Is Identity Theft Covered by Your Insurance?

Victims of identity theft can deal with the disaster left in the wake of an identity thief for years. Avoid the possibility of this devastating experience by educating yourself about this crime, and make sure you have the right coverage in place to protect yourself in case it does happen to you.

Let’s look at some ways identity thieves can get their hands on your secure information. They can obtain information online via email scams and hacking, for example, or scammers posing as legitimate professionals can obtain information via phone calls. They can also steal physical documents (from your wallet, credit card bills or bank statements) or physical hardware (such as laptops, tablets, phones and thumb drives).

To ensure you are protecting yourself from these methods, secure all your documents, and never give out your personal information to sources that are not verified. Prevent online breaches with appropriate security software.

Unfortunately, you may still fall prey to a determined identity thief even with the proper precautions in place. It is vital to have the proper coverage in place should disaster strike. Some limited protection for loss of credit cards or cash is often included in homeowners or renters insurance policies. Some liability relief is provided by many credit card companies. But if your identity is stolen, this is not sufficient coverage.

Financial loss, credit issues and reputational consequences can result from identity theft, and there are insurance products that cover these costs. It is worth it to look into these policies. They vary and cover everything from minor assistance to major restorative services. Reimbursement of attorney’s fees, assistance with hearings and charges related to fraud, a consumer fraud specialist or case manager, replacement of government-issued identifications and assistance with credit restoration can be provided by your coverage.

These restoration services can be life-changing should you fall victim to identity theft. Contact us to discuss your current policies and review what specific coverage is best for you so we can help you plan for the unexpected.