Why Should I Buy Identity Theft Coverage?

Identity theft if a serious problem that affects thousands of individuals across the United States each year. Having your identity stolen can shake your sense of safety but it can also drain your bank account, ruin your credit and more. 

Thankfully, identity theft coverage exists to protect you in case someone steals your information. 

Identity theft can help reimburse you for expenses related to recovering from identity theft, such as recovering your credit reports and finding legal assistance. It can cover items such as: 

• Lost income (wages) 

• Long-distance phone calls 

• Credit monitoring 

• Legal expenses (hiring a defense lawyer, etc.) 

• Notary fees 

Is Identity Theft Covered Under Home Insurance? 
There are some instances when home insurance or even renters insurance can help when identity theft strikes. Most policies will provide coverage for minimal loss. Credit cards can also offer this same type protection. Some will immediately institute identity theft investigations.  

However, basic home insurance usually won’t offer comprehensive, large-scale identity theft protection. Consumers can purchase separate identity theft insurance from their home insurer. Some agencies offer it as a rider or special endorsement. Is it worth doing so? For anyone who uses credit cards, internet connectivity, or shares their personal information with others, it is worth investing in.  

Be sure to check your home or renters insurance policy to see if identity theft is covered under your policy already. If not, you can typically add identity theft coverage or even purchase it as a separate policy. 

Identity theft is a serious risk that can push back all of your hard work to build your credit and craft your life as you want it. Invest in identity theft coverage while also taking measures to avoid identity theft, such as: 

Speak with your insurance agent if you have any questions about adding an identify theft insurance policy to your line of defenses.