Don't Get Robbed Twice: A Guide to Theft Reimbursement

Being a victim of theft is a terrible experience. You not only lose your belongings, but you're left feeling violated and unsure of where to turn. The good news? You might be able to recoup some of your losses through reimbursement. This blog will walk you through the different avenues of getting back on your feet after a theft.

1. Homeowner's or Renter's Insurance:

This is often the first line of defense. Most homeowner's and renter's insurance policies cover theft of belongings within the dwelling. Make sure you understand your policy's coverage limits (maximum amount they'll reimburse) and any exclusions (e.g., high-value items requiring additional coverage). File a claim promptly after the theft and keep detailed records of the stolen items, including receipts and photos.

Coverage Breakdown:

Personal Property: This core component reimburses you for the value of stolen belongings during covered events like burglary or vandalism.
Additional Living Expenses (ALE): If your home becomes unlivable due to the theft (e.g., fire damage), ALE coverage can help with temporary housing and essential living costs.

Understanding Your Policy:

Coverage Limits: These are maximum amounts the insurance company pays per category (dwelling, personal property). A stolen watch valued at $20,000 wouldn't be fully covered if your personal property limit is $100,000.
Deductible: This is the out-of-pocket amount you pay before insurance kicks in. A higher deductible lowers your premium, but means you shoulder more cost during a claim.
Exclusions: Some policies exclude certain types of theft or limit coverage for high-value items like jewelry or artwork. You might need additional coverage (riders) for these valuables.

Taking Action After Theft:

File a Police Report: This documents the crime and is crucial for your insurance claim.
Review Your Policy: Understand your coverage limits, deductibles, and exclusions.
Contact Your Insurance Company: File a claim promptly, usually within a few days of the theft.
Itemize Your Losses: Create a detailed list of stolen items with descriptions, receipts (if available), and estimated values. Photos are helpful too.

Kangaroo Home Security Coverage: Targeted Protection

Kangaroo, a company known for its smart home security devices, offers Kangaroo Coverage alongside its products. This coverage specifically targets theft and damage related to those devices.

Here's what Kangaroo Coverage offers:

Package Theft and Damage: Both Cam Protect and Complete Protect plans reimburse you for stolen deliveries or damage to packages monitored by Kangaroo cameras and sensors.
Flexible Coverage: Kangaroo offer plans with varying coverage amounts, catering to different online shopping habits.
Break-in Damage Reimbursement: Damage caused by a break-in in an area monitored by their security devices (with a police report) may be covered.
Water Damage Coverage: For leaks originating inside your home and detected by Kangaroo Water + Climate Sensor, you might be eligible for reimbursement.
Smoke & Fire Damage: Damage caused by fire or smoke within an area monitored by Kangaroo Siren + Keypad might also be covered.

Plan Options:

Cam Protect: This plan offers $250 annual coverage with a maximum of $125 per claim for theft and damage.
Complete Protect: This ups the coverage to $1000 annually, allowing up to two $500 claims for theft and damage.

Key Points to Remember:

Kangaroo Coverage works alongside, not as a replacement for, homeowner's or renter's insurance.
Coverage specifics can vary, so always consult Kangaroo's plans and terms for details.
While Kangaroo offers theft and damage reimbursement, it might not cover the full value of stolen items, especially high-value ones.

Plans That Pay You Back

2. Credit Card Theft:

Most credit card companies offer zero-liability protection, meaning you're not responsible for unauthorized charges. Report the theft immediately to your credit card issuer and cancel the card. They'll investigate the charges and issue you a new card.

Zero Liability:

Contact Your Issuer Immediately: Don't wait! Call the number on the back of your card to report the theft. The sooner you report it, the less time the thief has to rack up charges.
Cancel Your Card: This prevents further unauthorized use. Your issuer will typically cancel your old card and send you a new one with a different number.
Review Recent Statements: Carefully examine your statements for any suspicious activity before you reported the theft. Report any unauthorized charges you find.

Investigating the Charges:

Your credit card issuer will investigate the reported fraudulent charges. This may involve contacting you for more information and potentially filing a dispute with the merchant where the unauthorized charges occurred.

Zero Liability and Your Responsibility:

Zero liability is a powerful protection, but it's important to understand your responsibilities:

Report Promptly: Federal law defines "promptly" as within two business days of discovering the theft or unauthorized use. The sooner you report, the stronger your case for zero liability.
Not All Transactions Covered: Zero liability typically applies to unauthorized card-present transactions (where the physical card is swiped or dipped). Unauthorized card-not-present transactions (online purchases) may have different protections depending on your card issuer.

3. Identity Theft:

If your identity is stolen, you may be entitled to reimbursement for fraudulent charges and fees incurred trying to resolve the issue. This can be a complex process, but the Federal Trade Commission (https://www.identitytheft.gov/) offers resources and guidance.

Potential Reimbursement Categories:

Fraudulent Charges: If your identity is used to open new accounts or make unauthorized charges, you may be able to recoup the stolen funds. This process typically involves working with the financial institutions affected by the fraud and filing disputes.
Fees for Fixing Credit: The process of clearing your credit report of fraudulent information and restoring your credit score can involve fees. Some credit reporting agencies may offer reimbursement for these fees in specific cases.
Out-of-Pocket Expenses: Depending on the specifics of your situation, you might be eligible for reimbursement for costs incurred while resolving the identity theft, such as document replacement fees or legal fees.

Challenges of Reimbursement:

Unfortunately, recovering financial losses from identity theft isn't always straightforward. Here are some factors that can make it difficult:

Burden of Proof: The onus usually falls on you to prove you were a victim of identity theft and that the charges were fraudulent.
Complexities of Fraud: Untangling the web of fraudulent activity can be time-consuming, and cooperation from financial institutions and credit bureaus is essential.
Limited Coverage: Not all fees and expenses associated with identity theft may be reimbursable.

Maximizing Your Chances of Reimbursement:

Act Quickly: The sooner you report identity theft and take steps to resolve it, the easier it may be to recover funds.
Detailed Documentation: Keep meticulous records of all communication with creditors, credit bureaus, law enforcement, and any other entities involved.
Know Your Rights: Familiarize yourself with the Fair Credit Billing Act (FCBA) and other consumer protection laws that can help you recover losses. You can find more information at the Federal Trade Commission (https://www.identitytheft.gov/) website.

Resources and Support:

Federal Trade Commission (FTC): The FTC IdentityTheft.gov website (https://www.identitytheft.gov/) is a valuable resource offering guidance on how to recover from identity theft, including steps to take for financial recovery.
Credit Reporting Agencies: Equifax, Experian, and TransUnion all have resources and procedures for disputing fraudulent information on your credit report.

4. Car Theft:

Car theft is a major hassle, no matter what kind of vehicle you drive. Thieves are constantly on the lookout for ways to steal cars (or steal vehicles!), and it can happen in the blink of an eye.

Car Insurance Coverage / Auto Insurance Coverage: Many car insurance policies offer different types of coverage, including comprehensive coverage (also called comprehensive insurance or comprehensive car insurance). This type of coverage can help you recover financially if your car is stolen.
Insurance Claim: If your car is stolen, you'll need to file an insurance claim with your insurance company (or car insurance company). Be sure to have all the details ready, like the police report number, vehicle identification number (VIN), and license plate number.
Deductible: This is the amount of money you'll need to pay out of pocket before your insurance coverage kicks in. Make sure you understand your deductible amount before filing a claim.

5. Government Assistance:

In some cases, depending on your financial situation and the severity of the theft, you may be eligible for government assistance. Programs like the Crime Victim's Relief Fund can help offset some of the costs associated with the crime.

6. Police Reports and Documentation:

Always file a police report, even if you don't expect reimbursement. This report serves as official documentation of the crime and may be needed by insurance companies or other agencies. Keep copies of all paperwork related to the theft, including the police report, insurance claim forms, and receipts for any replacement items.

Remember:

Read the Fine Print: Always understand the terms and limitations of your insurance policies and any potential reimbursement programs.
Act Quickly: Report the theft and file claims promptly to maximize your chances of getting reimbursed.
Keep Records: Detailed documentation will be crucial for any reimbursement process.

Did You Know? Top Targets for Thieves

Being a victim of theft is a hassle, no matter what's taken. But some items are more commonly stolen than others. Here's a quick rundown of what thieves tend to target the most:

Cash: This classic grab-and-go item remains a favorite for thieves. It's easy to steal, conceal, and spend without leaving a trace. Keep large sums of cash secured and consider using digital payment methods whenever possible.
Electronics: Laptops, smartphones, tablets, and even gaming consoles are popular targets due to their high value and resale potential. Secure your devices with strong passwords and consider keeping them in a locked drawer or cabinet when not in use.
Jewelry: Precious metals and gemstones are timeless temptations for thieves. Rings, necklaces, bracelets, and earrings can be easily fenced (sold to unscrupulous buyers). Store valuable jewelry in a safe deposit box and only wear what you need for an outing.
Tools: Construction sites and workshops are treasure troves for tool thieves. Drills, saws, toolboxes, and generators can be expensive to replace. Invest in high-quality locks and consider property marking your tools to deter theft and aid recovery.
Cars and Car Parts: Entire vehicles or specific parts like tires, catalytic converters, and navigation systems are all targets for thieves. Park in well-lit areas and consider installing security features like alarms or steering wheel locks.
Bicycles: Especially higher-end models, bicycles are a common theft target, particularly in areas with easy resale markets. Register your bike with your local authorities and use a sturdy U-lock to secure it to a fixed object.
Medication: Prescription drugs can be valuable on the black market, making them a target for thieves. Secure your medications in a locked cabinet and keep track of refills to identify any discrepancies quickly.

By understanding what thieves target most, you can take steps to protect your belongings. Remember, an ounce of prevention is worth a pound of cure!