Identity Theft Insurance

The loss exposure from identity theft is increasing, along with ever-evolving methods that identity thieves utilize. Where identities were previously stolen one by one, criminals are increasingly stealing
massive amounts of them in a single blow. 

The Federal Trade Commission (FTC) processed 1.4 million fraud reports in 2018, totaling nearly $1.5 billion in losses. In their report, the FTC stated that the most common categories for fraud complaints were identity theft and imposter scams, with credit card fraud as the most widespread identity theft cases. Fraudulent tax returns to claim a refund are also prevalent.

Most unendorsed homeowners policies do not cover identity theft, creating a significant coverage gap. At McCurdy Group, we are very concerned about this loss exposure. That’s why we encourage our clients to consider identity theft insurance options. This coverage can be purchased as a stand-alone policy or as an add-on to a homeowners policy. These policies are not meant to pay for the fraudulent charges or accounts themselves; they are meant to provide reimbursement of expenses associated with
the process of recovering from fraud.
 

Here are a few examples of covered expenses:

• Fees for reapplication and the reissuing of various identification documents such as passports, Social Security cards, and driver’s licenses.
• Loan application fees for reapplying if the initial application was denied due to the identity fraud.
• Reasonable attorneys’ fees for defense of lawsuits and related costs.
  

Identity theft is a crime that can have terrible consequences. However, with swift and thorough action—and the assistance and expertise of trained professionals— victims can regain control of their credit,
finances, and good name.

Identity theft insurance is worth considering and the cost runs from $25 to $50 a year, according to the Insurance Information Institute. Give us a call at 508-347-9343 and schedule a time to talk with us about Identity Theft Coverage. Identity Theft Insurance.

Water Damage: A Renter's Potential Nightmare

 

According to the Insurance Information Institute (iii.org), water damage is the second most common cause of property damage. Yet, 63% of renters do not have renter’s insurance. Many tenants presume their landlord's insurance policy will cover the damage to their belongings. Unfortunately, this is not the case.

 

A landlord's insurance covers repairs to the building itself, not the renter's personal possessions. With winter’s chill upon us, if a pipe were to freeze and break thus flooding the apartment’s interior, the landlord would be responsible for repairing the pipe and any damage to the structure. As a tenant, you would be responsible for replacing your personal property.

 

Or let’s flip that around. Let’s say you caused the water damage due to an overflowing tub or sink causing water damage not only to your apartment, but to other units in the building as well. A renter’s policy can protect you from property damage to others.

 

Renters insurance covers your personal property in the event of a disaster. And it’s not expensive. The average policy, depending on coverage is about $20 per month for $20,000 policy, according to the Independent Insurance Agents and Brokers of America. 

 

What to do if you have a water loss:

• Take photos and/or video of the damaged property. And don't throw anything away until your claims adjuster has completed an inspection. 

And if you don't have renter’s insurance, definitely call us now at 508-347-9343!