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.

Condo Insurance 101: What You Need to Know About Coverage

Navigating the world of condominium ownership can be exciting, but it also comes with unique insurance considerations. To help you make informed decisions, at Cary-Wheeler & Associates Inc. in Richmond, VA, we have created this Condo Insurance 101 guide. With essential information on coverage types and expert advice from our insurance professionals, you’ll be better prepared to protect your investment. 

Condo Insurance Explained

Owning a condominium comes with unique insurance needs. Condo insurance, also known as HO-6 insurance, provides coverage for your personal property, liability, and the interior structure of your unit. It complements what’s provided by your condo association’s master policy, which typically covers the building’s exterior and common areas.

Personal Property Protection

Condo insurance safeguards your belongings against theft, fire, and water damage. Having adequate coverage for your possessions is vital, as replacing them can be expensive. Create an inventory of your belongings and their value to determine the appropriate amount of personal property coverage.

Interior Structural Coverage

This aspect of condo insurance covers damage to your unit’s interior walls, floors, and ceilings. It’s crucial to understand the extent of your condo association’s master policy, as it will help you decide how much interior structural coverage you need. For example, some master policies cover the original built-in fixtures and finishes, while others may only cover the bare walls.

Liability Coverage

Liability protection is another component. It covers you if someone is injured within your unit or if you accidentally cause damage to another resident’s property. Liability coverage also provides financial protection for legal expenses if you are sued for an injury or damage.

Loss Assessment Coverage

Sometimes, your condo association may levy a special assessment on unit owners to handle expenses not covered by the master policy. Loss assessment coverage helps pay your share of those costs, protecting you from unexpected financial burdens.

Take the Next Step and Contact Our Agents

Condo insurance is important in preserving your property, possessions, and financial well-being. Contact Cary-Wheeler & Associates Inc., serving the Richmond, VA metroplex, to discuss your condo insurance options and secure the protection you need today.

3 Reasons You Need To Buy A Home Insurance Policy

Owning a home is an excellent reason to learn how to preserve it. After all, isn’t your home your castle? The first step in keeping it safe and secure is to analyze the reasons for purchasing a home insurance coverage. Here at Cary-Wheeler & Associates Inc., we have helped many homeowners just like you in Richmond, VA with all of their house insurance needs.

Here’s a quick rundown of three compelling reasons to purchase home insurance:

You Never Know What Could Happen

Even if you merely get the most basic home insurance policy, your property will be protected against a variety of potential threats. Most basic home insurance policies cover vandalism, tornadoes, hail or wind damage, fire, and other perils. Regardless of how hard you try to keep your home safe from disaster, Mother Nature may be cruel at times. However, having home insurance in place can provide you with peace of mind.

Protects Your Liability

What happens if someone enters your property and is injured? Who will pay for your medical expenses and any property damage? Even if someone has trespassed, you could be held liable if they are wounded on your property. Your liability is safeguarded by home insurance.

Some Lenders Require

If you have a mortgage on your house, the lender you used to secure the loan will almost certainly require you to get home insurance until the loan is paid off.

Reach Out To Us

Want to learn more about important reasons to protect your home in Richmond, VA or do you need help finding a home insurance policy for you? Here at Cary-Wheeler & Associates Inc., we have ample experience helping insure and protect homeowners in Richmond, VA and are happy to help you find a policy that meets your needs today! Give us a call so we can create your quote.

Do Schools Need Commercial Insurance?

Just like a car, house, or business property, schools, and educational facilities need insurance. Since no two schools are exactly the same, choosing the right insurance requires identifying a school’s unique needs. Here at Cary-Wheeler & Associates Inc., we care about community school programs in Richmond, VA. This is why we’ve put together a quick Q&A guide on choosing the right policy for your school.

3 Questions to Ask When Choosing Insurance

Q. What risks is your school exposed to?

A. School risks impact the best coverage to buy. Some of the most common risks that all schools face include those relating to:

  • Breaches of duty
  • Misconduct
  • Failure to educate
  • Errors or omissions
  • Litigation
  • Bullying
  • Compliance
  • Sexual harassment
  • Sports injuries

The right insurance policy will provide coverage for all the above-mentioned risks.

Q. What are your school’s insurance requirements?

A. Almost all schools will require, at a minimum, the following types of coverage in an insurance policy:

General liability provides protection for all aspects of the school relating to coaches and athletic trainers, booster clubs, school nursing, volunteering, and PTAs. Commercial auto coverage.

Commercial property provides coverage for the school’s physical building and certain types of equipment. You’ll need this type of coverage regardless if you own or rent the school building and any of the covered equipment.

Auto-commercial coverage protects various types of transportation expenses as well as the employees driving school-owned or school-rented vehicles. Some policies also cover employees driving their own vehicles for school-related purposes.

Q. Does the school need injury insurance?

A. Yes, almost all schools need this type of coverage. With the right type of general liability coverage, there are a variety of school-related injuries commonly covered:

  • Food poisoning
  • Toxin exposure
  • Playground injuries
  • School bus accidents
  • Slip and fall incidents
  • Emergency situations

As you can see, there are many types of insurance that schools should consider. From commercial insurance to general liability coverage, having the right policy in place at the right time can be the difference between staying open and having to close a school’s doors. Contact Cary-Wheeler & Associates Inc. to learn more about school insurance options in Richmond, VA.

My landlord already has insurance. Why do I need renters insurance?

Having renters insurance from Cary-Wheeler & Associates Inc. is an important part of protecting your belongings and ensuring that you are covered if something happens to your apartment or rental home. Though your landlord may have their own insurance policy, it may not cover any of your personal property should it become damaged or destroyed in a fire, flood, theft, or other disasters here in the Richmond, VA area.

Benefits of Renters Insurance

Renters insurance can provide coverage for these scenarios, as well as providing liability coverage should someone get injured while on the property.

Renters insurance also covers additional living expenses if you need to temporarily move out of your home due to a covered loss such as a fire or natural disaster. This coverage can help with hotel bills and other costs associated with finding a temporary place to live until you can return to your rental home.

Finally, renters insurance also provides protection against personal legal claims. If someone is injured on the premises and files a lawsuit against you, the policy will step in to help pay legal fees, and settlement costs up to the policy limit.

Reach Out To Us

When it comes down to it, having renters insurance is essential for anyone living in a rental property. Not only does it provide financial protection in case of an emergency, but it also offers peace of mind knowing that you are covered from any potential risks that may occur on the property.

If you have any additional questions, give us at Cary-Wheeler & Associates Inc. a call today. We proudly serve the Richmond, VA area and would be happy to help you find a policy that meets your needs and your budget.

Do I Need Full Year Motorcycle Insurance in Virginia?

Motorcycle insurance is an essential part of owning a bike. In Virginia, riders must have liability insurance at the very least. But do you need to purchase full-year motorcycle insurance? Let’s break it down and find out how Cary-Wheeler & Associates Inc. can help.

What Is Full-Year Motorcycle Insurance? 

When you purchase insurance, it’s for 12-month coverage. When you live in an area that has poor weather for a few months, it can be frustrating. If you can’t ride all year, you may wonder if it’s worth purchasing full-year motorcycle coverage.

The answer is complex. In Richmond, VA, you can pay DMV not to have insurance. However, if you have a bike loan, the lender most likely requires you to carry insurance for the entire term. You may qualify for lay-up insurance, a reduced rate when you don’t ride. But what about the two or three months you’re off the road?

Why Should I Consider a Year-Round Motorcycle Policy?

When you purchase full-year motorcycle coverage, it offers more protection than just the minimum liability. Most insurers offer optional coverage such as collision, comprehensive, and even roadside assistance. This coverage can be invaluable if you plan on taking long trips or riding in inclement weather. You also can add riders to your policy, which is beneficial if you share your bike with family and friends.

Give Us A Call

Reach out and start building your custom motorcycle insurance policy today! If you’re a motorcyclist in Richmond, VA, looking for reliable coverage all year round, contact Cary-Wheeler & Associates Inc. today! Our team of experienced professionals will help you find the perfect policy for your budget and lifestyle needs so you can ride with peace of mind.

What is the difference between collision and comprehensive insurance?

Cary-Wheeler & Associates Inc., serving the greater Richmond, VA community, is happy to assist with all your auto insurance needs. There are two main types of auto insurance coverage: collision and comprehensive. Collision insurance covers damage to your car resulting from a collision with another vehicle or object. Comprehensive insurance covers damage to your car caused by things like fire, theft, or vandalism. 

Here’s a look at the difference between collision and comprehensive insurance, when you would need each type of coverage, and how to choose the right type of insurance for your needs.

Collision Insurance vs Comprehensive Insurance

The main difference between collision and comprehensive insurance is the type of damage that each cover. Collision insurance is primarily concerned with the damage your car incurs as a result of a collision with another vehicle or object, such as a guardrail, telephone pole, or another car. Comprehensive coverage generally covers anything that isn’t related to an accident, including damage caused by fire, theft, vandalism, natural disasters, and other non-collision events.

Typically, you would need both types of insurance if you own a car. For example, let’s say that your car is involved in an accident and suffers significant damage. Without collision insurance coverage to help pay for repairs or replacement costs, you may be left responsible for covering these costs out of your own pocket. Similarly, if your car is damaged or stolen in a random act of vandalism, comprehensive insurance would help cover the costs of repairing or replacing your car.

Contact Us Today

Choosing between collision and comprehensive insurance can be a difficult decision, as there are many factors to consider when making this choice.  If you have any questions about your car’s insurance, give Cary-Wheeler & Associates Inc. a call today. We proudly serve the Richmond, VA area.

The Importance of Small Business Commercial Insurance

Starting a small business can be a complicated yet worthwhile goal to achieve. The majority of the larger and most successful corporations in the world started out as small businesses.

However, many of these businesses would not have been nearly as profitable if they had not maintained adequate commercial insurance. The state of Virginia is highly regarded as a fantastic location for small business owners to realize their dreams. Nevertheless, the importance of the correct commercial policy can ultimately be the difference between success and failure.

Why Commercial Insurance?

Commercial insurance for small businesses is not only a viable and safe option but a necessary tool that you will eventually rely on if anything were to happen.

This includes basically anything that may occur to your product, the building that houses your small business, etc. For example, in the event of a natural disaster or a burst pipe destroying goods, your products would be replaced. Under a commercial liability insurance policy, your building would be repaired as well.

Theft is also another common issue amongst businesses big and small. But with your insurance coverage, you won’t have to worry about losing your livelihood for good.

Contact Us Today

Cary-Wheeler & Associates Inc. in Richmond, VA is here to support you and add some much-needed simplicity to this important transition in your life. Starting a small business is stressful, and there is so much to remember. But if you allow Cary-Wheeler & Associates Inc. to assist you, it will alleviate a portion of that stress.

If you are in or near Richmond, VA, drop by our office. You can also give us a call and get started on making your dreams come true.

How often should I review my home insurance policy?

Homeowners insurance from Cary-Wheeler & Associates Inc. protects you from the financial burden of damage caused by perils like fires, severe weather, burglary, and more. As a responsible homeowner in Richmond, VA, part of maintaining your home includes keeping your homeowners’ insurance policy up-to-date.

How often should you review your policy? 

Personal Life Changes

Review your homeowners’ insurance policy whenever there is a change in your personal life. For example, getting married or divorced or having a child can impact your home insurance coverage.

If anyone in your household has a medical condition that requires regular treatment or medication, you’ll want to make sure that your home and belongings are sufficiently covered. You may also need to add extra coverage for high-value items like jewelry, art, or collectibles.

Updates to Your Home

You should also review your homeowners’ insurance policy whenever you make updates or improvements to your home. For example, if you renovate your kitchen or add a new deck, you’ll want to ensure that these updates are properly reflected in your coverage. 

Additionally, if you’ve purchased any new expensive appliances or electronics recently, you’ll want to insure them for their full value in case they’re lost, stolen, or damaged. Many standard homeowners insurance policies have limits on how much they will pay out for certain items like jewelry, art, electronics, and more, so it’s important to check that you have the coverage you need.

Contact Us Today

As a homeowner in Richmond, VA, it’s important to keep your insurance policy up-to-date so that you’re fully protected in case of an unexpected event. Contact Cary-Wheeler & Associates Inc. at least once a year and anytime there is a change in your personal life or home. 

Why Renters Insurance Is So Important

If you are a renter, there are certain aspects of your home that you don’t have to insure. The dwelling will be insured by the owner, so you don’t have to worry about that. However, you do need to have renters’ insurance. It doesn’t cover the dwelling itself and instead gives you types of coverage that you need to have in place. You run a lot of risks as a renter, and this insurance can protect you from many of them.

For expert insurance guidance, give us a call at Cary-Wheeler & Associates Inc. in Richmond, VA.

The Benefits of Renters Insurance

Your Belongings Need Protection

Though you don’t have to cover the home itself, you do need to cover what’s inside it. If a serious event happened to the home and your things were destroyed, you would have to pay for everything to be replaced if you didn’t have a renters insurance policy. These policies protect everything so that the policy can pay to have them replaced if something should happen to them. This coverage is very valuable, and yet renters insurance is quite inexpensive. 

Your Liability Needs Protection

Sure, you don’t own the property, but you are still responsible for anything that happens there. If a third party came into your home and somehow became injured there, such as in an accident, you are likely to be liable for the injuries. This means that you would have to pay for their expenses like their lost wages and any medical bills. No one should be open to that kind of risk and renters’ insurance makes sure that you aren’t, paying those bills. 

Get Renters Insurance Today

If you don’t have a renters insurance policy, you are likely required to have one by your landlord. To get started, call us at Cary-Wheeler & Associates Inc. in Richmond, VA.