Identity Theft Insurance

Checking Into Identity Theft Insurance

Just as car insurance won't stop you from having a car accident and health insurance won't guarantee that you will stay healthy, Identity Theft Insurance won't keep identity thieves from stealing your identity information.  But, in some circumstances, it will minimize the losses from identity theft.

So the important thing is that you are going to buy Identity Theft Insurance, then be sure you read the policy and understand the coverage, so you know exactly what you are getting.
 

Here are some things to consider in Identity Theft Insurance:

1. The amount of coverage that the policy provides
2. If the policy covers any lost wages.  If it does then find out if there is a cap on the wages you can claim or is it a deductible amount.
3. What is the amount of the deductible
4. Does the coverage provide for a personal counselor to help you resolve the problems.
5. If a personal counselor is provide, determine if there are any limits specified on what they will or will not do.
6. Are there exclusions such as:
   1. If the thief made electronic withdrawals and transfers.
   2. If the thief is a family member.
7. Check to see if your existing homeowner's policy already has some identity theft coverage.
    

Other Things To Consider When Looking Into Identity Theft Insurance

• A major cost of identity theft is the time you will spend trying to clear your name. 
• Many companies and law enforcement officers will only deal with you and will not deal with insurance company representatives, which means, more of your time spent.  So, even if your policy provides for a personal counselor, they will likely only give you guidance and will not be working to clear your name.
• You might consider taking the time to check out the insurer with the local Better Business Bureau,  state Attorney General and Consumer Protection Agency.
   

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