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Identity Theft Insurance

Identity Theft Insurance

Identity theft is more common now that practically everyone does some sort of business online. You might shop online, bank online, or visit some other type of website that asks for personal information. Identity theft is big business for internet thieves. More than 16 million Americans experienced identity theft in 2017. Identity theft insurance can’t protect your information, but it can help you recover following the occurrence.

How Does Identity Theft Insurance Help?

This type of policy compensates you for the costs associated with repairing your financial identity. You may have to pay for copies of your credit report, pay expenses that you didn’t create, and pay legal fees if you need the help of an attorney. If you have identity theft insurance, your insurer will help with all these expenses.

You can add this option to your existing homeowner’s or renter’s insurance policy. You can also choose to purchase it as a stand-alone policy. An employer may have the option of providing identity theft insurance as part of a benefits package.

The amount of compensation you receive depends on your policy. Generally, policies start at $10,000 and go up to $1 million. When deciding on a policy, you’ll also want to consider your premiums and deductibles. You should be able to find a policy that fits within your budget.

Anyone Can Fall Victim to Identity Theft

Children can become victims of identity theft as well. So when choosing a policy for yourself, you might want to discuss coverage for your family.