Personal Insurance

Personal Insurance

What keeps you up at night when it comes to protecting your family?

• Premium hikes after a fender bender or minor traffic violation.
• The sticker shock of insuring a teenage driver.
• Losing your homeowners policy over a single claim.
• Gaps in coverage for jewelry, artwork, or collectibles.
• A lawsuit that goes after your personal savings and property.

From your home and vehicles to recreational toys and high-value personal items, Cornerstone Insurance builds personal insurance programs tailored to families across the Piedmont region, the I-77 corridor, and Upstate SC. We shop multiple carriers to get you solid protection at a price that makes sense.

Our real goal is straightforward: make sure your family is not financially devastated when something goes wrong. We dig into your specific situation, match coverages to your actual risks, and recommend products from carriers who deliver when it counts. We also believe in sticking around. Long-term relationships with our clients mean we are there with advice and support year after year. Keeping your family safe is what drives everything we do.

Good insurance does not feel important until the day you need it. Whether it is a cracked windshield or a house fire, the right coverage makes all the difference. Our team at Cornerstone Insurance is ready to answer questions, walk you through options, and help solve problems as they come up.

1. Auto/Car Insurance

Your auto policy is a contract that protects you from financial fallout after an accident. You pay the premium. The insurer covers your losses per the terms of the agreement. Simple enough, but choosing the right coverage matters.

Car insurance provides three core types of protection:

• Property coverage handles repairs or replacement when your car is damaged or stolen.
• Liability coverage pays your legal obligations to others for bodily injury or damage to their property.
• Medical coverage picks up costs for treating injuries, rehabilitation, and sometimes lost wages or funeral expenses.

A standard auto policy includes up to six separate coverage components. North Carolina and South Carolina each mandate certain minimum coverages, and your lender may add requirements if you are still making payments on the car.

Policies typically run in six-month or one-year terms.

The six parts of an auto policy

Your policy may carry all six coverages or a subset. Each is priced independently.

1. Bodily Injury Liability

Pays for injuries the policyholder causes to others in an at-fault accident.

2. Medical Payments or Personal Injury Protection (PIP)

Covers medical treatment for the driver and passengers in your vehicle. At its broadest, PIP can also reimburse lost wages and the cost of services the injured person normally performs, like childcare or household work.

3. Property Damage Liability

Handles damage you cause to another person's property in an accident.

4. Collision

Pays for damage to your own car after a crash, whether you hit another vehicle, a guardrail, a fire hydrant, or any other object.

5. Comprehensive

Covers non-collision events. That includes fire, theft, falling branches, hailstorms (common across the Blue Ridge foothills), vandalism, animal strikes, and civil disturbances.

6. Uninsured Motorist Coverage

Protects you when you are hurt by a driver who carries no insurance at all. Underinsured motorist coverage can be added to your policy as well. It kicks in when the at-fault driver's limits are too low to pay for your damages.

Both Carolinas set minimum liability requirements for all drivers. The insurance industry recommends bodily injury limits of at least $100,000 per person and $300,000 per accident.

a) Classic Cars & Antiques

b) Youthful Operators/Teen Drivers/ New Drivers/Ages 16-19

Getting a teenager behind the wheel is exciting and a little nerve-wracking, whether you live in Charlotte, Spartanburg, or the Clemson area. If your teen has never been on a policy before, here is what to know before you call your agent.

1. If you are not buying an additional car, the teen will usually need to be rated as the primary driver on one of the household vehicles. Your state may require a special form before the teen can obtain an individual license.
2. Adding a young driver to an existing policy will increase your premiums. Ask about available discounts in the inland Carolinas, such as Good Student Discounts and Safe Driver incentive programs.
3. Sit down with your teen and talk about what happens to your rates when they get a speeding ticket or other moving violation.
4. If you are buying a vehicle specifically for the teen, compare models. Some cars cost significantly less to insure than others.
5. Think about a Personal Umbrella Policy. If your teen causes an accident that results in serious injuries or major property damage, you could face a lawsuit.

Good to know: Adding a teen to the family plan almost always costs less than buying them a standalone policy.

Your teen piggybacks on your multi-policy, homeowner, marriage, and clean driving history discounts.

Family loyalty and tenure discounts reduce the teen's share of the premium.

Splitting the cost across several vehicles on one policy is more affordable than insuring a single car alone.

2. Homeowners Insurance

How much homeowners coverage do you actually need? Enough to cover four things:

• The cost to rebuild your home's structure.
• Replacement of your personal belongings.
• Temporary living expenses if your home becomes uninhabitable during repairs.
• Liability protection for injuries that occur on your property.

Base your coverage on what it would cost to rebuild today in your local market, not on the price you paid or the land value. Construction costs in the Charlotte metro are different from Easley or Anderson, and your policy should reflect your area.

If your lender requires homeowners insurance tied to your mortgage balance, verify that it is also enough to cover a full rebuild. Paid off your mortgage? Keep the policy anyway. It protects the equity you have built up over the years.

Key factors that affect rebuilding costs:

• Local labor and material prices
• Age of the home
• Total square footage
• Wall construction type, whether frame, brick, stone, or veneer
• Architectural style (ranch, colonial, craftsman)
• Number and type of rooms and bathrooms
• Roof design and materials
• Outbuildings such as garages, sheds, and barns
• Fireplaces, custom trim, and specialty finishes
• Kitchens or other rooms that have been fully remodeled
• Any additions or upgrades that have increased your home's value

Standard homeowners policies cover damage from fire, lightning, hail, explosions, and theft. Floods, earthquakes, and damage from deferred maintenance are excluded.

Replacement cost policies

Most structural coverage is written on a replacement cost basis. This means the insurer pays to repair or replace using materials of comparable kind and quality, with no deduction for depreciation, age, or wear.

Flood insurance for structures can also be purchased on a replacement cost basis if needed.

Guaranteed or extended replacement cost coverage

When a powerful storm tears through the Piedmont or Upstate, the demand for contractors and building supplies surges. Rebuilding costs can quickly exceed policy limits. An extended replacement cost policy pays 20 percent or more above your limit. A guaranteed replacement cost policy covers the full rebuild, whatever the final price tag.

Building Codes

Codes change over time, and a major loss may trigger a requirement to rebuild to current standards. Most homeowners policies do not cover the extra expense of code compliance, even guaranteed replacement cost versions. An Ordinance or Law endorsement fills that gap by paying a set amount toward code-related costs.

Inflation guard

Adding an inflation guard clause to your policy is a straightforward way to keep coverage current. It automatically increases your dwelling limit at renewal to match rising construction costs in your area.

Older homes

If your home features plaster walls, original hardwood floors, or ornamental woodwork, you may need a modified replacement cost policy. Instead of replicating period details with identical materials, the insurer pays for repairs using modern construction techniques.

Insurer approaches differ widely. Some will not write replacement cost coverage on older properties. Others are happy to do so as long as the home is in solid condition.

When full replacement cost is not an option, make sure your limits are high enough to provide a comfortable, livable home in the event of a total loss.

Your personal possessions

Personal property coverage typically runs between 50 and 70 percent of your dwelling coverage amount. Check the Declarations Page under Section I, Coverages, A. Dwelling for your specific limits.

A detailed home inventory is the best way to know whether those limits are adequate. List every item you own, estimate replacement costs, and compare the total to your policy. If there is a gap, ask your agent about boosting the limit.

Replacement Cost or Actual Cash Value

Two options exist for insuring personal property: actual cash value and replacement cost.

Actual cash value accounts for depreciation, so you receive what the item is worth at the time of the loss. Replacement cost pays to buy a new equivalent, no depreciation deducted.

Picture this: a kitchen fire destroys a television you bought ten years ago. Replacement cost coverage buys you a comparable new TV. Actual cash value pays you a fraction of that, reflecting the old set's diminished worth. Some replacement cost plans will even handle delivery of the new item.

Expect to pay roughly 10 percent more for replacement cost coverage versus actual cash value. Flood insurance for belongings is only available on an actual cash value basis.

Insuring expensive items with floaters/endorsements

Standard policies cap payouts on high-value items like jewelry, silverware, and furs. Jewelry limits are often $1,000 to $2,000. Check Section I, Personal Property, Special Limits of Liability. There may also be caps on computers.

A personal property floater or scheduled endorsement insures individual pieces or collections at full appraised value. No deductible applies. Premiums are based on the item type, your location, and its dollar value.

Provide your agent with a current receipt or a professional appraisal to establish value.

Additional living expenses after a disaster

If a covered loss forces you out of your home, this feature picks up the added costs of living elsewhere: hotel rooms, dining out, and other expenses beyond your normal budget.

Many policies set this at around 20 percent of the dwelling limit. Some carriers offer unlimited loss-of-use coverage for a set period.

If you rent out part of your home, you are also reimbursed for the rental income you lose while the property is being repaired.

Ask your Cornerstone Insurance agent exactly how much coverage you have and how long it lasts. In most cases, you can increase it for a modest additional premium.

Liability to others

Personal liability coverage protects you against lawsuits for injuries or damage that you, your family, or your pets cause to others. It covers both legal defense costs and any damages you are ordered to pay.

Standard policies start at $100,000, but most professionals recommend carrying $300,000 to $500,000 in liability protection.

Umbrella or Excess Liability

If your assets exceed the liability limits on your homeowners policy, an umbrella policy provides an extra layer of protection. It picks up where your home and auto liability leave off.

Umbrella policies are purchased separately. They offer higher dollar limits and broader coverage, including protection against libel, slander, and invasion of privacy. Standard homeowners and auto policies do not cover those risks.

Pricing hinges on your underlying liability amounts and your risk profile. More underlying coverage means a lower umbrella premium. Most carriers require at least $300,000 in liability on both your home and auto policies.

a) Primary Home (newer constructions)

b) Secondary Home

c) Condominium

d) Renters

Not owning a home does not mean you have nothing to lose. Your furniture, electronics, clothing, and other possessions are all vulnerable to theft, fire, and legal claims.

Homeowners typically carry insurance. Renters often do not. Since no one requires it, many skip the coverage entirely. That leaves a lot of risk on the table for very little savings.

Renters insurance protects your belongings from:

• Theft
• Vandalism
• Sudden, accidental smoke damage
• Unexpected water or steam discharge from plumbing, heating, AC, or household appliances
• Fire or lightning
• Windstorm or hail
• Loss of Use

Renting a house, apartment, or manufactured home? Our plans provide coverage for your belongings, the dwelling itself, and adjacent structures.

e) Flood

Life & Long-term Care Insurance

Have you given thought to how you would handle these scenarios?

• Paying bills during an extended time away from work due to a medical procedure, serious illness, or recovery.
• Funeral and burial costs that can catch a family off guard.
• Replacing income if a spouse passes away.
• Maintaining financial stability through your retirement years.

We will help you find life insurance that matches your circumstances and fits your budget. Multiple policy types exist because no two families are alike. How much do you actually need? If nobody depends on your income and your final expenses are covered, you may be fine without a policy. For most people in the inland Carolinas, though, life insurance is an essential piece of the puzzle.

Disability Insurance - Provides income replacement when an injury or illness prevents you from working.

Long term care - Covers the cost of assistance with daily activities when aging, illness, or injury makes independent living difficult.

Final Expense (also known as burial insurance) - Ensures your family has the funds to handle your funeral and related costs without financial strain.

Annuity - A contract that converts your payments into a reliable income stream, usually through a life insurance company. Trusts and charitable organizations can serve the same function.

Life Insurance: What types exist?

Two main categories: term and whole life. Whole life (also called permanent) includes subcategories like traditional whole life, universal life, variable life, and variable universal life. Americans buy millions of both term and whole life policies every year.

Group products differ from individual life insurance. The information here focuses on policies purchased by individuals.

Term Insurance

Options within term include:

Renewable Term Insurance

Convertible Term Insurance

Level Term Insurance

Decreasing Term Insurance

Increasing Term Insurance

Term is the simplest form of life coverage. It pays a benefit only if you die during the policy's term, which ranges from one to thirty years. Most term policies offer no other features.

The two basic types are level term and decreasing term.

Level term holds the death benefit steady for the full policy duration.

Decreasing term reduces the benefit over time, typically in annual increments. The vast majority of term buyers select level term.

Whole Life / Permanent Insurance

Permanent coverage comes in several forms:

Whole Life

Joint Whole Life

Survivorship Life

Universal Life

Variable Life

Variable Universal

Whole life pays a death benefit no matter when death occurs, even past age 100. The three main types are traditional whole life, universal life, and variable universal life.

With traditional whole life, both the premium and death benefit stay level. Since the actual cost of coverage rises with age, the company charges a higher-than-needed premium early on, invests the difference, and uses it to subsidize coverage later in life.

When accumulated overpayments reach a legal threshold, the policyholder can access them as a cash value upon cancellation. That cash value is an alternative to the death benefit, not an addition.

Universal life and variable universal life emerged in the 1970s and 1980s as flexible alternatives to the traditional model.

What is Long Term Care Insurance?

When aging, illness, or injury makes it hard to handle basic tasks like eating, bathing, dressing, toileting, continence, and transferring in or out of a bed or chair, you may need long-term care. These six tasks are called Activities of Daily Living, or ADLs. Needing help with two or more ADLs, or having a cognitive impairment, qualifies a person for long-term care.

Do not assume long-term care only applies to nursing homes. It can also be delivered through adult day programs, assisted living communities, or in-home aides.

Custodial care (ADL assistance) and skilled care (medical and nursing services) are often provided in the same setting. Medicare and private health insurance typically pay for skilled care but not custodial care. That distinction is critical.

Should I buy long-term care insurance?

Consider this: if you needed long-term care tomorrow, could you pay for four or more years of services out of pocket?

If you are over 65, do not expect Medicare or private insurance to cover custodial care. They almost never do.

If your income and assets are very limited, Medicaid may pay for your care. In that case, buying a long-term care policy may not provide much personal benefit. The exception is states with Partnership for Long-Term Care programs, which offer extra asset protection for policyholders.

If you are wealthy enough to self-fund care, typically around $1.5 million in net worth excluding your home, you can probably afford to pay as you go.

For everyone in the middle, long-term care insurance offers genuine peace of mind. Surveys show that policyholders are far more confident in their ability to handle future care costs than people without coverage.

Do not wait too long. A growing percentage of applicants are denied coverage as they age: roughly 11 percent in their 50s, 19 percent in their 60s, and 43 percent in their 70s.

An estimated 15 to 25 percent of people over 65 are uninsurable for long-term care.

More than five million Americans between 18 and 64 already need some form of long-term care.

Federal data shows that nearly 160,000 nursing home residents are under 65, making up about 10 percent of the total. Around 400,000 home health care recipients are under 65, roughly 30 percent of that group.

Unless you qualify for Medicaid or can self-fund, long-term care insurance is worth a serious look.

4. Recreational Vehicles Insurance

Living in the Piedmont means easy access to Blue Ridge mountain trails, Lake Norman, and miles of scenic back roads. If you ride it, tow it, or float it, we can insure it. From motorcycles and ATVs to boats, RVs, and golf carts, Cornerstone Insurance makes sure you, your passengers, and your investment are all covered. Our recreational vehicle policies offer the same quality features you expect: comprehensive and collision coverage, personal injury protection, and towing assistance. If an accident, vandalism, or property damage occurs, you will know your gear is protected.

a) Motorcycle

b) Boat

c) ATV

d) RV's

e) Golf Carts

For details on any of our personal insurance programs, get in touch with Cornerstone Insurance today.