• Identity Theft Insurance: Do You Need Coverage?

    Identity Theft Insurance: Do You Need Coverage? December 17, 2015

    Identity theft is when criminals obtain your personal information like credit card or social security number and use the information to assume your identity. They can do significant damage to your credit by opening new accounts or applying for loans.

    Unfortunately, in most cases, you will not be aware of your identity being stolen until it is too late and some damage has been done. As a victim of identity theft, you may be declined for a loan you apply for or contacted by a bill collector for payment on a charge you didn’t make.

    Recovering from identity theft can be an expensive endeavor, which is why it is a good idea to secure your identity and protect yourself in an affordable way, through Identity Theft Protection. This type of coverage is added to your homeowners, condo, or renters insurance policy.

    Insurance Helps you Recover

    In addition to being expensive, recovering from identity theft can be a time-consuming and complicated process, too. Identity theft protection coverage provides you access to a consumer fraud specialist, who can help you navigate the complicated process. They will help you:

    • Obtain a credit report from the three major reporting agencies
    • Place fraud alerts
    • Enroll in daily credit monitoring
    • Write dispute letters on your behalf for approval and signature

    Identity theft coverage can also help you cover financially and may provide reimbursement for the expenses associated with clearing your name and damaged credit. These costs can include:

    • Lost wages
    • Attorney fees
    • Notary and certified mailing charges
    • Loan re-application fees

    It Can Be Preventative

    If you know that your personal information has been compromised and suspect you may be vulnerable for identity theft, be proactive and purchase identity theft coverage. It is an affordable way to protect yourself from future damage.

    Contact our Personal Lines team today at 800-686-8080 to learn more about identity theft protection insurance.