Tips to Avoid Identity Fraud
A recent Federal Trade Commission (FTC) study found that 8.3 million Americans were the victims of identity theft in 2005, and the number is rising. In at least half of the incidents, thieves obtained goods or services worth $500 or less; however in 10% of cases, thieves got at least $6,000 worth of goods or services.
56% of all victims were unable to provide any information on how their personal information was stolen. Identity thieves use personal information to impersonate a victim, stealing from bank accounts, establishing phony insurance policies, opening unauthorized credit cards or obtaining unauthorized bank loans.
Use of stolen credit card and debit card numbers is among the most common forms of identity theft. Some schemes use electronic means, including online scams like “phishing,” while others might use more old-fashioned methods, such as “dumpster diving”—rooting around in people’s garbage to collect financial information.
The advent of new, “no-swipe” credit cards that transmit account and user information through radio frequency identification may make it possible, in some cases, for identity thieves to use a simple electronic device to capture the information.
Victims of identity theft are often left unable to use existing credit or obtain a new loan, harassed by debt collectors, are subjects of criminal investigations or civil suits and in some instances arrested.
Here are some tips to avoid identity fraud:
- Keep the amount of personal information in your purse or wallet to the bare minimum. Avoid carrying additional credit cards, your social security card or passport unless absolutely necessary.
- Guard your credit card when making purchases. Shield your hand when using ATM machines or making long distance phone calls with phone cards. Don’t fall prey to “shoulder surfers” who may be nearby.
- Always take credit card or ATM receipts. Don’t throw them into public trash containers, leave them on the counter or put them in your shopping bag where they can easily fall out or get stolen.
- Don’t give out personal information. Whether on the phone, through the mail or over the Internet, don’t give out any personal information unless you have initiated the contact or are sure you know who you are dealing with and that they have a secure line.
- Proceed with caution when shopping online. Make sure that you are buying from a reputable retailer with a secure network.
- Monitor your accounts. Don’t rely on your credit card company or bank to alert you of suspicious activity. Carefully monitor your bank and credit card statements to make sure all transactions are accurate. If you suspect a problem, contact your credit card company or bank immediately.
- Order a copy of your credit report from each of the three major credit bureaus. A new law that took effect December 1, 2004, entitles you to one free credit report per year. Your credit report contains information on where you work and live, the credit accounts that have been opened in your name, how you pay your bills and whether you’ve been sued, arrested or filed for bankruptcy. Make sure it’s accurate and includes only those activities you’ve authorized.
- Place passwords on your credit card, bank and phone accounts. Avoid using easily available information like your mother’s maiden name, your birth date, any part of your Social Security number or phone number, or any series of consecutive numbers. If you suspect a problem with your credit card, change your password.
- Shred any documents containing personal information such as credit card numbers, bank statements, charge receipts or credit card applications, before disposing of them.
CSI only partners with insurance companies that include Identity Fraud Coverage as part of their Homeowners Policy Forms. Contact us today to review your current insurance program.
5 Best Ways to Maintain your Vehicle
Auto maintenance is such an important part to extending the life of your car. These five steps are easily avoidable, but equally easy to tackle. Don’t avoid. Tackle!
1. Check Your Brakes – common signs of break problems include a high-pitched screeching sound when applied, lack of appropriate response, a pedal that “sinks” towards the floor, vibration on the brake pedal or grinding metallic sound. If you experience any of these signs……it’s definitely time for a trip to the auto shop.
2. Top Up “Vital Fluids” – the following should be monitored and topped up on a regular basis: engine oil; transmission fluid; engine coolant; power steering fluid; brake fluid; and windshield washer fluid.
3. Replace Shocks and Struts – Ensuring your vehicle has adequate shocks and struts will increase your vehicle’s safety and performance. Worn shocks and struts can cause uneven tire wear, damage suspension components, and cause unusual drift and sway to your vehicle.
4. Change your Tires – It is important that winter tires be replaced with all-season tires in the spring, as the rubber compound is different and performs differently in warmer temperatures. Driving on winter tires throughout the summer is hard on them and will decrease their lifespan.
5. Oil/Air Filter Change – Your car’s filters have a significant impact on engine life and performance – they also have an effect on fuel consumption and emissions. While the oil filter’s job is to remove oil contaminants, the air filter captures airborne contaminants, like bugs and dirt, preventing them from entering your engine. Left unchanged, dirty air and oil filters can lead to poor acceleration, lower gas mileage, poor engine performance and serious repairs.
If these tips have you thinking about auto insurance, you’ve come to the right place! We can help!
Lapse in National Flood Insurance Program
It’s hard to believe the US Senate adjourned without extending the National Flood Insurance Program, which expired on March 28th. Apparently efforts to reach a bipartisan agreement between the House and Senate failed over a broader political debate on how to pay for the larger bill and the federal deficit. Did they realize that this indecision would wreak havoc in the real estate market? Thankfully as of March 30th three of the nation’s largest lending authorities have issued guidance to administer the federal flood insurance regulations during the current NFIP lapse in Authority……..allowing (in most cases) loan closings to still occur during this hiatus. A procedural motion has been filed in the Senate that will set up a vote the week of the 12th. Among other interests, it goes without saying that it the real estate world, both personal and professional, is hoping for a swift resolution to this lapse. Hopefully it’s all solved before the next recess. If you have any questions about coverage or how this might effect you, visit our Flood Insurance page.
Valuable Articles 101
Your possessions may be more valuable than you realize. Most homeowners policies offer limited coverage for personal articles such as jewelry, cameras, golf equipment, fine art and collectibles, and computer equipment.
The most common item of concern is Jewelry. Many people take steps to protect their jewelry by installing alarms in their homes or having their valuables checked annually for loose stones. Yet, this does not provide a full proof solution. According to the U.S. Department of Justice, nearly $1 billion in jewelry and precious metals were stolen in the U.S. in 2001. To maximize your protection efforts and have peace of mind, consider the coverage offered by a valuable articles policy.
What kind of property can be covered by a valuable items policy?
Common valuable items are:
- Artwork
- Baseball Cards
- Books
- Coins
- Computer Equipment
- Fireams
- Furs
- Jewelry
- Memorabilia
- Muscial Instruments
- Oriental Rugs
- Silverware
- Stamps
When is valuable items coverage needed?
Valuable items such as jewelry, furs, firearms, silverware and computer equipment are often covered in your homeowner policy for a minimum amount of protection. For example, you may have jewelry totaling $15,000 in your home, but your homeowners’ policy only covers a loss up to $5,000. If you have valuable items that exceed your policy limits, you will need optional protection called valuable items coverage. If your personal property exceeds the maximum limits available, you should definitely consider scheduling your items.
What does it mean to schedule your property?
When you obtain valuable items coverage, you will be required to list or schedule out your property. This usually entails a detailed description of the property and its current appraised value. The advantage – scheduling jewelry means it is not subject to deductible in a loss.
What does this type of coverage cost?
It depends on the value of the item. Typically al $20,000 ring will average $300-$400 per year.
CSI January Retreat
CSI just finished another successful January retreat last Friday. It was held at the Lodge at Tiburon in Marin County. Our fabulous team gathered for a day of programming that included presentations from different deparments in the company, coupled with discussions about The No Complaining Rule by Jon Gordon. Here are a few pictures from our day:
Automobile Insurance 101
There is a lot to know about auto insurance in order to fully understand what you’re paying for. The following information provides a quick education to help you navigate the twists, turns and choices involved in buying auto insurance.
Liability
Let’s face it. If you have an auto accident, the legal costs could be devastating. Liability coverage offers protection against claims, property damage or bodily injury to a third party that you or a member of your household accidentally caused while driving your car. This coverage applies only if the driver is considered legally responsible for the damage.
Medical payments
The last thing you need to worry about at the time of an accident is your medical insurance. The medical payments portion of your policy assures that you, your family members and passengers in your car will receive necessary medical and dental services resulting from an auto accident…regardless of who caused the accident. We also provide coverage if you and your family members are involved in an accident as a pedestrian.
Uninsured motorist/Underinsured motorist
Uninsured motorist coverage will pay for injury expenses incurred should you, your family members or passengers be involved in an accident with an uninsured motorist. This coverage also provides protection for a hit-and-run accident or an accident with a driver who has less insurance than required by law.
Underinsured motorist coverage comes into play when the other driver is found legally responsible for an accident and has coverage, but not enough to cover your injuries. If your coverage limits are higher than those of the at-fault driver, this coverage will absorb the additional expenses.
Damage to your car
Collision coverage pays for any damage to your car caused by accidental impact with another vehicle or object…or if your vehicle overturns. The maximum amount to be paid is limited to the actual cash value of your vehicle, which is often referred to as the “local market value,” less the collision deductible. Please remember that the local market value is only a starting point. The actual cost of the car may be more or less depending on the actual condition of the car.
Comprehensive coverage pays for most types of damage to your car resulting from a situation other than a collision. Typical examples include breakage of glass, falling objects, fire, theft, windstorm, hail, water, flood, malicious mischief, vandalism, or impact with a bird or animal. The maximum amount paid is limited to the actual cash value of your vehicle less the “other than collision” deductible.
Situations where damage is not covered. Please be aware that your policy will not pay for damages due to normal wear and tear such as mechanical or electrical breakdowns and flat tires.
Additional, optional coverages
Some coverages are not included as part of the basic auto policy. However, you can customize your policy to your needs by adding the following coverages:
Towing and labor: pays for towing and labor costs each time your car is disabled. Covered labor must be performed at the place where your car is disabled. There’s usually a limit to the dollar amount that will be applied to each loss.
Rental reimbursement: pays for a rental car if your car is damaged by a situation covered by comprehensive or collision coverage and if your car is out of commission for more than 24 hours.
Not Too Early to Get Prepared for Next Fire Season
While fire season might be over in California, it’s never to early to start getting prepared for next season. Check out this video featuring Mike Wardenburg, Head of CSI’s Private Client Group and Principal of the firm.
Welcome to the CSI Personal Insurance Blog!
At CSI we are very excited to begin blogging on insurance and risk management topics that will provide our clients and visitors useful information. Our company values revolve around character, because the definition of character is who you are when no one is looking. Thanks to technology and our desire to be a contributing member to the social networking world, we look forward to being a consistently informative resource that is able to reach you via the convienence of the Internet. As our clients and blog readers we hope you’ll find our entries relevant and valuable. We look forward to your comments and interaction. Our goal is to be leaders that serve.