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.