Life’s Little Surprises: Why Umbrella Insurance is the Unexpected Hero

Life is inherently unpredictable, and Cary-Wheeler & Associates Inc. stands ready in Richmond, VA, to provide steadfast support when the unexpected occurs. In this discussion, let’s delve into umbrella insurance as an unsung hero, adept at transforming life’s uncertainties. From minor mishaps to peculiar surprises, let’s explore how Cary-Wheeler Insurance is committed to your well-being.

The Relevance of Umbrella Insurance

Life has a knack for presenting challenges, and that’s precisely where umbrella insurance proves invaluable. Cary-Wheeler Insurance understands that life’s surprises can range from minor inconveniences to more unconventional occurrences, and our umbrella policy is meticulously designed to offer comprehensive protection.

Transforming Surprises into Strategic Opportunities

At Cary-Wheeler Insurance, we specialize in converting unexpected events into opportunities for growth and resilience. Our umbrella coverage transcends mere financial considerations; it embodies a proactive approach to confronting the unpredictable with poise and sophistication. Whether facing a minor inconvenience or a more peculiar incident, our umbrella policy ensures you are well-prepared for the spectrum of life’s challenges.

Engage with the Cary-Wheeler Team

Curious about the nuances of umbrella insurance? Cary-Wheeler & Associates Inc. is poised to unravel its intricacies. Should you have inquiries or seek a detailed discussion, do not hesitate to reach out. Let Cary-Wheeler Insurance be your ally in Richmond, VA in transforming life’s unexpected surprises into memorable and resilient chapters.

Don’t Believe These Myths About Umbrella Insurance

There are many myths and misconceptions surrounding umbrella insurance in Richmond, VA. The team at Cary-Wheeler & Associates Inc. dispels some of these misconceptions.

Umbrella Insurance Myths

Myth #1: "I don’t need umbrella insurance because I don’t have any assets."

One of the most common umbrella insurance myths is that it’s only necessary for people who have significant assets. However, this is not true. Even if you don’t have many assets, a lawsuit can still financially ruin you.

Myth #2: "I don’t need umbrella insurance because I’m a careful person who’s unlikely to be sued."

Even if you’re a careful person who takes precautions to avoid accidents and lawsuits, you can still be sued for unexpected events that are beyond your control. For example, if someone slips and falls on your property, you could be held liable even if you did everything you could to prevent the accident.

Myth #3: "Umbrella insurance only covers me if I’m sued for something related to my home or car."

While umbrella insurance does provide additional coverage for your home and auto liability, it also offers protection against slander, libel, and defamation.

Myth #4: "I don’t need umbrella insurance because I have a high liability limit on my home and auto insurance policies."

While having high liability limits on your home and auto insurance can provide some protection, it may not be enough in certain situations. If you’re sued for an amount that exceeds your liability limits, you may have to pay the remaining costs out of your own pocket.

Reach Out To Us

Umbrella insurance is an important type of insurance policy that can provide valuable protection in Richmond, VA against unforeseen liabilities and lawsuits. If you have questions, Cary-Wheeler & Associates Inc. is here to help.

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.

Who Needs Umbrella Insurance?

In most cases, when there is an accident in Richmond, VA, the claimant ends up settling with the insurance company. However, if the person at fault has a lot of personal wealth, there is a risk that the claimant will continue with a lawsuit to seek additional damages. Therefore, those with a substantial amount of assets may want to consider purchasing an umbrella insurance policy. 

For help determining if umbrella insurance is needed, reach out to our agents at Cary-Wheeler & Associates Inc. We can help you understand what umbrella insurance is and how much coverage you need. 

Who Should Buy Umbrella Insurance? 

Some of the most significant factors in determining if you need umbrella insurance are where you live, what you do for a living, and how many assets you have. Those who live extravagant lifestyles, have high-paying jobs, or a lot of assets are the ones who should consider purchasing umbrella insurance. Additionally, those who live in areas prone to lawsuits or those who take many risks should also consider buying umbrella insurance. 

How Much Insurance Do I Need? 

Only you can decide how much coverage to purchase when selecting an umbrella policy. Typically, it is best to get coverage limits equal to your net worth, plus your current income stream value. You want to ensure you have enough coverage so in the event of a lawsuit, you do not have to liquidate any of your assets or investments to pay the claim. 

Umbrella insurance is not for everyone. Those who do not fit in any of the categories mentioned above may not need to purchase an umbrella policy in Richmond, VA. Those seeking to buy an umbrella policy must first have primary insurance and should contact our agents at Cary-Wheeler & Associates Inc. for any questions about umbrella coverage.

What Is an Umbrella Insurance Policy?

An umbrella insurance policy works a little differently from most. It is used to add to other insurance policies that you already have in place. If you are interested in getting this type of coverage, contact us at Cary-Wheeler & Associates, Inc. in Richmond, VA to talk with an agent about these policies. 

Your Liability Coverage

There are several types of insurance policies that come with some liability coverage. However, that coverage often doesn’t go very far if there is a serious incident you are liable for. That’s where umbrella insurance comes in. An umbrella insurance policy adds to the liability coverage that you have with both your auto policy and your home policy. The way it works is that the first insurance policy, whether it is auto or home insurance, covers an accident first and pays up to its maximum coverage. Once it has reached that amount, the umbrella policy is activated and pays the overage up to its maximum. 

Cost-Effective Insurance

One of the reasons that so many people get umbrella policies is that it’s a way to add to your existing insurance without paying the hefty price tag of boosting each insurance type on its own. If you were to go to your insurance agent and want more liability coverage for your auto and home insurance policies, it could be costly. Umbrella coverage, however, is highly affordable. 

More Liability

If you want to have more liability coverage than you currently do, but you don’t want to pay an exorbitant amount for it, consider an umbrella policy. To talk to an agent about this type of coverage, call us at Cary-Wheeler & Associates, Inc. in Richmond, VA to make your appointment with an insurance agent.