Saving You Money For Life

A recent story in Reuters said that identity theft remains a major problem, with Americans losing $45.3 billion in 2007, but a drop in fraud cases suggests that more consumers and businesses are winning the battle against criminals.

According to the study:

• Losses declined 11 percent from about $51 billion in 2006. The average loss fell 6 percent to $5,574 from $5,920.
• The study also said that as banks and retailers beef up their in-store and online security systems, frauds are resorting more to the phone and the mail to prowl for victims.

  According to Javelin Strategy & Research, 8.1 million adult Americans, or one in 28, learned last year that criminals committed fraud with personal data such as credit card or Social Security numbers.

  That’s down from 8.4 million in 2006 and 10.1 million in 2003. But it still means many people were at risk of having their accounts drained, or credit card bills soar, without knowing it was happening.

  Who knew the world was so dishonest?

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Hopefully by now you’re convinced flood insurance is a smart investment for protecting your home and family belongings. Now let’s talk about those other valuable assets – your vehicles.

It’s not unusual for every adult (and child who has reached driving age) to have access to their own personal transportation. Let’s face it, Americans own a lot of cars! Each state has different requirements for car insurance and drivers can be easily overwhelmed in choosing the right coverage for their situation.

The Insurance Information Network of California had Tully Lehman offer some handy tips when it comes to insuring your automobiles against flooding: flood insurance for your cars is purchased under a separate policy, just like flood insurance for your home. The only difference is in the name.

Comprehensive coverage is the term used by agents in the auto insurance industry to describe risk associated with damage from anything other than a car accident. So if your engine and interior are ruined by rising water, or a tree falls on the windshield, you can only make a claim if you have comprehensive coverage. If you’re driving home during a storm and think the water is shallow enough to get through that last intersection, comprehensive will cover you even if it turns out you were wrong.

Whatever damage you encounter from a storm, make sure you have the insurance you need to get up and running again. You’ll only be paid if you’re prepared!

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