What Happens If I Don’t Have Umbrella Insurance?

What happens if I don’t have umbrella insurance? This is a question that many people ask, but few know the answer to. Umbrella insurance provides an extra layer of protection for your personal assets in the event that something goes wrong.

Without it, you could be at risk of losing everything if you’re sued. Cary-Wheeler & Associates Inc. in Richmond, VA is here to provide you this guide on why it is so important to have this type of coverage. 

Here is what happens if you don’t have umbrella insurance:

You Could Be Sued for Damages That Exceed Your Insurance Policy Limits

If you’re found liable for an accident or incident, the damages that you’re required to pay could easily exceed the limits of your regular insurance policy. Without umbrella insurance, you would be responsible for paying these damages out of pocket. This could lead to financial ruin if the amount owed is large enough. Umbrella insurance provides an extra layer of protection against this type of scenario.

Your Assets Could Be At Risk

If you’re sued and found liable for an accident or incident, your personal assets could be at risk of being seized to pay for the damages you owe. This includes your home, savings account, investments, and more. Without umbrella insurance from a reputable company such as Cary-Wheeler & Associates Inc, you could lose everything you have built up over the years.

You Could Be Sued for Libel Or Slander

You could be sued for damages if you’re accused of libel or slander in Richmond VA. This type of lawsuit can be very expensive to defend, and the outcome is often uncertain. Without umbrella insurance, you could be on the hook for paying these costs out of pocket.

Give Us A Call

If you don’t have umbrella insurance and something happens that is not covered by your home or auto insurance, you could be responsible for paying out of pocket for any damages. This could end up costing you thousands of dollars, so it’s important to make sure you are properly protected.

Cary-Wheeler & Associates Inc. in Richmond, VA can help you find the right umbrella insurance policy to fit your needs. Give us a call today to learn more.