Theft Prevention Archives - O'Connor Insurance Agency

Protection for Your Special Valuable Items

February 13, 2019 Rachel V

Take a look through your home and start thinking, “How would I replace this in case it was lost or damaged?” While renter’s and home insurance will cover many costs, there are some things that may not be covered entirely. Valuable items coverage is additional coverage you can purchase to insure items outside of the normal scope of your homeowner’s insurance. You can add this as a part of your homeowner’s or renter’s policy or make it a stand-alone personal articles floater policy to specifically schedule these items. Our staff will be more than happy to help you navigate this decision.

With Valentine’s Day coming up (and all the shiny new things we hope it brings for you), we figured it would be the perfect time to remind you of a few other things that can be covered by valuable items coverage.

Jewelry – This one goes without saying, but any nice jewelry should be insured. The insurance will offer broad coverage including theft and lost items, which is especially important for smaller items (like rings).
Collectibles – Do you have a fine art collection? What about that special baseball card collection? Items that will appreciate in value and are one of a kind should have coverage of their own. An appraiser can help determine what your collection is worth, helping your agent assess your coverage needs.
Electronics – You should already have a home inventory (if you don’t read our guide to creating one here), but think about each computer, television, tablet, and other electronic devices in your home. If the total value of all of those items is more than what your coverage already includes for replacements, you need to add more coverage.
Sports and hunting equipment – If you are a hunter, avid angler or cyclist, you know how much money you put into the sport. You also know how upset you would be if you could not pay to replace the gear, if the worst should happen. A valuable items policy would alleviate this.
Expensive hobby items – Do you do photography? Play an instrument? Have a crafting or art studio? Think about getting coverage for these things, which will make it easier to get back up and working after a disaster.

We hope you have a lovely Valentine’s Day with all of the people you love, and look forward to your call on February 15 to get coverage for all of your new things!

Four Things to Know About Taxes and Identity Theft

February 28, 2017 Karen O'Connor

In 2014, almost 18 million people in the United States were victims of identity theft. Two-thirds of them said they suffered a direct financial loss because of it, according to the Bureau of Justice Statistics (BJS).

During tax season, your personal information is particularly vulnerable. After all, your Social Security number (SSN) is on W-2 forms, your tax return, and other financial documents being sent through the mail, transported to accountants and otherwise used to complete your annual IRS ritual. So it’s a good time of the year to be especially vigilant.

To help, here are four things you should know about identity theft — from what thieves can do to how you can help protect yourself — from the Internal Revenue Service (IRS) and Federal Trade Commission:

Thieves won’t just open new accounts — they can (and will) file “your” taxes. Someone with access to your data could file a fraudulent tax return and claim a refund under your name. You may not know until you go to file your own return and it comes back rejected. If it happens, call the IRS Identity Protection Specialized Unit at 1-800-908-4490.
Scammers will try to reel you in. Ever get a call or email from someone asking you to verify your account information or SSN? Legitimate organizations, especially the IRS, won’t do that. If there’s a problem with your tax return, the IRS will contact you by mail.
Technology can help. If you send tax forms or other sensitive documents via email, password-protect them. Furthermore, security software can help keep your data safe, and password generators will help ensure your various login credentials aren’t easy for a thief to figure out. As for analog documents, such as tax records, store them in a locked desk or filing cabinet and don’t send them through the mail unless it’s certified.
Reporting the crime is a must. Ninety percent of identity-theft victims don’t alert the police, says BJS. But you should. A police report can help prove to financial institutions and businesses that someone stole your identity. It also allows you to place an extended fraud alert on your credit report, get inaccurate information removed, stop debt collectors from reporting fraudulent accounts and more. Because once criminals have your information, they may use it to perpetuate many types of fraud.

Protecting your identity is, of course, something to be mindful of all year round – not just during tax season. For more tips, visit IdentityTheft.gov.

Insure Your Valentine's New Jewelry

January 31, 2017 Karen O'Connor

Valentine’s Day is near, and love is in the air. Well, love and a few other things, such as chocolates, romantic dinners, candy hearts that say Be Mine – and, of course, jewelry.

It’s exciting to receive jewelry from a loved one or to give it as a gift. But if you’re lucky enough to receive some new bling this Valentine’s Day, you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.

Don’t know where to turn? Don’t worry. At O’Connor Insurance, we think it is exciting to help our customers protect what’s most important to them so we’re ready to help and can answer all of your questions.

Things to consider when insuring jewelry:

You may need to purchase additional coverage. Your homeowners’ policy covers valuable items such as jewelry only up to set amounts. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage.

You might want to reconsider your deductible amounts. As always, this impacts your policy premium. It’s a good idea to take a look at your deductibles whenever you make a change to your policy.

Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper.

What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are, and if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen, or if you can simply keep the cash settlement.

Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.

Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is yes, you might consider foregoing insurance. But please, talk to us before making that decision. That’s what we’re here for.

Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.

Here’s hoping your Valentine’s Day is full of fun and romance. And if there’s no jewelry involved, well, there’s always next year!

How Safe Are Your Valuables?

October 25, 2016 Karen O'Connor

Think fast – your tax return from 2012, where is it? How about your grandmother’s diamond watch? Is it in a secure place?

Having a home safe means that not only are important documents and valuables protected from fire and theft, but that you also know exactly where they are when you need them. But is a home safe or a safe-deposit box (or both) right for you? Let’s take a look at the advantages, disadvantages, and uses of each.

Home Safes

Advantages: They help protect against fire and theft and give you the ability to quickly and easily find important documents and other items.
Disadvantages: If the safe can be easily pried open or carried off, your valuables aren’t actually all that safe.
What to keep inside: Documents and other things you access regularly or might need to find quickly, such as insurance policies, medical information, investment and bank documents, wills, safe-deposit box keys, passports, fine jewelry, etc.

Safe-Deposit Boxes

Advantages: A secure location within the bank vault makes theft very unlikely, unless someone gains access to your key. Banks likely have a lower risk of fire and other incidents than your home as well.
Disadvantages: You have to leave home to access important documents or valuables, and can do so only during bank business hours. There’s typically a monthly or annual cost, rather than the one-time purchase of a home safe. You’ll also likely need to have an account with the bank in order to rent a safe-deposit box.
What to keep inside: Original documents (car titles, property deeds, etc.), valuables that you don’t often display or access, your home inventory, etc.

Whichever you choose, it’s sure to beat that shoe box you’re using now to store important documents. However, neither is a substitute for having your valuables properly insured. Give us a call today at 314.434.0038 to talk about your personal property coverage!

A Few Tips for the College-Bound

July 26, 2016 Karen O'Connor

Chances are, if you have a child going into college this fall, your summer has been full of shopping lists, campus visits, and worrying. College is expensive enough without the added cost of unexpected accidents or theft, not covered by your insurance policy. If you have a student heading away to school, below are a few tips to help you get the most out of your coverage.

HOMEOWNERS (varies by state)

Personal Property: Most homeowners policies will cover personal property for up to 10% of the personal property limit on your policy while your child is residing at school (a $100,000 limit equals $10,000 in coverage). Not all types of damage are covered, so read your policy carefully. Renters insurance is strongly recommended when a house or apartment is rented.
Liability Coverage: General damage to a dorm room or apartment is not usually covered.
Documentation: Creating an inventory of the items your child is taking to school is a good idea. Use photographs and keep receipts.

AUTO (varies by state)

Car Stays Home: Keep your child listed on your auto policy if they will still drive your car while at home on school breaks.
Car at School: Make sure to notify us if your child will be taking a car away to school. In most cases, if the car is registered to you and listed on your policy, it will be covered.
Driving a Friend’s Car: Students are generally covered if they are listed on their parent’s policy and are not regularly using the vehicle. The coverage would be secondary. The insurance for the friend’s vehicle would be the primary coverage.
Discounts: A full-time student meeting certain academic requirements can qualify for a good student discount. Distant student discounts may also be available. Drivers under 21 who have completed driver’s education may also get a discount.

Before your child leaves for school, call us at 314.434.0038 or email us at info@www.oconnor-ins.com. We can walk you through the steps to ensure you have the right coverage. We’re here to help!

Travel Smarter with Your Smartphone

July 5, 2016 Karen O'Connor

Gone are the days when you had to take maps, a translation dictionary, and a bulky camera on international trips; instead, we now have all of that in one handy device: a smartphone. While they are (probably) the most useful piece of technology you own, there are a few considerations to make before taking your smartphone abroad.

Be Honest With Yourself. Do you really need a smartphone where you are travelling? Some trips, like backpacking or exploring a new city, necessitate it. Others, like a guided safari or group camping, really don’t. While it is always a good idea for one person to have an emergency phone, don’t waste your money on an international plan if you are going on a guided trip. You most likely won’t be sitting on your phone anyway on this sort of trip, and (believe it or not) cell service is pretty scarce in the middle of the Sahara.
Sign Up for an International Phone Plan. When I was in college, I went to South Africa for four months. It was amazing, but the accidental overages on my Verizon bill certainly were not. Though my parents were able to negotiate the charges down, international data and roaming can add THOUSANDS to your bill, which is probably pretty close to how much you paid for a plane ticket. Be smarter than I was and make sure your provider covers the area that you are going to; we were told I had an international plan that “wasn’t valid for South Africa” after I accrued overages.
Monitor Your Data. You just took the best picture of the Eiffel Tower and want to show all of your friends back home. You know you bought some international data, but how much does one photo upload actually use? Almost every phone will have the data meter under the “Settings” menu, and if you cannot find it, an app like NetCounter can save you immensely.
WiFi, especially free WiFi, is Your Best Friend. There are subscription services for international WiFi access (like Boingo), but I would reason that the average tourist has no need for these. Starbucks, McDonald’s, and even some bars and hostels have free WiFi, so keep an eye out.
Turn On Airplane Mode, Turn off Push Notifications. Airplane Mode keeps you from roaming, sending and receiving messages and data, and saves battery life. If you are using your phone predominantly as an alarm and camera while travelling, keep it on Airplane Mode. Most apps have an option for push notifications, or those things that alert you when someone likes your photo or when your Candy Crush energy is full. Those notifications use data, constantly. Go into your apps and turn off all alerts while travelling abroad to save your data.
Beef Up Your Security. These fall under the “things you should already be doing” label – set up a PIN or password for your phone, disable Bluetooth when not in use, and lock up your tech in the hotel’s safe if you leave without it. We all want to wish the best of people, but data gets stolen every day. Make sure it isn’t yours.

We at O’Connor Insurance hope your summer is full of exciting travel opportunities and memories.

Criminal Minds

April 14, 2015 triplestrength

By Karen O’Connor Corrigan, CIC, CIRMS

Is your community association properly protecting its funds against theft? Today’s newspapers are riddled with stories of trusted property managers and board members embezzling large sums of money over long periods of time. Do not be the victim of a false sense of security just because your community has Fidelity coverage. Community associations are non-profit organizations governed by volunteers, therefore they need unique coverages. Take a closer look at your Fidelity policy.

This type of insurance was created for businesses, which have employees. Most community associations do not have employees. Therefore, you should be sure your Fidelity policy is endorsed to cover dishonest acts by your non-compensated board members. An association often outsources the community management or accounting functions. In that case, the policy must be modified to protect against theft by that company’s employees.

The following is a checklist to make sure your community association has the appropriate coverage to protect their funds.

Employee Theft is a confusing term for community associations since they typically do not have employees. Yet, this coverage is essential to protect the funds from dishonest acts by first parties who are known to have access. This coverage should be endorsed to cover the association’s:

Board Members
Committee Members
Property Manager

Accounting Service i.e. City and Village Tax Office

Forgery or Alteration of your checks of your own checks by third parties such as someone stealing your check from the mail, and then cashing it.

Computer Fraud is for a third party that uses a computer to obtain money from your account. An example is a third party using a computer to create imitation checks in your name.

Funds Transfer is needed by all communities to protect against others impersonating you to manipulate your funds. The person could assume the board member or manager’s identity to make a transfer through computer hacking or other means. Imagine a person using the transit number at the bottom of your checks to make telephone purchases.

True Tales of Twisted Minds

Unfortunately, fraud, embezzlement, and theft are more common than we may realize. These are just a few cases where the trust was broken:

St. Peters on-site manager accused of embezzling over $250,000 over several years. $80,000 was stolen via falsified checks and credit card payments. The Board was not suspicious until a change in accounting software was made.
Chapel Hill Estates in Town & Country lost more than $50,000 over 2 years to their Treasurer.
Fall Creek Condominium in Branson Missouri employed an on-site manager from May 2011 to September 2012, during which time the manager allegedly issued multiple checks, transferred funds, created cashier’s checks in her name, and made deposits into her personal bank account or her company bank account called, “ME.” The allegations exceed $300,000.
Maryland House Condominium in the central west end had a bookkeeper who pleaded guilty after being accused of embezzling more than $70,000 over a 2 year period.
$109,000 was stolen from a condominium in the DeBaliviere place neighborhood. A volunteer diverted association money for his personal expenses over 2 years.
For over a decade, the President of Doral Manor Condominium in west county converted over $300,000 in association fees to his own use.
Two owners of a property management company stole over $2 million from multiple communities to pay off a debt on a real estate project.
$1.3 million stolen from 12 community associations by management company VP to keep management company from bankruptcy.
A management company had over 400 communities. Over 2 years, the owner embezzled over $2.2 million by transferring the funds to himself or to a business in which he had financial interest.

Safety Tips When Taking Deliveries or Getting Repairs At Your Home

May 28, 2014 triplestrength

A client called O’Connor Insurance about a loss due to theft. Some valuables had been stolen. Some weeks later, the theft was traced to a person working for their landscape company who had been allowed into the house to use the restroom. Several of the items were recovered, and the landscape company paid for the rest of the missing items.

From time to time we have to invite people we have yet to meet into our homes. We presume that those persons are trustworthy because we trust the companies with whom we do business. Even so, it is not uncommon for things like identity theft or burglaries to originate with people we trust. With just a few thoughtful steps, you can reduce your risk when accepting a person into your home.

Imagine if you are having a new refrigerator delivered. Walk from the door where the delivery persons will enter to the kitchen. Look around and what do you see? Any mail laying out? Do you have keys hanging on hooks? Any particularly valuable items in along the path? Is your calendar posted showing when you will be out of town?

Do Business with Reputable Companies – Companies that send out delivery workers or maintenance and repair staff ought to run periodic background checks on their employees. Make sure you ask specifically before buying an appliance or engaging a company to repair something in your home.

Tidy Up – A stack of bills is a very tempting target for an identity thief. Even if the person who swipes your mail is not the thief, they may sell your letters to an identity thief. Put away valuables and keep your computers off. Walk through the area where the men and women working in your home are going to be and remove anything that might be tempting.

Ask for Names and ID – There is no reason a company will not give you the last name and first name of whoever is coming to your home, and it is perfectly reasonable to ask for ID. Should someone be tempted to take something from your home, just the fact that you have their full name may be enough to deter them.

Have an Inventory – Whether or not a burglar is someone you met, having an inventory of your personal property is a great idea. Keep it in a safe place, even off-site such as at a safety deposit box or the home of a trusted friend. A well-organized inventory – especially with photos – will help authorities recover your property and your insurance company to replace that which is lost for good.

If you have questions about how much coverage you have for your personal items for your home, condo or apartment, contact your independent agent at O’Connor Insurance. We can help you identify any gaps in coverage, or find ways to get better coverage for your budget.

Strategies to Stop Car Thieves

April 24, 2014 triplestrength

A client of O’Connor Insurance shared some insight about car theft. His family had had not one, but two vehicles stolen, taken for a joyride, and left to be discovered by the police.

In the first theft, the driver had left a minivan idling in the street to drop a package off at a friend’s house. An opportunistic thief happened upon the car and off they went! Fortunately, the vehicle was an older model, and suffered only minor scrapes. The second theft was of another minivan left parked in the alley behind their house. Ironically, the car was going to be delivered to a junkyard the next day. This particular vehicle was notoriously easy to break into and steal.

In the aftermath of the second theft, our client took some positive steps to prevent car theft, and provided us with other tips as well.

Car Alarm – An inexpensive car alarm will serve to ward off casual thieves, especially of an older car. When choosing a car, consider built-in alarms as part of the list of features your new car should have.

Anti-Theft Devices – Inexpensive mechanisms that either lock and prevent the steering wheel from turning freely or lock the brake pedal down are good options to protect an older car, particularly if you park on the street. When choosing a new car, ask about anti-theft features built in, such as ignition switches that require special keys to work and make sure you understand how to use them.

Tamper Resistant License Plate Hardware – License plates – particularly the tag – are a target for thieves. Securing the plate with a sturdy cover and tamper-resistant screws can keep your tags on your vehicle.

Lock Your Car – The police will tell you that a large number of auto thefts are facilitated by owners carelessly leaving their car unlocked. An unlocked car means a thief has one less lock to defeat before stealing your vehicle. Modern cars have good anti-theft features, but the car needs to be locked to have complete protection. Keep valuables hidden, or in the trunk.

Despite your efforts, you may still be the victim of an auto theft. In the event of a theft, call the police right way, and have the make, model and color of your car, along with the license plate number. Take a cell phone photo of you car and license plate to keep it handy. Then call your insurance agent to report the theft and get advice on the help your policy might provide, such as a rental car. If you have questions about the coverage on your car, call the independent insurance agents of O’Connor Insurance. We’ll be happy to detail coverage for your car, and help you make adjustments for your needs and budget.

Beware Strangers On The Phone

August 27, 2013 triplestrength

I picked up my cell phone after a ring or two, even though I did not recognize the number.

“Is this Karen?” the young woman’s voice said. I was about to answer when she spoke smoothly and quickly, “this call may be recorded for quality assurance.”

“Who is this?” I asked – immediately suspicious.

“I have some important information to discuss with you but I need you to verify your date of birth.” Smelling a scam, I hung up.

A day later, and the same number calls again. Then again. Finally, I answer, and it is the same young woman. “Miss, there is no way I am going to give a stranger any personal information. Unless you can tell me what this is all about, stop calling.”

“This is important, but I can’t talk with you about it until I verify that you are the Karen O’Connor, we are trying to find. Can you tell me your date of birth?”

“No!” I say, incredulously. “How about the last four of your social security number,” she responds.

“Put me in touch with your supervisor,” I insist. Much to my surprise, she agrees. After a moment on hold, I hear a male voice come onto the phone.

“This is Steve, can I help you?”

“Yes, you can tell me who you are, what company you work for, and why you are calling me and asking for personal information?”

Steve explained that his firm was a collection agency, and there was a Karen O’Connor out there that owed a significant amount in school loans. I was not that person. Steve also tried to get me to verify personal information, and I just as adamantly refused.

“Steve,” I objected, “I am simply not going to tell a stranger anything personal – for heaven’s sake, you are doing exactly what identity thieves do!”

Believe it or not, Steve agreed to take my number off the list of places to call looking for my indebted twin. He had a job to do, and while I do not think this was a scam, even an otherwise legitimate company may not be as careful with your information as you would expect. In our office, all client personal information is stored securely with very limited access. For all I know, this collection agency might leave my information laying around on their desk on sticky notes.

Many homeowner’s insurance carriers offer identity theft insurance. Check your policy, or ask your insurance agent. Bottom line – never share information of a personal nature with a stranger. Ever.