Personal

Condo Insurance
Home Remodeling
Identity Theft

A Look at Condo Insurance

Unlike most homes, part of a condominium is "shared" property, and part of it belongs to the unit owner. Most condo associations provide a certain amount of insurance protection, which sometimes causes confusion over the condo unit owner's individual responsibility. If you, as a condo owner, are trying to evaluate how much "home" insurance you need, here are some points to ponder:

What the Association Covers

Some condo associations insure only the external building, while others assume responsibility for the building and certain fixtures inside each unit. It's a good idea to read your condo association's bylaws and/or master deed to find out its insurance provisions. Once you know what your association covers, you can fill in the gaps with your own insurance.

Your Personal Possessions

Your personal property is your responsibility, not the association's responsibility. Take a detailed inventory of everything you own to estimate how much your possessions are worth. Keep in mind that extra coverage in the form of a floater may be necessary for especially valuable items that call for greater coverage.

Condo Updates

If you have remodeled a room or made any other improvements in your condo, your policy should be updated to reflect those changes.

Loss Assessment Coverage

If your association's insurance comes up short after a disaster destroys commonly shared areas, you and other unit owners may be assessed to pay for the losses. Since loss assessment coverage pays your share of these assessments, it's important to make sure you have the proper amount of protection. Just as renters and homeowners need property and liability coverage, so do condo owners. Please call us or stop by to review your needs, and to clear up any questions you might have about condominium insurance.

Remodeling Your Home

A lot goes into adding on a deck, a new bathroom, or that guest bedroom you've always wanted. However, in the excitement of the project, you may overlook updating your insurance coverage.
You should be aware that additional insurance coverage might be necessary if you remodel. Your homeowners policy will likely cover work you do yourself, the actions of a friend, or loss resulting from a contractor's actions.

However, make sure any contractor you hire is bonded, has liability insurance, and workers’ compensation insurance—just in case a wall comes crashing down or someone takes a nasty fall.
It's smart to evaluate your insurance coverage while your remodeling project is still in its developmental stages. Remember, since additions can increase the value of your home, your insurance policy may need to be adjusted accordingly. Give us a call and one of our qualified insurance professionals would be glad to assess your coverage options.

Identity Theft: Protection and Prevention

Identity theft—using another person's personal information to commit unlawful activity—has become a crime epidemic in recent years. The Federal Trade Commission (FTC) reports that the number of incidents of identity theft increased approximately 100% in 2002. Identity theft can be emotionally and financially devastating. If you fall victim, it could cost you upwards of $1,000 out-of-pocket to rectify any damage caused by this crime.

Before you become a victim, consider the following steps you can take to help keep your good name—and good credit—protected:

If you must give out personal information while making a purchase, be aware of your surroundings and do it discreetly.
Order a copy of your credit report now and check it for accuracy.

Remember to do this once a year to stay informed of any significant changes in your credit history. You can contact any of the three major credit bureaus (listed below) for a copy. Some states allow one free copy per year but by law, these and other credit bureaus cannot charge you more than $9 for a copy of your report. If you are in the process of disputing a credit issue, you might even be able to obtain a copy for free.

Experian: 888-EXPERIAN
(888-397-3742)
Fraud Department:
888-EXPERIAN
www.experian.com

Equifax: 800-685-1111
Fraud Department: 800-525-6285
www.equifax.com

Transunion: 800-888-4213
Fraud Department: 800-680-7289
www.transunion.com

Do not give out personal information over the phone unless you have made the call yourself. This will help ensure that only the people and businesses you have chosen to contact are privy to your information.

Purchase a paper shredder to properly destroy any documents, receipts, or pieces of mail that contain information an identity thief might find useful, such as ATM receipts or bank statements

Avoid using your Social Security number unless absolutely necessary.This includes replacing it with another number on your driver's license. Most states now offer the option of choosing an alternate number.

Secure your personal computer, using firewall programs, anti-virus software, and secure browsers. Minimizing online access to your personal information can help thwart uninvited guests to your computer.

It Happened—What Do I Do?

If you have become the victim of identity theft, there are ways you can help ensure the process of clearing your name moves smoothly:

Contact the Federal Trade Commission's Identity Theft Hotline 1-877-IDTHEFT (877-438-4338).
Create a list of all the creditors whom you suspect have received fraudulent information. Keep records of all communications with them, including written transcripts of phone conversations and copies of correspondence.
Inform the fraud departments of the three major credit bureaus (numbers listed above), and ask that a "fraud alert" be attached to your file. Although the credit bureaus are not required to offer "fraud alerts," they generally will do so. This temporarily alerts a creditor that fraudulent activity may have been conducted on your accounts.
Terminate any accounts you were not responsible for opening, or any existing accounts that were used fraudulently.
Report any information you have to the police, and be sure to give them copies of all relevant documents.

Depending on the type of fraud that has been committed, you may need to take some additional steps. For example, if your Social Security number was used under false pretenses, contact your local Social Security office. Or, if an identity thief created a cellular phone account with your billing information, contact the Federal Communications
Commission (FCC).

Education and Reaction

Educating yourself on how to avoid becoming a victim, as well as how to react should you become a victim of identity theft are the first steps in the battle to stop this crime. To learn more about identity theft—and ways to protect yourself—visit the Federal Trade Commission online at www.ftc.gov.