Is Identity Theft Insurance Right For You?


Identity theft insurance covers a certain part of the overall costs linked to restoring one’s identity and improving one’s credit score. Because an individual’s identity is linked to their bank accounts and insurance policies, the repercussions of the theft of their identity can be huge. In order to minimize damages, they also hire an identity theft attorney Georgia.

Having identity theft insurance proves to be of great help to cover costs for legal help, phone bills and other aspects associated with the recovery of one’s identity.

But does it make sense for everyone to insure for the theft of your identity? This article will outline whether or not it is important and how you can do about it.

How can you get identity theft insurance?

When someone steals one’s identity and commits financial fraud, the reclamation of the former’s identity takes some time. Though it happens gradually, the fact remains that it is a sluggish process that not only takes time but also money.

For an individual, it may seem like a hefty amount of money. This is where identity theft insurance makes a big difference.

Identity theft insurance usually costs from $25 to $50 a year. According to the Insurance Information Institute. Most policies range from $10,000 to $15,000 according to the National Association of Insurance Commissioners. Some policies have deductibles from $100 to $500.

When buying an identity theft insurance, here are the top options for you:

If you wish to include it in your homeowner’s insurance policy, then you would have to check it.

In order to get identity theft insurance, homeowners or writers insurance policy have to add to it.

In order to get identity theft insurance, you have to buy it as a standalone policy.

What are the fields that Theft Insurance usually covers?

Here is the list of expenses which are covered under theft insurance:

  • Copies of credit reports
  • Distant phone calls
  • Lost wages
  • Notary fees
  • Mailing documents
  • Legal fees
  • Child care costs
  • Credit monitoring services

Do you need Identity Theft Insurance?

Identity Theft Protection Services can help victims of the identity theft cover to bear the expenses when identity fraud occurs. When deciding to buy identity theft insurance it’s important to understand fine prints. Identity theft protection services help additionally for a fee. They also offer restoration services including assistance with creditors. They may also reimburse funds stolen through identity theft.

Things to consider before you decide:

The National Association of Insurance Commissioners provides the following list to do your research:

  • To find out the limits of the policy
  • To find out if there is any deductible
  • If the policy covers the expenditure of lost wages, what limits apply and the coverage
  • The policy covers legal fees, limits, and legal work must be approved by the insurer

 Is Identity Theft Insurance helpful?

Identity theft insurance is worth making because it is liable for any fraudulent actions. Thieves may have access to your account. They could have fraudulently file taxes or get a credit card or medical care in your name. That can lower your credit score and increase the inefficiency to borrow money. Identity theft insurance offers some benefits but cannot prevent it from happening. It is important to safeguard your personal information and take steps to protect yourself.

How Identity Thieves steal information

  • By stealing physical documents, many identity theft cases are the result of the loss or stolen wallet, credit card, chequebook or other physical documents. Some cards require some credit information on written applications. There are many instances of getting stolen this personal information.
  • Fingerprints, mobile phones, or laptops are a great source of gathering personal information.
  • It is always suggested not to provide any private information via unwanted phone calls, emails or by clicking any suspicious links.
  • Some identity thefts are subjected to online thefts like ‘phishing’, where thieves use email inquiries from financial or online organizations to gather account information. Online theft is a huge problem in our society where personal information is hacked and used for a fraudulent purpose.

What is the impact of Identity Theft?

Victims of theft often travel a long way to cover. Depending on the severity of theft damage the recovery process can take anywhere to a long distance. Victims are often left with lower credit scores and difficulty in getting credits, loans, and employment. This is how the fraud defence attorney Cobb County has an impact on identity theft.

Final Thoughts

While keeping the valid points in mind, as discussed above, we can come to the final thoughts that identity theft is a serious problem in our society today. Identity theft insurance or a fraud defence attorney can take the right measures to safeguard you in time of danger.