Why Protect Your Home and Information from Identity Theft?

Burglaries are a significant concern, with over 2.15 million incidents reported annually in the U.S., and 65% of these being residential. July and August are particularly high-risk months. However, burglars are not just after valuables like jewelry and electronics; they are increasingly targeting personal information for identity theft, which can be highly profitable for criminals.

According to the Federal Trade Commission, fraud losses exceeded $5.8 billion in 2021, reflecting a more than 70% increase from 2020. Credit card fraud alone can result in average losses of $7,000 per victim. While credit card companies often cover most of these costs, victims can still face significant expenses and the hassle of restoring their identity and credit standing.

10 Essential Tips to Protect Your Home and Identity

Discreet Social Media Use: Avoid announcing your travel plans on social media. Even if your friends and family are trustworthy, information can sometimes reach unintended audiences, making your home a target.
Illuminate Your Property: Use automatic timers for indoor and outdoor lights to give the impression that someone is home. Install exterior lighting high enough to be out of reach.
Install a Security System: A monitored burglar alarm system can deter break-ins and provide quick alerts to emergency services. Remember to inform your insurance agent, as this could qualify you for discounts on your homeowners or renters insurance.
Secure Passwords and Documents: Do not leave passwords or sensitive documents in plain sight. Consider using a secure password manager and storing critical documents in a safe or shredding and digitally storing them in a secure cloud service.
Disconnect Your Computer: Turn off and unplug your computer from the internet when not in use, especially during vacations, to protect against remote hacking.
Use a Safe for Valuables: Store important documents, jewelry, and other valuables in a safety deposit box rather than at home.
Manage Deliveries: Arrange for your mail and packages to be held or collected by a trusted person. Cancel newspaper deliveries and ask a neighbor to pick up any flyers or circulars.
Maintain Normal Window Coverings: Leave blinds or curtains as usual to avoid signaling your absence.
Neighborly Assistance: Ask a trusted neighbor to keep an eye on your property, mow your lawn, and water your garden to maintain a lived-in appearance.
Strengthen Entry Points: Use deadbolt locks and ensure that doors and windows are secure. Avoid leaving tools accessible that could assist in a break-in.

Identity Theft and Insurance Coverage

Identity theft coverage may be included in your homeowners or renters insurance, but coverage details can vary. It often covers expenses related to recovering your identity, such as lost wages, legal fees, and costs associated with clearing fraudulent charges. Check with your insurance agent to ensure you have adequate coverage or to explore additional options, including standalone identity theft policies.

Protecting Your Home with Homeowners Insurance

Homeowners and renters insurance can provide coverage for theft of personal possessions and damage from break-ins. Keep a detailed inventory of your possessions, stored off-site, to help with claims processing if needed.

Monitor Financial Activity

While traveling, regularly check your credit card balances and charges online to quickly identify and address any unauthorized activity. Having multiple credit cards can also be a safeguard if one is compromised.

Protecting your home and personal information requires a proactive approach, combining physical security measures with vigilance over your digital and financial activities. Stay informed and prepared to safeguard against both burglary and identity theft.

Bancorp’s insurance agents are available to provide you with a free review and consultation. Contact Us – Bancorp Insurance Call 800-452-6826

Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our agents.

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