RICHMOND – Summer has arrived, and the State Corporation Commission (SCC) Bureau of Insurance (Bureau) encourages Virginians to assess their insurance coverages before hitting the road, the beach or the water.

“Don’t let a lack of insurance coverage put a damper on your summer fun,” said Virginia Insurance Commissioner Scott A. White. “Anticipate summer hazards now to minimize their potential financial damage by ensuring your insurance coverage is adequate and up to date.”

Know your coverage 
In the event of a theft, a medical emergency, an injury on your property, or damage to your home or vehicle, know the limits of your coverage and if you need additional insurance. Also understand your insurance deductibles and how to file a claim.

Swimming pools 
Do you have a pool? Homeowners policies will typically provide “other structures” coverage for in- or above-ground permanent pools. Smaller non-secured pools are typically protected by personal property coverage. Contact your company or agent to confirm what your policy will cover.

Keep an inventory 
When it comes to personal property, the Bureau reminds Virginians to review and update home inventories to help determine appropriate coverage for belongings and help with the claims process if damage or other property loss occurs. Free smartphone apps like the National Association of Insurance Commissioners’ (NAIC) – NAIC Home Inventory – makes creating a home inventory quick and easy.

High water can affect anyone 
Homeowners, renters and commercial insurance policies issued in Virginia typically do not cover damage due to flooding, surface water or storm surge. The federal government’s National Flood Insurance Program (NFIP) offers flood and flood-related insurance coverage. Bear in mind there may be a 30-day waiting period for policies to take effect; trying to get coverage right before an impending storm or potential flood might be too late. Contact the NFIP at 1 800-427-4661 or visit floodsmart.gov for more information, or contact your insurance agent or company regarding coverage options.

Travel Considerations 
If summer includes travel plans, understand your health insurance coverage in case you need medical treatment at an urgent-care facility or hospital. Keep policy information and insurance cards with you and be sure emergency contact information is current. If you buy travel insurance, understand what is and isn’t covered before your trip, including any exclusions for pre-existing conditions.

Autos and RVs 
Review your auto insurance policy prior to hitting the road. Check liability limits to ensure proper protection against personal injury or property damage because of an accident. Keep a copy of your insurance card with you and know what to do if an accident occurs. 

Recreational vehicle (RV) insurance covers risks similar to auto insurance including collision, comprehensive and liability coverage. Personal belongings on board, equipment and attached accessories such as awnings and satellite dishes may require additional coverage. Virginia does not require individuals to purchase RV insurance, but lenders may require it.

Boats and other watercraft 
Boat owners are encouraged to evaluate their insurance coverages before getting out on the water. Policy coverage on boats includes collision, property damage liability, bodily injury liability and comprehensive. Additional coverage options available include medical payments, personal property, roadside assistance, damages and injuries suffered in accidents caused by uninsured or underinsured boaters. Personal watercraft (PWC) may require separate coverage. Depending on the size, type and value, some watercraft may even be covered as part of your homeowners policy.

For more information about these or other insurance-related topics, contact the Virginia Bureau of Insurance in Richmond at 804-371-9741 or toll-free at 1 877-310-6560, or visit its website at scc.virginia.gov/pages/Insurance.

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Contact: Jordan Bondurant, 804-371-9141

RICHMOND – Seniors lose billions of dollars annually due to financial exploitation. The loss to individual victims averages tens of thousands of dollars. Many times, the financial exploitation goes unreported.

On World Elder Abuse Awareness Day (June 15), the State Corporation Commission (SCC) reminds seniors, caregivers, financial professionals and all Virginians to recognize the signs of elder financial abuse and know how to report it.

Financial abuse can take many forms, including efforts to sell seniors fraudulent investments in person, online or by phone, or attempts to access their investment accounts for personal gain. It can be perpetrated by friends, family, caregivers, financial professionals or strangers. Seniors who have disabilities, rely on others for help or are socially isolated are especially vulnerable.

“Senior financial exploitation can happen anywhere, anytime and to anyone,” said Doug Joyce, director of the State Corporation Commission’s Division of Securities and Retail Franchising (Division). “Increasingly, seniors are being targeted by scammers. Perpetrators often strike when seniors are most vulnerable such as during a health crisis or after the death of a loved one. Social isolation and seniors’ increased reliance on the internet for many daily activities only compound the problem.”

In some cases, scammers may target their victims using personal details gleaned from obituaries and social media posts. Some may exploit established relationships within a senior’s social and support groups to become more involved in their life.

Possible red flags of senior financial abuse include the following:

• Surrendering passwords and control of finances to a new or overly protective friend or caregiver;
• Suspicious signatures on checks or other documents;
• Unusual activity in investment or bank accounts, including large, frequent or unexplained withdrawals or transfers between accounts;
• Unusual or sudden changes to beneficiary designations or to legal or financial documents involving investments, such as power of attorney, wills, trusts, retirement accounts or insurance policies, or documents that suddenly go missing;
• Unexplained financial activities, such as the disappearance or “gifting” of assets, valuables or securities;
• Fear of or sudden change in feelings toward friends or family members; and
• A lack of knowledge by a senior about their financial status or reluctance to discuss financial matters.

Joyce encourages Virginians who suspect they or a loved one are the victims of investment fraud or possible senior financial exploitation to contact the Division by telephone (in Richmond at 804-371-9051 or toll-free at 1-800-552-7945), or by email at SRF_General@scc.virginia.gov. Additional information is available on the Division’s Invest Wisely web page at InvestWiselyVA.com.

The North American Securities Administrators Association, of which the Division is a member, also has developed resources to help individuals identify investment fraud and know how to report suspected elder financial abuse. These resources are available at nasaa.org/investor-education/senior-investor-resource-center/.

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Contact: Katha Treanor, 804-371-9141