Lost or Stolen Credit Cards, Debit Cards and Identification

I stopped using checks last year and now I use a debit card exclusively. I know I am behind the curve as that is so several years ago! But, I was impressed with myself for being so current and I like the convenience as opposed to using checks. Well last week I was filling up the car at a gas station when I took a call on my phone. I finished up and jumped in the car and realized 30 minutes later at the grocery store that I had left the card at the pump. I flew back to the gas station and some Good Samaritan had taken the card into the office where it was awaiting me. I can’t tell you how panicked I was and how nerve wracking that trip back to the gas station was.

 

After the emergency was over it occurred to me how unprepared I was if I lost my wallet with my identification, debit cards, credit cards even my social security card. When you lose confidential items like credit cards, keys, and other personal documents, you also run the risk of becoming the victim of a further crime.

 

Whoever has these items might use them to steal further from you – perhaps your money, items from your home or car, or even your identity.

 

You can minimize the risk of this happening by taking prompt action. Contact the police, of course. Then you must notify the issuers of all missing credit and debit cards, check books and travelers checks.

 

This task is considerably easier if you either have a separate list (not in your wallet!) or the emergency numbers for these issuers and banks (you'll find them on the cards and other documents) or subscribe to a card security service that you contact via a single number and they will look after the rest. I of course had not done any of these things so it would have been much harder to recall what I had and who to call.

 

These cards and other documents will normally be cancelled straightaway. The notification process also usually (but not always) covers you against subsequent fraudulent use of the items – so speed really is essential.

 

You then need to contact the issuers of any other items (like Social Security, health insurers, state department of motor vehicles, and even your library) so that they are not fraudulently used, and let your insurance agent know.

 

New cards can be issued and replacement checks can be provided quickly, though replacement Social Security cards generally are not issued.

 

If it's possible you may become the victim of identity theft, you need to notify the credit reporting agencies and get a fraud alert placed on your records. It is possible to freeze your credit so no one can open an account in your name. For more information see my blog post from 08/10/2012 on “Protect Yourself from ID Theft”.

You know what Grandma always said, “An ounce of prevention is worth a pound of cure”. Now I am prepared and hopefully will never need to use it!

What To Do In The Event of a Burglary or Theft

I was just reading in the paper about a series of break-ins to local business and homeowners. Aside from the anger and frustration of being violated by having someone break into your home or business there are steps required to repair the damage and make your home or business secure. I remember when it happened to me and thought back to the steps that I learned through trial and error:
 

Here is a basic checklist of the things you should do (depending on the nature of the crime):

·         Ensure everyone is out of danger.

·         Check the well-being of anyone else who was involved.

·         Call 911.

·         Administer first aid if required.

·         Identify witnesses, if appropriate

·         After theft or burglary, try not to touch anything at the scene until the police arrive.

·         Re-secure your property.

·         Make an inventory of what has been damaged or stolen.

·         If you are a victim of crime abroad, contact the US Embassy or consulate in the host location, as well as local police.

·         Contact your insurer or agent and follow instructions for making a claim.

There are numerous other things that might be appropriate, depending on the advice of the police and your insurer. They are there to help and advise you, so try to follow their guidance.

The US Office for Victims of Crime (OVC) produces an extremely useful factsheet that covers your rights, where to get help, and details of state compensation and assistance programs. You can download it here: http://tinyurl.com/ovc-factsheet

Do you have a first aid kit?

Last night while I was washing the dishes I cut my finger. I have no idea what I cut it on but it immediately started to bleed. No problem, I was able to clean the cut and apply a Band-Aid and yes I drained the water and rewashed the dishes. I keep a small first aid kit at home and have it stocked with bandages, gauze, tape etc. For years I never felt that I needed a first aid kit and until we adopted our children and had a home study I had never kept a kit in the house. I am pretty active and I am usually bumping into something so the kit has been used often. If you don't have a first aid kit, please get one. Today, if you can. It could save a life. Plus, they're not expensive and, if you do it yourself, they're easy to put together. These days, though, you can buy ready-made kits. Drugstores and online retailers sell them but you can also buy them from your local American Red Cross Chapter or the Red Cross Store online, costing from around $15 to $50. The Red Cross also provides guidance on what you should have in a good first aid kit. Here's their list:

2 absorbent compress dressings (5 x 9 inches) 25 adhesive bandages (assorted sizes) 1 adhesive cloth tape (10 yards x 1 inch) 5 antibiotic ointment packets (approximately 1 gram) 5 antiseptic wipe packets 2 packets of aspirin (81 mg each) 1 blanket (space blanket) 1 breathing barrier (with one-way valve) 1 instant cold compress 2 pair of non-latex gloves (size: large) 2 hydrocortisone ointment packets (approximately 1 gram each) Scissors 1 roller bandage (3 inches wide) 1 roller bandage (4 inches wide) 5 sterile gauze pads (3 x 3 inches) 5 sterile gauze pads (4 x 4 inches) Oral thermometer (non-mercury/non-glass) 2 triangular bandages Tweezers First aid instruction booklet www.redcross.org

In a business, you will need something more substantial, depending on the number of employees and type of work being done. There may also be legal requirements at both national and state level. The Occupational Safety & Health Administration (osha.gov) will be able to guide you.

Basic Home Safety Tips Learned the Hard Way!

Last night before I went to bed I left some newspapers on the floor near the bathroom door. I had intended to put them in the recycling and forgot them. Naturally, during the night when I made my way to the bathroom in the dark I slipped and fell into the bathroom. Fortunately I wasn’t hurt other than feeling foolish but this morning that lesson gave me a great idea for a topic on my insurance blog. Falls are the most common cause of accidents in the home, a substantial proportion of them serious or even fatal. You can cut the risk of these and maybe save a life by:

Ensuring carpets are properly fixedto the floor (use floor-gripper tape for loose rugs on slippery surfaces, and ensure fitted carpets are fastened down). I have several of these and they are always sliding around.

 

Removing clutter, especially in busy "traffic" areas for instance, my newspapers!

Marking temporary hazards– like a ladder that people don't expect to encounter – with a piece of brightly colored cloth and removing it as soon as you're done.

Keeping floors dry or out of boundswhen wet. You can buy specialty absorbent rugs for particularly dangerous areas like the kitchen, laundry and bathroom.

Installing handrailsin bathrooms or wherever there are steps (including the yard) – especially important if you have older folk living with or visiting you. These are in the bathroom where I am staying and while I am perfectly able, I use them frequently.

Repairing and leveling walkwaysin the yard. I have one of these where I am staying now and I trip over it frequently in the dark even though I know its there!

Installing low-wattage lightingalong driveways and paths that are used at night. Or, use a motion sensor light that turns the light on for you when you approach.

Fires and fumes, which I talked in an earlier blog, are another key area of home safety. In addition to the measures I recommended then, it's also important to make sure all rooms are properly ventilated, heating appliances are also inspected and serviced annually, air ducts and filters are regularly cleaned, and lint filters on clothes dryers are cleared out after each usage. Blocked lint filters and dryer vents are a major cause of fumes and fires.

 

Finally, I want to warn about keeping dangerous stuff out of reach. I'm talking here not only about your medications – prescription and over-the-counter stuff – and weapons that I talked about before. There are also other dangers you may not immediately recognize, like poisonous house plants, cleaning products and cosmetics and heavy or fragile objects that could cause mayhem if they fall or are broken.

 

This is especially important if you have young people or pets around your home. You can get a list of poisons from both the American Association of Poison Control Centers and the ASPCA Animal Poison Control Center.

Chris, where have you been?

Chris, where have you been?

For those of you who I have friendships or have relationships through business or social media and have tried to contact me over the past several months I apologize for lost time. I also have not been able to keep up with my blog during that time and fell behind but now I am back and will begin my regular postings.

 

I sold my interest in McGregor Insurance in Ocean Shores, Washington to my former partner Mike McGregor and left the agency effective 11/01/2012. It was a very hard decision to make as I loved Ocean Shores and the North Beach of Grays Harbor County. I loved serving my clients and felt an acute responsibility for the protection of their families, assets and business. I also very much appreciated and enjoyed working with my partner Mike McGregor. You could say that the lifestyle and career at McGregor were ideal and you would be right!

 

Do you know how you are going along in life and have the nagging feeling that you are going down the wrong path? I had that feeling for some time. I had a different vision on where I wanted to go with the insurance agency than my partner and his wife and after discussing with my contemporaries in the insurance field and hiring a business counselor for advice my wife and I decided that nothing would change unless I changed. You might draw the conclusion that this was a difference between right and wrong and that I was right and my partner was wrong but nothing could be further from the truth. My partner Mike McGregor was and is to this day an excellent insurance agent, an honorable man who I trust and admire. He runs an excellent insurance agency and I know that my former clients are in good hands in his care. In fact, Mike is still my insurance agent.

 

When we were going through the process and decided to sell my wife Lisa and I discussed what should we do next? We have lived on the Washington coast in the same house for 22 years. Our children are grown and we do not have family locally. What else was out there for us to experience? We decided that if we were going to sell our share of the business this was also the time for us to move our household. We discussed what we wanted in a new community and what I was looking for in the insurance field to continue my career.

 

I spent the entire month of November researching communities for lifestyle and their insurance markets that met my professional goals. In the end Lisa and I had selected specific locations in Washington, Oregon and California where we felt we could be happy and successful. I then researched the agencies in these communities and sent out packets with my resume and bona fides. My membership in the insurance coaching and training group Quantum Club opened a number of doors for me and I was blessed with 17 interviews within these three states. I traveled for two weeks in December meeting with agency owners and managers and discussing my goals and needs. I met some fantastic and charismatic leaders during my travels and I am richer today for the experience, the contacts and in some cases friendships that I made.

 

Lisa and I spent Christmas through New Year’s discussing our options and we settled on a specific region and focused on the opportunities in those communities. We traveled together in early January and spent a week exploring and meeting with the insurance agency owners and in the end we were thrilled to join Ted Hamm of Ted Hamm Insurance of Paso Robles, California. Ted has a wonderful agency, a great team and is also a Quantum Club member. We share a similar vision for the future of our industry and our role as advocates for our clients. I am very excited to have joined Ted effective February 11^th and now I am catching up with the transition and making new relationships.

 

Lisa remains behind in Ocean Shores, Washington for now as we finish a remodel in our home and then place it on the market for sale this spring. She also has commitments to her job at a local bank that she wants to see through. Once those commitments are met and we either sell or rent our home she and my daughter will move to Paso Robles to join me.

 

I am licensed to place insurance in Washington, Oregon, California and Arizona and I am looking forward to being of service to my clients in all of these states. I will share more in time as my family gets settled and I invite anyone who would like to stay in touch to contact me at my personal email chris@fiducia1.com .

How Do You Find the Right Insurance Company For the Right Price?

You could shop on the Internet for insurance. There are numerous sites that have price quotes for auto, homeowners and life insurance policies. But what coverage is available under these policies? And how can you be sure that you’re buying enough coverage?

You could look in the telephone book and find dozens of companies that sell auto, homeowners and life insurance policies. You can call each of these companies and talk to one of their employees.

But does this person know your insurance needs? Can he or she assess how risk-averse you are based on a fairly short phone conversation? Does this person even have a license to sell insurance? And how can this person work for you when he or she is working for the company? Can you imagine a sales representative saying to you, “Frankly, I don’t think we have the kind of coverage you need?”

You could call an insurance agent who represents one insurance company. These companies -- State Farm, GEICO, USAA, Farmers, the Auto Club, etc. -- are fine, financially sound insurers, but what if they don’t have the coverage you need at the price you want to pay? The agent doesn’t have any options for you. He or she represents just that one company.

* Tip. Best Option: Select an independent agent who is not bound to just one, single company.

If you want the best in terms of coverage options and prices, you should call an independent insurance agent. Independent agents represent numerous companies, each of which has a broad range of product offerings. These agents do derive their income from their companies, but they are not employees of any insurer. Independent agents are just that.

Once they assess your insurance needs, they can then find the company they represent that has the coverage that best suits you, at the price you are willing to pay.

About price -- it’s not everything. Cheap doesn’t equate to good. Unless you have few assets to protect, the lowest-priced policy is rarely the best deal for you. This doesn’t mean you need to buy the highest-price policy, either. Think Value. How much are you getting for what you’re paying?

* Tip.  Also, be aware that insurance companies are always hungry for policyholders who drive safely, have safe cars, live in new or refurbished homes, and are health-conscious. Insurers offer a variety of discounts.

Does your car have airbags, antilock brakes? Discount. Is your teenage son or daughter who drives your car(s) a good student? Discount. Does your home have an alarm system? Discount. Are you a nonsmoker? In good shape? Discounts for life insurance. Your agent can make sure you are getting all the discounts you are entitled to.

* Note. Your overall insurance program for you, your family, your home(s), your car(s), your assets, your career, even your life, will probably have several components. Most states require you to have auto insurance with at least minimum liability limits. Your mortgage lender will require a homeowners policy. Everything else is basically optional.

Ultimately, you will decide what to protect with insurance and what risks to assume yourself. In the next few chapters, we will examine the various personal insurance policies, including what they cover and what they don’t.

How Much Insurance Is Enough? It Depends!

While it’s one thing to have insurance for specific risks, it’s quite another matter to have enough insurance. How much is enough? The answer is different for everybody. It depends on what you want to protect and how much risk you’re willing to assume yourself.

Let’s say you have a net worth of $1 million. (Congratulations, by the way.) That’s the total value of your various possessions: home(s), car(s), furniture, art, stock and bond holdings, mutual funds, etc. One million dollars is also how much you have to lose.

* Imagine this.  Say that famous person you hit in the intersection sues you for loss of income, pain and suffering, etc. Basically, the most this person can get from you is . . . $1 million.

Let’s say your current auto insurance policy has a limit of liability that will pay a maximum of $100,000 to any one person involved in an accident with you. (That’s a pretty common limit, by the way, although not for people with seven-figure net worth.) If you’re sued for $1 million, your auto insurance will pay a maximum of $100,000, which leaves you holding the bag for $900,000.

Ideally, your liability insurance limits should come close to matching your net worth. After all, someone can’t sue for something you don’t have. You may be willing to assume some risk here, believing that you’re very, very unlikely to ever be sued for anywhere near you’re net worth.

* Tip. Remember that your net worth is basically a target for attorneys representing someone who has suffered injuries, lost wages, and had pain and suffering as a result of something you did. In addition, it can cost only a few hundred dollars more a year to have a liability limit of $1 million as opposed to $100,000.

In deciding how much insurance to buy, you must consider what you have and what it costs to provide the level of coverage you’re comfortable with.

Keep in mind that most people who have significant assets and decent incomes can afford to purchase liability limits high enough to equal their net worth. Whether they choose to is another matter.