Corey Kaster Insurance Agency

I.M. – I recently had my wallet stolen and among the credit cards was my business credit card. For some time I have been thinking about getting identity theft protection and now will definitely be setting it up (better late than never, right!) However, would it cover my business cards/accounts as well?

Flustered in Florence

Dear Flustered,

First, I am sorry to hear your wallet was stolen and hope everything is getting back to normal. Identity theft is the fastest rising crime in America. There are many identity theft protection services out there and each one has different policies in regards to what is covered and what is not. You will want to ask the prospective companies what they offer that sets them apart from the competition. Some offer services after you have your ID stolen, and some offer services to both prevent and correct issues after ID theft.

Things to look for are:

1) credit monitoring – allows you to see all credit activity to monitor things like accounts open under your name in error, closed accounts still reflecting open, past due reports in error, etc.

2) credit alerts & freezes – in the event of ID theft, there should be a 24/7 number so the company can freeze all credit accounts & credit access with one phone call.

3) Public records monitoring – provides access to anyone who might be associated with your records.

4) Travel/Disaster document replacement – expedites replacement of documents travel so you can enjoy the rest of your vacation.

5) Expense/Loss Reimbursement – this reimburses things such as lost time at work, having to reapply for loans, attorney’s fees, and charges the credit card company refuses to waive.

The average person spends 175 hours to restore their lives after ID Theft. Regardless of what service you utilize to insure against this, it is imperative you also safeguard yourself from the loss in the first place. There are many tips, articles, and links provided at www.farmersidentityshield.com.

A client called my cell phone last weekend because they came back from vacation to find their basement flooded with a couple inches of water. During the downpour we had that Saturday, one of their gutters had overflown (due to not being cleaned recently) and the subsequent deluge filled 10 inches up in the egress windows. This leaked into their basement and soaked the carpet. They were able to dry the carpet using dehumidifiers and fans and that was the extent of the damage. The call to me was to see if replacing the carpet would be covered by their insurance.

Unfortunately, rain water coming into your house from the outside is considered flood and therefore is not covered under most homeowners policies. Had this been a sudden pipe bursting within the house it would have been a different story. While frustrating, the client understood.

Tips:
- Clean gutters regularly to prevent water overflow that can leave standing water up against your home
- When leaving town, have a friend/neighbor check on your house (in its entirety) 1-2x per day. This person had a friend watching their home, but they did not go through the entire house; therefore they did not notice the flooding downstairs.

*Also make sure the person watching your home has the contact info for your agent and the claims department. Had this been a covered loss, the friend could have let us into the house to prevent further damage and start cleanup without interrupting the homeowners vacation.

I.M. – I have been bike commuting and have been thinking… what if something happens while I am riding my bike? If I run into a car and damage it, get injured, someone hits me (by car or bike), who pays?

First, I would like to congratulate you for commuting by bike. The environment, your body, and I thank you. The only person who doesn’t appreciate it is big oil companies, but I think they will get over it.

I have had a lot of people asking about this and am glad to clarify. If you run into a car, person, or any other object and damage/injure it/them, you are responsible. If the damage/injury is severe and/or you are incapable of paying for it yourself, it would fall against your personal liability insurance. This coverage is automatically included in homeowners, renters, or condominium insurance. We recommend people have their personal liability set at a minimum of $300,000 and if your net worth exceeds that, it should be raised to match/exceed. Personal liability coverage extends around the world for anything you could be found personally liable (at fault) for while not operating a vehicle.

If injured and the accident is your fault, your personal medical insurance should cover any medical expenses. It is important to make sure your health insurance is set up well if you are often in risky situations such as bicycle commuting, rock climbing, aggressive sports, etc. A high deductible or co-pay could be detrimental in these situations.

If injured and the accident is someone else’s fault, they are responsible. If they are driving, their auto insurance should pay. If they are on a bike, they or their personal liability insurance are responsible.

A great resource and organization to support is the Bicycle Transportation Alliance. They are working for better safety regulations, more bicycle-friendly policies, more places to store bikes, and better bike routes. I am a member and invite you to become one as well.

http://www.bta4bikes.org/