What Is Identity Theft Insurance?
Identity theft crime is getting worse especially with the unprecedented rise in the popularity of internet. When you use the internet for personal and financial dealings, some bad elements may try to steal your identity and use it for fraudulent purposes. They steal your personal information and access your financial information. Because of the seriousness of this new crime, many people are afraid of the loss of their identities to criminals.
Protection against identity theft
Because of the rise in crimes related to identity theft, many people are seeking identity theft insurance. There are several things you have to know about this insurance if you are going to purchase it for yourself. You have to know if you really need it, and then you want to know its cost.
What is Identity theft insurance?
The identity theft insurance pertains to your liabilities in case your identity is stolen and used in any criminal act. The insurer will take care of your expenses relevant to this crime. The policy normally covers all the expenses incurred due to the identity theft crime. This type of insurance has a lot of significance for those individuals that use internet for their personal matters and financial matters. It gives them a peace of mind.
Coverage of identity theft insurance
Depending on the insurance, there is a variety of coverage for identity theft insurance. Generally, this type of insurance covers the following aspects:
- Loss of wages due to absence from work while fixing the problem of identity theft.
- Legal expenses such as attorney’s fees, document notarization, mailing, supplies, photocopy costs and phone bills that are relevant to the crime. All types of expenses are given coverage in such insurance.
Cost of coverage
The cost of premium varies on the included coverage and how the insurance policy is obtained. The price of this type of insurance start from $200 per annum to thousands of dollars depending on the way you purchased it.
3 ways to get identity theft insurance
- Inclusion in the rental or homeowner property insurance
- Creditors’ services from the credit card company or bank
- Stand-alone purchase.
Identity theft insurance is your protection against liabilities brought about when crimes are committed using your personal information. It can save you from lots of problems if a crime is committed using your id. You should get this insurance if you use internet to carry out your dealings.