The Insurance Doctor

Tag: holidays

  • Package Theft Insurance?

    Package Theft Insurance?

    As online shopping figures skyrocket, so does the unfortunate trend of package theft!  This disturbing trend known as “porch piracy,” has left consumers frustrated and financially burdened.  We have ALL seen home videos of these brazen criminals stealing packages!

    According to Adobe analytics, Americans spent $41.1 billion between Thanksgiving and cyber-Monday.  This means millions of packages are going to be delivered over the next few weeks.

    Home security firm Safe Wise reports, nearly 260 million packages were stolen in the USA alone (totaling $16B) in 2023, a big increase from prior years.  Thieves often target packages left on doorsteps or in apartment lobbies.  This situation is out of control in many areas. 

    This is where “package theft insurance” can come into play.  Package theft insurance can be a safety net for online shoppers to protect against the financial loss of stolen deliveries and gain piece of mind, which decreases stress levels.

    Let’s examine the alternatives:

    1. Homeowners Insurance: Many homeowners policies offer limited protection for stolen packages.  This usually comes with exclusions and deductibles.  This is NOT the time to put in small homeowners’ insurance claims, as premiums will likely go up by more than the value of the packages.  Many insurance carriers (due to $ Billion disasters) have raised rates considerably and pulled out of coastal states, such as Florida and California. 
    2. Retailer and Credit Card Protection: While some retailers and credit card companies offer refund and/or replacement guarantees for stolen items, these protections often have strict limits.  This includes having to report the incident within a certain timeframe, and credit card benefits may exclude certain types and categories of expenditures. 
    3. Vendor and or Shipper Services:  Certain companies such as Amazon, UPS or USPS offer their own versions of theft protection plans which are often bundled with premium delivery subscriptions.
    4. Package Theft Insurance: A company called “PorchPals” offers a subscription-based policy that protects deliveries as they say, “no matter where you shop online!”  More on this option below.

    If you are not interested in this type of insurance, you do have some alternatives to better protect your prized purchases:

    1. Delivery Lockers: There are several options to use secure delivery lockers.  They can be provided by retailers like Amazon and FedEx.
    2. Package Tracking: Stay updated on the delivery times and be there, if possible, have someone there or alert your building concierge as to the time range of the delivery.
    3. Security Cameras: Install doorbell cameras or other surveillance systems to deter thieves.  Some of these systems can be connected to the local precinct.
    4. Neighborhood Cooperation:  Try to coordinate with neighbors to pick up packages when you are not home or on vacation.

    PorchPals has been featured on FOX, the Wall Street Journal and Good Morning America.  They offer a subscription-based policy for $120 per year premium.  This unique policy is linked to a credit or debit card.  Once registered, you’re automatically covered for every online purchase with no extra steps. 

    Their website is www.PorchPals.com.  They claim it takes minutes to file a claim, and you will get reimbursed in 72 hours.  Currently, there are limits of $2,000 worth of claims or 3 claims in a year.  In my opinion, this type of claim process will be much easier than trying to extract money from a homeowners insurance policy or shipping company!

    My take is that this is going to be an ongoing problem that will get worse before it gets better.  Criminals have gotten more sophisticated and can “cash or wash” stolen checks that are stolen from mailboxes.  These options are something to consider, especially if you are a big online shopper!

    Happy Holidays!

  • Holiday Scams to Avoid

    Holiday Scams to Avoid

    Stay a step ahead of cybercriminals this season by being aware of these scams.

    It’s no wonder so many of us look forward to the holidays. It’s a time to gather with family and friends, share memories and gifts, and make plans for the coming year.

    Manage your Wealth

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    Cybercriminals look forward to the holidays, too—but for starkly different reasons.

    This time of year represents an opportunity to unleash their schemes on a busy, distracted audience that’s focused on merriment, not mayhem. But being aware of some common scams can help keep you safe throughout the holidays.

    1. Package Delivery Scams

    An estimated three billion packages were shipped during the last holiday season.1 So, it’s not surprising that cybercriminals have concocted several schemes related to package deliveries.

    A popular scam involves receiving a text or email that asks you to click on a link for a number of phony reasons, such as to get an update about the delivery date, track the package location, give your payment preferences, provide delivery instructions or pay a shipping fee. You may also be given a phone number to call for more information about your delivery. Since fraudsters want you to act without thinking, they may convey a sense of urgency in their message.

    While some of these communications are obviously fraudulent—perhaps containing multiple misspellings or other errors—many are carefully crafted, even replicating a shipping company’s logo or email format in some cases.

    So, it’s easy to get duped, especially during the hectic holidays.

    Unfortunately, clicking on the link may infect your phone or computer with malware that enables a cybercriminal to capture your passwords or take control of your device. Or it may direct you to a form that requests personally identifying information, which can be a gateway to identity theft.

    Calling the number typically leads you to a friendly-sounding individual who asks you to verify your personal information or provide the credit card number used for your purchase. You might also be requested to pay an additional delivery fee, customs fee, or tax for the package.

    If you receive any of these communications, it’s best to simply go to the shipper’s website for more information about your alleged delivery using the tracking number provided. (Type the website address directly into your browser because search results may lead you to a fake or phishing site that mimics the authentic one.) Or call the shipper using a verified phone number.

    Sometimes scammers take a more aggressive approach and call you pretending to be a representative from a package delivery service. If this happens, don’t provide any personal information—just hang up. If you receive a voicemail with a call-back number, don’t return the call. 

    2. Missed Package Scams

    Who doesn’t hate missing a package delivery?

    Cybercriminals know this. So, they’ve created a ruse that involves leaving a note on your door claiming to have a package for you that couldn’t be delivered. The note contains a phone number to call to reschedule the delivery. If you call the number, you’ll be greeted with questions related to your personal identity that can later be used to commit fraud.

    If you receive a missed delivery note, look at it closely for any mistakes or other signs that it could be fraudulent. (It’s also a good idea to check your recent orders to see if a delivery was scheduled for that date.) Even if the notice looks legitimate, don’t call the number listed on the note. Instead, visit the company’s website to find the official customer service number.

    3. Gift Card Scams

    ‘Tis the season for gift cards. So, naturally, scammers have devised some ploys to take advantage of this.

    A common gift card scam involves receiving a phony or “phishing” email or text that appears to be from someone you know—such as an executive at your company—and asks you to purchase multiple gift cards for a work-related function. Or perhaps it’s a personal request allegedly from a relative or friend who claims to need some help with ordering gift cards.

    If you receive any unusual requests for gift cards during the holidays, reach out directly to the individual by phone to confirm the authenticity of the request. 

    4. Social Media Scams

    During the holidays, you might see promotions or contests on social media sites offering gift cards or vouchers in exchange for simply completing an online survey. Unfortunately, the survey usually isn’t legitimate. It’s only a means of capturing your personal information to commit identity fraud or other types of cybercrime.

    Or you might be offered a prize for just liking or sharing a social media post. But doing either could infect your device with malware.

    The bottom line? Be extra cautious during the holidays on social media, especially with enticing offers that seem unusually generous.

    5. “Brushing” Scams

    While the name of this scam is odd, the scam itself is even odder.

    You’ll receive a package you didn’t order bought from an online marketplace that allows customers to post reviews of their purchase. The item is typically cheap and lightweight.

    Since it’s the holiday season, you might think it’s just a gift from a stranger looking to pay it forward. In reality, it’s likely from someone who sells products on online marketplaces who wants to create fake, positive reviews. But, in order to post a review, the marketplace requires that a transaction be verified with a legitimate tracking number that shows a successful delivery.

    And that’s where your mystery package comes into play. That purchase creates a tracking number. So, after the package is delivered, your fake gift giver can write the review.

    The good news? You won’t be charged for the item, and don’t have to return it. Often the sender just randomly found your name and address online.

    However, it’s possible the fraudster created an online account for you at the marketplace or hijacked your existing account. So, you should report the activity to the marketplace. If you have an account at the site, change your password immediately. The United States Postal Inspection Service offers additional information about this scam.

    Taking Action

    We hope you’ll enjoy the holidays without the stress of dealing with fraud.  But, if you’re a victim, here’s what to do:

    • Report the crime to local law enforcement
    • Alert your banks and credit institutions
    • File a complaint with the FBI
    • Report the scam to the FTC

    Even if you simply encounter a scam, the FTC encourages you to report it to help others avoid becoming a victim

  • 6 Tips to get your 2020 financial house in order

    6 Tips to get your 2020 financial house in order

    Now that we are in the first quarter of 2020 it’s easy to get off track from our goals.  Follow these 6 tips and with a little time and effort your 2020 finances will be more organized and less stressful.

    1. Organize your paperwork: It’s hard to feel in control when you can’t find anything.  Gather all papers, shred duplicates/old statements and put them all in a box or accordion file.
    2. Go Paperless:  I know habits are hard to break.  Wherever possible create electronic files.  See if you can receive e-bills instead of paper.  Use a flash or thumb drive as a back-up and keep it off-premises.
    3. Protect against identity theft: You can request a free copy of your credit report once per year from all 3 credit bureaus.  Go to www.AnnualCreditReport.com
    4. Put your finances on autopilot: Use EFT direct deposit for all checks, pension and social security received.  Set up automatic payments for recurring bills.  It’s easy and will save time going forward.
    5. Create your 2020 tax file: Most people have to scramble to pull together all tax forms etc.  Start now by setting up a 2020 file and stashing forms/receipts etc as needed.
    6. Review your insurance coverage:  Protect your nest egg and your family by regularly reviewing your life, health disability, and long term care insurance.  If this is confusing to you contact us for a 2nd opinion.

    Your financial house needs regular upkeep.  Putting in a little time and organization will decrease clutter and help you focus on your goals and objectives.

  • 6 Tips for your Financial New Year’s Resolution

    6 Tips for your Financial New Year’s Resolution

    Six out of ten American’s will make some type of financial-based new year’s resolution for 2020.  Usually, there’s a triggering event like receiving your December 2020 credit card bill or spousal pressure to name two.  Follow these tips;

    1. Consolidate Financial accounts: Close 1 or 2 existing financial accounts that you are not tracking or have insignificant monies in.  This will save brain space, reduce statement clutter and avoid paying unnecessary fees.
    2. Increase your 401k/employer retirement contributions: Raise your contributions at least another 1% per year minimum.  You won’t feel the difference however over time it can make a major impact when entering retirement.
    3. Develop a budget and/or expense statement: Review credit card, bank, and checkbook statements to get a handle on inflow and outflow of money.  Start using a program like quick books or if old school draft a budget by hand and hang it up where you can see it.  This can cause heavy emotional denial however better now than later.
    4. Set up a system to save systematic money:  Either something informal like putting the $20 you are saving in gas on fill-ups in a jar.  Formal ideas like buying a cash value life insurance policy or setting up an EFT through your bank account.
    5. Protecting your health saves your wealth: We all know about the escalating cost of health insurance and health care in general.  Renew that gym membership, yoga studio or dust off that treadmill in the garage. 
    6. Bring balance to your life: Take that vacation you have been putting off.  The rest and rejuvenation will impact your health.  Statistics show that one who works 46 weeks/year will out produce a 52 week/year worker.

    It will give you something to look forward to and forces one to be very productive before leaving and when returning home.  Use frequent flyer miles if need be.

    You will be amazed by how much better you will feel by following these 6 easy steps!

  • 6 Tips to save $$$ on Holiday Shopping

    6 Tips to save $$$ on Holiday Shopping

    Last year people spent on average $1,000 per child for the holidays.  Heed these tips to avoid out of control spending:

    1. JoinHoney.com: On your iPad, desktop or laptop click www.JoinHoney.com and add the extension.  This extension (not for phones) automatically searches for the best price and attaches coupons, often cheaper than Amazon when you are checking out!
    2. Make a budget: Budget X dollars per person and keep the list with you while shopping.
    3. Points, Points, Points Credit cards, Verizon, AAR, and many other companies offer points to discount prices.
    4. Buy Toys early others late: Statistics show prices are best on Toys early so buy those first and wait on other goods and services.
    5. Search out Free Shipping: This can add up over multiple purchases.
    6. Secret Santa: For Christmas celebrants consider a “secret Santa” where each person is assigned 1 person to buy for instead of buying for everyone. Set a price max and watch your stress levels go down.  My family adopted this strategy years ago after my Mother calculated she was buying 80% of all family gifts.
  • 5 little known tidbits about Hanukkah

    5 little known tidbits about Hanukkah

    Since it’s Hanukkah time and my sister in law is Jewish, I decided it was time to deepen my knowledge of the holiday. The holiday with the most different spellings I have ever seen. Happy Hanukkah, here’s what I found out;

    1 ) Spinning the dreidel was originally done by students illegally studying torah . When Greek soldiers would make a surprise raid , students would whip out a dreidel pretending to play a gambling game . dreidel

    2 ) The war of the Maccabees was the first ideological war, fought by a small band of pious Talmudic scholars who engaged in cunning stealth warfare. ( In Israel you can visit the caves they hid in )

    3 ) Hanukkah is celebrated 8 days even though the miracle of the oil was only 7 ( the first day’s lighting shouldn’t count – it’s natural ) to teach us that everything in the “natural” world is really a miracle caused by God .

    4 ) Hanukkah is not the Jewish Christmas. There is no significance to giving gifts during the holiday. But there is a tradition to give gelt ( money ) to give kids an incentive to learn torah . ( Hanukkah also comes from the word “Hinuch,” education. )

    5 ) Around 17.5 million oily doughnuts ( sufganiyot ) are eaten in Israel during Hanukkah , commemorating the miracle of oil . ( Not a good time to start a diet! )