During Domestic Violence Awareness Month, Triple-I Highlights the Role of Financial Security in Helping Survivors Move Forward

Business Wire

Insurance Can be an Important Part of Rebuilding Financial Independence and Protecting a Survivor’s Future

MALVERN, Pa.--(BUSINESS WIRE)--
Financial abuse can leave survivors of domestic violence facing economic consequences long after an abusive relationship ends, from damaged credit and debt to lost access to bank accounts, insurance information and other financial resources. During Domestic Violence Awareness Month (DVAM), the Insurance Information Institute (Triple-I) is highlighting practical financial and insurance steps that can help survivors protect themselves and build greater financial independence.

This year’s DVAM theme, With Survivors, Always, emphasizes moving from awareness to action. Financial abuse can take many forms, including restricting access to money or credit, preventing a partner from working, incurring debt in another person’s name, controlling financial documents and insurance information, or using technology to monitor financial activity.

“Standing with survivors means providing practical information they can use to build greater financial independence,” said Loretta Worters, vice president, media relations, Triple-I. “Financial abuse can follow someone long after an abusive relationship ends through damaged credit, debt, compromised accounts or a lack of access to important financial and insurance information. Taking steps to regain control of those areas can be an important part of rebuilding.”

One form of financial abuse receiving increased attention is coerced debt, which occurs when an abusive partner uses threats, pressure, deception or a survivor’s personal information to incur debt in the survivor’s name. Coerced debt can damage credit and make it more difficult to rent a home, obtain a loan or otherwise establish financial independence.

Insurance should be considered alongside income, savings, credit and access to financial services when developing a plan for financial independence. Survivors may need to review existing policies, determine whether changes are necessary and make sure they have secure access to important financial and insurance information.

Triple-I recommends considering the following steps, when it is safe to do so:

Gather important financial and insurance documents. Maintain copies of insurance policies, identification, banking information, property records and other important documents in a secure location that cannot be accessed by an abusive partner.
Review insurance policies. Know whose name appears on auto, homeowners, renters and other policies, who can make changes to the policy, what contact information the insurer has and who may have access to policy information.
Check your credit. Review credit reports for accounts or debts you do not recognize. Survivors who believe their identity or credit has been compromised can consider a fraud alert or security freeze and seek assistance in addressing fraudulent or coerced debt.
Secure financial and digital accounts. When it is safe to do so, change passwords and PINs and review access to banking, credit card, insurance and other financial accounts. Because changes to accounts or devices could alert an abusive partner, survivors should consider their personal safety before making changes.
Establish independent financial access. When possible and safe, having access to an individual bank account, credit and financial records can be an important step toward financial independence.
Protect personal property. Renters and homeowners insurance can help protect belongings from covered losses and provide liability protection. Survivors establishing a new residence should make sure they have appropriate coverage.
Review life insurance information. Policyowners should periodically review beneficiaries and other policy information, particularly following significant life changes.
Protect vehicles. Determine who owns and insures the vehicles you rely on and make sure appropriate coverage remains in place during a transition.
Keep an inventory of belongings. A home inventory can help document possessions and make the insurance claims process easier following a covered loss. Store a copy somewhere secure and separate from the home.
Seek professional guidance. An insurance professional, financial counselor, attorney or domestic violence advocate can help survivors understand their options based on their individual circumstances.

“Leaving an abusive relationship is often only the beginning of the financial journey,” Worters said. “Rebuilding can mean finding a new home, establishing credit, replacing belongings and taking responsibility for financial decisions that someone else may have controlled. Knowing what insurance you need, protecting your credit and accounts, and understanding the financial resources available to you are practical steps toward creating greater independence and security.”

Individuals experiencing domestic violence can contact the National Domestic Violence Hotline at 800-799-SAFE (7233) or text START to 88788. Assistance is available 24/7.

About the Insurance Information Institute

Since 1960, the Insurance Information Institute (Triple-I®) has been the trusted voice of risk and insurance, delivering unique, data-driven insights to educate, elevate and connect consumers, industry professionals, policymakers, and the media. An affiliate of The Institutes, Triple-I represents a diverse membership accounting for nearly 50% of all U.S. property/casualty premiums written. Our members include mutual and stock companies, personal and commercial lines, primary insurers and reinsurers – serving regional, national and global markets.

About The Institutes

The Institutes® are a not-for-profit dedicated to helping people and organizations succeed in the essential disciplines of risk management and insurance. Through numerous affiliated business units and brands, we educate, elevate, and connect students, professionals, and organizations by equipping them with the knowledge, skills, and collaboration they need to tackle the most complex risk management and insurance challenges. Backed by more than 115 years as a trusted knowledge partner, we empower people and organizations to create a more resilient world.