Insurance Companies Now Offer Protection against Identity Theft
What is Identity Theft Insurance?
Identity theft affects millions of Americans every year, and no one is immune to the possibility of becoming a victim of identity theft. If you are unfortunate enough to become the victim of identity theft, you will undoubtedly spend many, many hours trying to clear your name and remedy the situation. Identity theft insurance is one particular product companies have begun to offer consumers in response to the growing threat of identity theft. You might be wondering, though, whether or not you actually need identity theft insurance.
Can You Put a Price on Peace of Mind?
Identity theft insurance at a minimum at least provides the peace of mind for consumers that should they ever experience identity theft they will have immediate assistance to remedy the situation. Some consumers rest easier at night knowing they have identity theft insurance, so it can sometimes be a very valuable thing to have.
Check Your Homeowner’s Policy
Some homeowner insurance policies actually include identity theft coverage. Policies vary, so check your policy first. If having identity theft insurance provides you with added peace of mind, then it is probably a good choice. If, however, having identity theft insurance will cause you to be more lenient with shredding documents or protecting your personal and financial information, then you might not benefit from having a policy.
The good news is that an identity theft insurance policy is usually not a huge investment, and you can add it to your existing homeowner’s insurance policy for less than $50 a year. Identity theft insurance policies offer coverage up top $10,000 or $15,000, and sometimes cover lost wages up to a certain amount for when you take time off work to remedy your situation.
Some Things It Can't Help With
Many credit card companies will only talk directly to the consumer, so having identity theft insurance is not going to reduce the time burden placed on you if you become the victim of identity theft. Identity theft insurance can provide you with monetary compensation for making photocopies, postage costs, and sometimes attorney fees.
Ultimately, having identity theft insurance is not going to impact or lessen the likelihood that you will become the victim of identity theft. Whether or not you purchase identity theft insurance is entirely to you, but make sure you know fully what your coverage includes before you purchase identity theft insurance.