Do you have the right coverage to protect yourself?
By Brook Garrity, Director of Partner Management, TruStage® Auto and Home Insurance Program
Vehicles and homes have typically been the average consumer’s most valuable assets. With drastic increases in worth over the past year, that’s even more true than in the past.
Although housing prices have had a largely upward price trajectory since the 1960s, they’ve taken a bigger-than-usual jump since 20201. And thanks to chip shortages and high demand, prices on both new and used vehicles have increased faster than consumer prices overall (and those went up a hefty 7% from 2020 to 2021—the largest year-over-year increase since 1981)2.
High values mean the right coverage is critical—do you have it?
Car and home-related expenses consume a large percentage of account holders’ paychecks in the best of times. Account holders might be feeling anxious about protecting these increasingly valuable assets given today’s uncertain and high-inflation environment. And, in too many cases, account holders are paying too much for their coverage or don’t have the protection they actually need.
Common reasons include:
Buying coverage based only on price. Price comparisons from one provider to another aren’t always apples-to-apples, and account holders might focus on the price without registering the policy differences. Two common ways to make a policy seem less costly include pricing it to reflect a state’s minimum insurance requirements—which might be lower than the account holder really needs—or offering a low quote for the first six months, with the intention of bumping up the cost after that period ends (and the account holder is already committed).
Not taking advantage of multi-policy discounts. Account holders who chase after the best price for each policy might miss out on multi-policy discounts that could save them money overall.
Not understanding their protection needs—or what their coverage actually delivers. Insurance is full of terms and jargon that can be confusing to account holders. And that lack of understanding can mean they don’t necessarily have the coverage they need.
For instance, many homeowners think they should purchase homeowners’ insurance based on the market value of their home, when replacement value should be their guide. Or they believe they’re automatically protected against things like floods or sewer back-ups when they’re not. On the vehicle front, they might opt in for collision coverage longer than they need to or set their deductible too high or too low.
How can Omaha Federal Credit Union help?
We offer home and auto insurance options on our website via TruStage®.
TruStage® gives account holders access to the following:
Jargon-free product information. The best partners understand insurance can be confusing. TruStage® uses clear language in all their materials and designs their website and apps with built-in, hover-over definitions for unfamiliar terms.
Transparent pricing. TruStage® allows account holders to compare coverage and play with cost/benefit trade-offs. No two account holders have the same needs and the best providers let them find and understand their coverage options.
Access to live help. Account holders love digital — and many want to handle every aspect of their insurance online. But any account holder, even the most digitally savvy, will occasionally run into a question or problem that can best be solved by being able to pick up the phone or meet face to face. TruStage® makes this possible.
The prices of vehicles and homes aren’t likely to drop any time soon. TruStage® gives members access to coverage that meets their needs.
|Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views or positions of any entities they represent.TruStage® Life Insurance is made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by your credit union. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located at 5910 Mineral Point Road, Madison, Wis., 53705.CORP, GEN-3896522.1-1121-1223 © CUNA Mutual Group|
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Omaha Federal Credit Union has been closely monitoring developments overseas as well as cybersecurity threats attacking critical infrastructure both at home and abroad. We encourage you to be extra aware and take important steps to keep your own systems and information secure.
- Emails: DO NOT OPEN ANY attachments from e-mails even if you think it is a trusted source. Instead, save the attachment to your desktop and open it from that location.
- Employ account alerts, such as CardValet®
- Never accept payment instructions or requests for private information based solely on email, text or messaging correspondence.
- Make sure your electronic devices have the latest updates to help protect against security threats.
Here are a few more tips for consumers regarding cybersecurity, and the increased need to detect, prevent and mitigate scams and fraud:
NEVER give out, post, or share the following with ANYONE:
- Any passwords, passcodes or PINs
- Any personal identifiable information (PII)
- Any financial information including account number, credit card, or debit card information
Don’t fall victim to increased phishing attacks:
- If an email comes in and you are not expecting it or it appears suspicious, don’t click into it, DELETE IT!
- When that phone call comes in asking for personal or financial information, HANG UP!
- If you see a text message that appears suspicious, don’t click into it, DELETE IT!
- Place a security credit freeze on credit reports with all the credit bureaus
- Sign up for free fraud alerts from credit bureaus
- Secure home computers, tablets, and mobile devices with a firewall and antivirus software before performing an online transaction
- Avoid free downloadable applications for mobile devices since they may be infected with viruses and/or malware
- Take extra time to monitor accounts closely for any type of unauthorized activity
- When shopping online, remember to exit the site
- Only use a private network when shopping or performing account activity online
- Check out the seller before purchasing items
- Cover your hand when entering your pin at the store or on an ATM
- If you have a chip enabled card, use the chip technology
- Watch merchants perform your sales and look for any suspicious activity
- Review your card account transaction daily to uncover any unauthorized activity
- Always take your receipt
- Let your financial institution know about your travel activity
- Don’t carry around private account/PIN/card information
- If someone contacts you about fraud on your card, don’t provide any financial information. Contact your financial institution directly to confirm the fraud call’s validity.
- Consider requesting lower daily dollar limits on account transactions
- Subscribe to fraud alerts or turn on/off your card option
- For any online activity, think before you click!
Take advantage of this offer and LOCK in a great LOW rate!
Loan approval decision made promptly with competitive rates. Promotion good through 07/01/2022. New Loans Only. Offer not applicable for First Mortgage Loans. No payments for 60 days. Loan duration dependent on loan type selected. Other rates and terms available. Programs, loan rates, terms and conditions are subject to change without notice and may vary based on credit qualifications, including creditworthiness and loan-to-value ratio. One coupon per loan. Availability is limited.
Open your account today for just $5!
Visit omahafcu.org or call (402) 399-9001 (Option #4) and speak to an employee for more details about fees and terms that may apply.
Funds in your OFCU accounts are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency.
(402) 399-9001 , Option #4 | omahafcu.org
- VISA Debit Card Convenient & Easy to Use
Click on the link or the image below to enjoy the latest issue of Omaha Federal Credit Union’s monthly e-newsletter. This issue is packed with great articles, news, links and updates and we hope you enjoy this and future issues.
Earn 1.5% Cash Back or 1.5 Points for Every $1 Spent
Our VISA® Rewards credit card currently has a variable rate as low as 11.25% APR (Annual Percentage Rate) with a minimum credit line of $1,000. There is no annual fee and no balance transfer fee.
You can apply for this new credit card in person at any of our branches, by calling 402-399-9001 (option 4), or through our On-line Loan Applications on our website (select Credit Card Application).
Get Rewarded for Every Purchase You Make
- 1.5% Cash Back option
- uChoose Rewards© = 1.5 points for every $1 spent
- Points can be used to buy gift cards or merchandise
- Apple Pay, Google Pay, Samsung Pay
- Contactless: Secure tap and go payment method
- CardValet® – Get alerts on transactions, lock your card in an instant for any reason, manage spending by setting purchase limits, block international usage, and so much more
- EMV Chip Card
- Use your VISA® Rewards credit card at millions of locations
- ATM access via the VISA® ATM network
- Get added security when you shop online with your VISA® Rewards credit card. This option is available only if a merchant participates in this program.
Register for uChoose Rewards
- It really pays to use your VISA® Rewards credit card, as it offers a special program to cardholders called uChoose Rewards. The uChoose Rewards program allows us to reward YOU for using your VISA® Rewards credit card for purchases. Giving you accelerated earning opportunities and unlimited ways to redeem your points is our way of saying THANK YOU for being a cardholder and member of Omaha Federal Credit Union. Every time you use your VISA® Rewards credit card, you will earn bonus points that, upon accrual, can be redeemed for gift cards and merchandise. Before you can begin earning uChoose Rewards points with your new credit card, you must first register your VISA® Rewards credit cardonline. Unlike registering your Omaha Federal Credit Union Debit Card directly at uchooserewards.com, registering your VISA® Rewards credit cardfor uChoose Rewards must be done through Virtual Branch. First, sign in to your Virtual Branch account at omahafcu.org. Once logged in, click on LOANS, then click on the VISA® Rewards credit card that you want to register, then click on the uChoose Rewards icon there. Once you register your new VISA® Rewards credit card for uChoose Rewards, you will then have the opportunity to utilize this single sign-on to access the total point balance of all your uChoose accounts, including your uChoose Rewards that you earn by using your Omaha Federal Credit Union Debit Card.
Other credit card options are available here.
You can use both your OFCU Visa® Debit and Visa® Credit Card with Apple Pay — the easy, secure, and private way to pay. Use Apple Pay with iPhone 6 to pay in stores without swiping your card and within apps without entering payment and contact information. With Apple Pay, instead of using your actual Debit or Credit Card numbers when you add your card, a unique Device Account Number is assigned, encrypted and securely stored. And when you make a purchase, the Device Account Number alongside a transaction-specific dynamic security code is used to process your payment. So your actual Debit and Credit Card numbers are never shared by Apple with merchants or transmitted with payment. In addition, paying with Apple Pay is private as the cashier never sees your name, card numbers or security code.
Now the things you love about your favorite Visa® Debit or Credit Card are right on your Android phone. Getting started with Google Pay is simple:
- Download the Google Pay app from Google Play or the App Store
- Follow the instructions to add your OFCU Visa® Debit or Credit Card
- Verify your card if needed. Then you’re all set!
Now the things you love about your favorite Visa® Debit or Credit Card are right on your Samsung phone. Getting started with Samsung Pay is simple:
- Access your Card from the Samsung Pay app
- Add your OFCU Visa® Debit or Credit Card
Pay confidently at millions of places around the world with Visa and Samsung Pay.