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April 2013

BEWARE OF TECHNO-JACKERS

By Personal Perspective

You pull into the grocery store parking lot to pick up a few snacks, and park. As you head for the door, you push a button on your keyless remote to lock it. You don’t hear that faint chirp, but you’re in a hurry. Fifteen minutes later, you discover that your car is gone. Welcome to the world of 21st-century auto theft!

On the surface, things appear to be improving. Vehicle thefts fell 3.3% nationwide in 2011 (the most recent data) for the eighth straight year. However, auto theft still costs the nation an estimated $5.8 billion a year, thanks to streetwise thugs who feed chop shops and supply lucrative international black markets. These days, car thieves are becoming smarter, more tech-savvy, and harder than ever to stop.

Anyone can go to a home-improvement store and buy a $20 device that jams the remote keyless entry transmitter on a vehicle. If you aren’t paying attention, you walk away from your vehicle, press the button on the remote, and assume that it locks. However, a thief might be two cars over in the parking lot, punching a button to block the signal. The vehicle doesn’t lock, and the thief can take your laptop, portable GPS, or whatever else is inside. With enough time, he can even steal the vehicle!

To guard against jammers, pay attention to your surroundings and make sure your car doors do indeed lock when you press the button. Listen for the click or chirp, or look for the quick flash of lights that confirmations locking on most cars. If the vehicle doesn’t lock, try again. However, if locking doesn’t work on the second attempt – or if you see someone lurking nearby – move your car to a different spot.

An ounce of prevention…

DRIP, DRIP, DRIP: DEALING WITH WATER DAMAGE

By Personal Perspective

Of all Homeowners insurance losses, those from water damage are among the most common. Many people often don’t consider the potential risks in their own homes until it’s too late.

To minimize hazards that can cause water damage claims, we’d like to recommend these steps:

  • Check for leaks. Periodically inspect the area around the refrigerator, washer, dishwasher, water heater, sinks, and toilets for drips, puddles, and discolored, warped, or soft flooring.
  • Pay attention to your water bill. Monthly fluctuations could indicate a leak.
  • Periodically check your water pressure. Water losses often occur due to excessive water pressure. Buy a pressure gauge at your local hardware store, and hook it up to a hose bib. If it’s above 65 psi, install a water pressure regulator.
  • Before you go on vacation, take precautions. If temperatures in your area could dip below freezing, make sure that any exposed pipes are insulated, turn off the water supply to individual fixtures, and turn your furnace to low so that the pipes will stay warm enough to avoid bursting.

If you need to file a claim, follow these guidelines:

  • Stop the source of the water by turning off the water main.
  • Call your insurance company immediately. Most companies have staff 24/7 to help you set appointments with contractors who can dry out your house. Your insurer will also send an adjuster to assess the damage.
  • Don’t start any major repair efforts until the adjuster has been to your home!
  • Determine what was lost and document it. Even if things were ruined, don’t throw them away. Keep pieces of the damaged floor or ceiling, along with any valuable personal property, such as electronics or furniture. At a minimum, take photos or video of the damage.

For more information, give us a call at any time.

TAXES – AND YOUR AUTO INSURANCE

By Personal Perspective

Its tax time again. As you travel down the bumpy road of deductions, you might be able to write off some of your car expenses, including a percentage of your insurance premiums:

  • Business use of your car
    • If you’re self employed and drive your vehicle for work, or if you have a job and use the car for work-related reasons without reimbursement, you might be able to deduct part of your premium.

      Determine the percentage of time that you use the vehicle for work and then base your deduction for auto expenses (including insurance premiums, as well as gas, oil, repairs, registration fees, lease payments, depreciation, parking and toll fees) on this percentage. To qualify for these deductions, they’ll need to total more than 2% of your adjusted gross income.

      The alternative is to take the standard business mileage deduction (currently 55.5¢ a mile).

  • Loss, theft, or damage
    • You may be able to claim a loss deduction if your car is stolen, damaged, or totaled in an accident, provided your policy doesn’t reimburse you for the full loss. You may also be able to write off your insurance deductible as part of a theft or casualty loss. However, you can take the deduction only if an individual loss comes to at least $100 and the total loss for the year tops 10% of gross income.

Be sure to keep all relevant receipts, including expenses and police reports, in case the IRS or insurance company asks for verification.

If you have any questions about getting the most mileage out of possible Auto insurance deductions, feel free to get in touch with the specialists at our agency. As always, we’re here to help!