Auto Insurance
In addition to being among your more expensive assets, your automobile is probably an important component of your lifestyle. Automobile insurance can help you protect both your asset and lifestyle by providing funds to repair or replace your automobile if it is damaged or destroyed by accident, fire, theft, or another covered peril. Your automobile policy also provides protection against medical and legal expenses resulting from injury, loss of life, or property damage caused by an accident involving your vehicle.An auto insurance policy is a contract between you and an insurance company. You pay a premium, and in exchange, the insurance company promises to pay for specific car-related financial losses during the term of the policy.
Why do I need it?
In some states, to drive you must carry:
- Liability coverage to pay for losses you cause others, or:
- No-fault coverage to pay you and your passengers for medical and related expenses caused by injuries from a car accident, regardless of fault, or
- Both coverages.
Even in states where coverage isn’t required, drivers must, by law, be able to pay for losses they may cause others. Having insurance is the simplest way for most people to comply. Coverage for vehicle damage usually is necessary to finance a car. These Include:
Other than collision (Comprehensive)
Comprehensive is very similar to collision insurance, the main difference being that comprehensive covers damage caused to your vehicle caused by any unknown party or "act of God". Vandalism, flood, hurricane, theft, windshield damage and fire are all events usually covered by comprehensive automobile insurance. Like collision automobile insurance, comprehensive coverage will pay up to the fair market value of your car (less your insurance deductible.) And although it's not legally required by any state, you will probably need it if your car is financed.
Collision
Collision insurance coverage pays for damage caused to your vehicle in an automobile accident, when you are "at fault". A standard collision automobile insurance policy will pay for any repairs up to the fair market value of your car. Collision coverage usually also comes with an insurance deductible. It's the amount of money you pay toward repairs before your collision insurance kicks in. The higher the deductible you're willing to pay, the less the collision policy will cost.
> Get an Auto Insurance Quote
Home Insurance
Regardless of whether you own or rent, insuring the place you call home can help protect you financially in the event you suffer a loss due to fire, theft, vandalism, or other covered perils. Depending on where you live-a house, apartment, or condominium-an appropriate home insurance policy can provide the money you need to repair or replace your dwelling and/or belongings. It will also cover you in the event someone is injured while on your property and wins a legal judgement against you.The Homeowners Policy
Homeowners policies differ by which losses are covered, which coverage’s you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specific losses you want protection against. The two types of homeowners policies, also know as multi-peril policies, you can choose from are:
- Specified perils — Covers losses resulting from perils specifically listed on the policy.
- Special Form — Covers losses resulting from all perils that the policy doesn't specifically exclude. (Also called Broad Form coverage.)
For additional premiums, other losses such as earthquakes can be covered.
Types of coverage’s
The four types of homeowners coverage a policy provides are:
- Structural — Covers damage to your home or dwelling.
- Personal belongings — Covers damage to items in or on your home or dwelling.
- Liability protection — Covers your legal responsibility for injuries or damage to other people or property.
- Additional living expenses — Covers costs for temporary housing, meals, etc., while your home is being restored or rebuilt.
Structural and Personal Belongings coverages are available on an actual cash value (ACV) basis or at full replacement cost. ACV coverage considers the current market value of an item based on its age and condition. So, if you purchased a television for $400 four years ago, the value today would be significantly less than it was when you purchased it. ACV coverage would depreciate the item's value to determine the current value. Full replacement cost considers the current cost to replace an item.
Your responsibilities
Remember to consider these points when you're choosing your coverages:
- Your policy doesn't cover damage caused by poor maintenance. If you haven't fixed the plumbing for the last year and now your walls are rotted, the insurance company won't dish out the fix-it funds.
- You must complete an inventory of your household. You can do this by completing a list by hand or by computer, taking pictures, or recording a video. Using two inventory methods, such as a computer list and pictures, can help expedite the claim resolution process.
> Get a Home Insurance Quote
Manufactured Home living
Manufactured Home living is modern and carefree...and as a homeowner, you want insurance that will add to your carefree living by giving you protection for your home, your personal property, additional living expenses and your personal liability.Renters insurance
Renters insurance is designed for anyone who rents a home, be it a house or an apartment. You may not own the place where you live, but you still need insurance protection. Renters coverage will protect your personal property, your liability and the extra expense to move if your home becomes uninhabitable because of an insured loss.Flood Insurance
Flood Insurance is offered through the National Flood Insurance Program. Although the government actually provides the coverage, Sterling issues and services the policy. In the event of flood damage to your insured property, Sterling would service your claim.Umbrella Liability
People are suing each other today more than ever. Verdicts amounting to hundreds of thousands of dollars are being awarded by juries across the country in increasing numbers. If you accidentally injure someone or damage their property, you could be the one being sued. Even though your underlying policies may provide substantial liability limits, it is not uncommon today for juries to award damages that exceed those limits.Boatowners Policy
A Boatowners Policy can insure you against most risks of owning and operating your boat, its motor and its trailer. Just as importantly, it can protect you against liability lawsuits, should you injure someone with your boat or damage their property.Fire Dwelling
Apartment buildings, dwellings rented to others, and condominium units held for rental are insured through Sterling. We offer policies tailored to each of these rental situations. Coverage includes buildings, liability protection, and loss of rents insurance. Loss assessment protection is available to owners of residential property in condominiums, homeowners associations, and other planned communities. A wide array of options and coverages are available to fit your needs.
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