Category: Renters Insurance

Summer is prime time to go on vacation. The kids are out of school, and the adults have unused vacation hours lying around just waiting to be used. The only question that remains is this: where are you going to go? The world is your oyster.

On vacation, there’s so much to keep track of. Things can go missing if you’re not being careful, and that new Macbook Pro could end up being stolen from where you left it on your poolside chair when you went to the bathroom. Will your insurance cover you for instances like these, even if you’re thousands of miles away from home? The short answer: most of the time, yes! Here’s what you need to know.

Are items stolen on vacation covered?

Your home and renter’s insurance can both cover your belongings, from your appliances and clothing all the way to that Macbook Pro we mentioned earlier. Home and renter’s insurance both cover theft, which includes items stolen from your home as well as outside of it (like when you’re on vacation!)

However, as is the case with any policy, we recommend reviewing your policy’s specific terms and conditions to better understand the kind of protection you’re being offered. The majority of home and renter’s insurance policies cover contents on a “named perils” basis, which means that only the specific perils (so things like fire, flooding, theft, etc.) are covered on the policy. Theft is a common peril that’s usually included, but it may contain a deductible or maximum coverage limit. Be sure that you’re aware of these before making a claim.

If a deductible applies, you’ll need to pay your deductible before your insurance company covers the remaining amount. This may mean that if an item that was stolen was a value of $500, and your deductible was $500, it wouldn’t be worth making a claim. Make sure to read your policy and be aware of what’s covered, what isn’t, and what terms apply.

Does travel insurance cover stolen belongings?

Travel insurance isn’t exactly designed to cover belongings stolen on vacation. Rather, it’s intended for trip cancellations and interruptions – more for the overall cost of the trip than the items you brought with you. If your belongings were in suitcases and your baggage was lost or delayed, your trip insurance provider may cover you for the cost of buying replacement items.

But once those items are out and with you in the hotel or out-and-about on vacation, they technically fall under your tenant or home insurance. While travel insurance is a good option to secure your peace-of-mind on vacation, it won’t really cover your belongings if they’re stolen.

What to do if you’ve been robbed on vacation

Vacations are for relaxing and enjoying yourself, not for suddenly realizing you’ve lost that $300 investment you just made on a new headset. All is not lost; you do have insurance to help you out, but there’s also a few things you should do initially if you discover you’ve been robbed on vacation:

• Ensure your safety and assess the situation. If someone broke into your hotel room or Airbnb to steal your belongings, then it’s important that you put your safety first and get out of that space in case you suspect the thief may still be around. Seek help if you suspect that you may be in danger or that the person who robbed you is still nearby.
• Report the incident to the local authorities. If you’re in a hotel, you may want to ask to see if they have any security cameras if the theft occurred in a common area, as this could help to identify who stole your property. Obtain a copy of the police report to give to your insurer later.
• Let your hotel or accommodation know about the incident. They may be able to support you.
• If any of your cards were stolen, contact your bank and relevant companies to cancel these and prevent any unauthorized transactions before they can occur. If your passport or driver’s licenses were stolen, make sure to report these to the relevant authorities as well.
• Make a list of what was stolen, including descriptions, values and receipts. Take photographs of any damage or evidence related to the robbery, such as broken locks or damaged luggage.
• Notify your home or renter insurance provider as soon as possible. Provide them with the police report, documentation of the stolen items, and any other required information.
• This process can be traumatic! If need be, reach out to family and friends for emotional support.
• Take steps to prevent future incidents, such as reviewing your current security measures, safeguarding valuables, using hotel safes, and being cautious in unfamiliar areas.
• Your insurance provider may assign someone to your case. This will be your point of contact. You can also refer back to your insurance agent for any additional, pressing questions you may have during this time.

By following these steps, you can navigate the aftermath of a robbery on vacation, ensuring your safety, securing your financial interests, and taking steps to prevent future incidents.

Insurance is ever-evolving to tackle new, serious threats to homeowners, drivers, businesses, and families alike. One threat that’s starting to rear its ugly head more and more, although not new, is cybercrime. While cybercrime is mostly a threat to businesses and organizations, households and families have been known to fall victim to this unique threat.

How do we protect ourselves? Is it necessary to buy cyber insurance for your household?

Cybersecurity is becoming a serious issue in the U.S.

Malicious attacks aren’t specific to large businesses, or even just businesses alone; criminals sometimes target households due to their typically insecure security or exploit unattended vulnerabilities in personal networks, stealing financial data, personal information, and more to use for ransom.

In just 2023 alone, phishing attacks in the United States increased by 1,265%! This was attributed primarily to the growth of generative AI and may continue to scale as an issue as more and more AI tools begin to roll out on the market. Here are some of the more common methods used by cybercriminals to exploit both technologies and human behavior:

• Phishing: Perhaps one of the most common means of cyberattack, phishing involves sending deceptive emails, text messages, or social media messages that appear to be from reputable sources, aiming to trick individuals into providing sensitive information such as passwords, credit card details, or personal identification.
• Malware: Malicious software, including viruses, worms, Trojans, and ransomware, can infect devices and compromise data security. Malware is often distributed through malicious links, email attachments, or compromised websites.
• Unsecure Networks: Hackers may exploit vulnerabilities in unsecured Wi-Fi networks to intercept sensitive information transmitted over the network. This can include login credentials, financial transactions, or personal communications.
• Identity Theft: Criminals steal personal information, such as social security numbers, bank account details, or passwords, to impersonate individuals or commit fraud. This information can be obtained through data breaches, phishing, or social engineering attacks.
• Fake Software Updates: Cybercriminals may distribute fake software updates or applications containing malware, exploiting individuals’ trust in legitimate software vendors to infect their devices.
• Remote Access Tools: Cybercriminals may gain unauthorized access to individuals’ devices using remote access tools or malware, enabling them to monitor activities, steal data, or deploy additional malicious software.

Does my home insurance protect me against cybercrime?

Some home and renter insurance policies automatically include a certain level of coverage against identity theft, or at least offer a special endorsement for identity theft. However, cyber insurance is a relatively new offering, and not all home insurance companies sell it.

For those that do, personal cyber insurance is typically designed to cover the following:

• Cyber extortion coverage, providing you the necessary funds you require to recover from ransomware attacks that could bar your information behind a paywall. You could also receive reimbursement for hiring assistants who can help you regain your data.
• Cyberbullying coverage, which can help compensate you for online harassment potentially resulting in discipline from school, wrongful termination, relocation expenses, lost wages, legal expenses, etc.
• Data breach coverage, which helps pay for the cost of hiring services if any data entrusted to you is lost, stolen, or even leaked.

You may also receive access to services for lawsuit protection, cyber monitoring, fraud investigation, electronic data repair, etc., with personal cyber insurance.

How does personal or household cyber insurance work?

Personal cyber insurance, also called cyber liability insurance or even cyber risk insurance, is designed to provide household members with a layer of financial protection in the event of a cyberattack or digital loss. Every personal cyber policy varies in what it covers, so be sure to work with your provider or agent to ensure you have the protection you need.

Coverage activates in the event of a triggered loss, at which point your insurance policy may provide you with financial compensation for losses incurred. This could be reimbursement for funds stolen via online fraud, providing funds to pay a ransom demand, or covering the costs to restore personal data.

Personal cyber insurance also often comes with legal assistance and/or the coverage of legal expenses incurred as a result of cyber-related incidents.

Do I need personal cyber insurance?

Whether you’re managing sensitive financial information, conducting online transactions, or simply using social media (like most of us do!), the prevalence of cyber threats in today’s digital landscape makes it at least strongly recommended that most households consider purchasing cyber insurance.

Personal cyber insurance offers peace of mind by providing financial protection against these potential threats, covering expenses such as legal fees, identity restoration, and financial losses. By investing in personal cyber insurance, you can protect yourself and your household against the potential consequences of cyber incidents.

Considering cyber insurance?

Give us a call. While cyber is still a mostly unknown risk, it’s important to be proactive and take the necessary measures we need to defend our personal data. Cyber insurance can provide an extra layer of security that we wouldn’t otherwise have, granting us peace-of-mind when using technology. As cyber risks evolve, so does insurance! Give one of our agents a call to discuss cyber insurance, its benefits, and whether it might be time to consider adding it to your home or renters insurance policy.