morgan Insurance Services is proud to serve the Tampa, FL area. If your insurance policy needs some adjusting, feel free to contact us anytime. Our team of agents is experienced in many types of insurance and we are happy to help you determine what coverage is most necessary for your peace of mind and for your financial protection. 

Contact us today! 

4 Benefits of Umbrella Insurance

Most people have the perception that umbrella insurance is supposed to cover the wealthy only, but this is not factual. Umbrella insurance offers extra liability protection to protect anyone with a source of income.  If you buy umbrella insurance from Morgan Insurance Services in Tampa, FL, you will accrue the below benefits.

It protects your assets and future income

Given that lawsuits can be expensive, umbrella insurance comes in handy by protecting your assets when you are faced with significant financial claims. For instance, if you cause an accident that exceeds your car insurance limit, umbrella insurance takes over from where your car insurance leaves off, saving your assets and income.

Since anyone can be sued, umbrella insurance is suitable for anyone earning a source of livelihood. This coverage protects your assets in the worst-case scenario.

It saves you anywhere in the world

Your boat, home, and car liability coverages aren’t recognized outside the US. However, umbrella insurance can protect you when you are outside the country.

It protects you from liabilities not covered by other liability coverages

Umbrella insurance not only gives you higher limits but also provides broader coverage. Umbrella insurance shields you from personal liabilities like libel and slander that aren’t covered by other conventional liability coverages.

It’s affordable

There is a popular myth that umbrella insurance is out of reach for most folks. This preconceived notion is a lie. It will surprise you that $1million umbrella coverage will only cost you very little compared to the protection it gives you.

Umbrella insurance near me

Would you like peace of mind with umbrella insurance? Would you like to protect your assets and future? Umbrella insurance is your safest bet when it comes to lawsuits. If you are in Tampa, FL and its environs, please contact Morgan Insurance Services for an affordable quote.

5 Reasons Why Florida Residents Should Research Umbrella Insurance Policies

Morgan Insurance Services proudly serves the Tampa, FL community. We understand that each of our clients has unique individual needs. That’s why we offer multiple types of insurance coverage to help our clients protect what matters most.

5 Reasons Why Umbrella Insurance Is An Asset

Umbrella insurance provides an additional layer of protection during emergencies. The policy helps support your liability coverage if you are involved in a serious liability dispute. Traditionally, umbrella insurance protects you if you are held liable for the damages caused in an auto accident or if someone suffers serious injuries at your Tampa, FL residence. Here is a look at a few reasons why you should research umbrella insurance.

Protect Your Assets

Accidents can happen at any time. Umbrella insurance allows you to protect your assets if something goes wrong. Your assets may be at risk if you are involved in a serious liability dispute. Umbrella insurance helps alleviate some of your stress as you go through the process.

Covers Your Pet

If your pet is having a bad day and causes damage to someone else’s property, umbrella insurance will protect you.

You Offer Advice

If you have an avid social media following or you hand out advice as part of your career, umbrella insurance may be an asset at some point. If you write a negative review of a business or criticize someone, they can pursue litigation against you if it negatively impacts them.

You Have Teenage Drivers

If you are a teenage driver’s parent, umbrella insurance can protect you if they are involved in a serious accident. This will give you peace of mind as you go through the process.

You Have A Pool

If you have a pool at your home, umbrella insurance can protect you if disaster strikes and someone is injured while using your pool.

Morgan Insurance Services Will Help You Protect Your Assets

Visit our website today to learn more information about umbrella insurance.

What is umbrella insurance and why do I need it?

When you live in the Tampa, FL area, you get used to rain. It can come down hard and fast, and an umbrella is something that can be very useful to keep from getting drenched. An umbrella insurance policy offers your finances the same type of protection. At Morgan Insurance Services, providing you with insurance information is what we do best, and we are happy to explain what umbrella insurance is and how it could be of benefit to you. 

Umbrella insurance is excess liability insurance. Unlike other insurance policies, you can not purchase an umbrella policy unless you already have another insurance policy, such as home or auto insurance. What the umbrella policy will do is extend the limit of the policy that you already have. With judgments going through the roof, if you have a legal suit filed against you, an umbrella insurance policy adds an additional layer of protection above the limits that you already have. 

The liability limits on most home and auto insurance can be quite basic, you can opt to raise them within the original policy, but this does not give you the level of security that an umbrella policy provides at a very reasonable price. An umbrella policy can also help to pay for the legal fees that can arise from a claim or judgment against you. A typical umbrella policy will add between one and five million dollars in additional liability protection. If you have assets, this can provide the peace of mind that you are looking for. 

At Morgan Insurance Services in Tampa, FL, our team is here to provide the information that you need to make an informed decision about the benefits of umbrella insurance to your overall financial plans. We welcome you to stop by our office or give us a call to make an appointment to sit down together.