Facts about Identity Theft Insurance

Is Identity Theft Insurance Right For You?

Hundreds of thousands of people have been victimized by identity theft so the fact that it’s a serious concern and a substantial risk is no surprise. To the relief of many, there is a way to insure yourself against the devastation identity theft can inflict. Identity theft insurance can protect you from identity theft losses just like auto insurance can protect you from auto-related losses and home insurance can protect you from home-related losses.

What Does It Cover?

Each identity theft insurance policy is different and exactly what is covered will vary from carrier to carrier and from policy to policy. In general, an identity theft insurance policy will reimburse victims of identity theft for the costs involved with restoring their identity and repairing their credit reports.

Depending on your policy, your identity theft insurance may also cover the cost of phone bills related to the identity theft occurrence, lost wages, certified mailing costs, and notary services. Some policies even cover attorney fees as long as the insured has written consent from the insurer for the fees charged.

How Much Will It Cost?

How much identity theft insurance costs you will depend on a number of factors including how much coverage you want and what type of a risk you are. On average, an identity theft insurance policy will cost between twenty dollars and fifty dollars a year for twenty-five thousand dollars worth of identity theft insurance coverage.

How Do You Get It?

You may have identity theft insurance without even realizing it. Some insurance companies are offering identity theft coverage as part of their homeowner policies or offer it as an endorsement to a homeowners or renters policy. If your insurance company doesn’t offer these options, check with insurance companies who offer stand-alone identity theft insurance policies. Considering identity theft insurance policies cost only two or three dollars a month on average, the expense will be well worth it should you ever become a victim of the crime.


As of this writing, Washington Mutual Bank here in the US offers basic ID Theft insurance (for free!) with its free checking account. They also offer an enhanced version too, that costs a monthly fee.

Both versions require you to fill out a short application or have a phone cust. support rep sign you up.

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