Identity theft is a crime that involves someone else assuming your identity for the purpose of making a purchase in your name or using your credit. This crime is becoming more common, and many insurance products have been created to protect against it. If you are concerned about this crime, you may want to consider buying this kind of insurance.
Identity Theft Insurance
This type of insurance is designed to help you get your life back together if you become the victim of identity theft. Most of these companies will provide you with a specific benefit if you are a victim of identity theft. The company may help you pay for legal costs associated with the process of handling the identity theft. You might also get something to cover your time and expenses. Some companies will actually handle the process of closing your accounts and disputing charges for you.
Credit Monitoring
Another common feature that is offered with this type of insurance is credit monitoring. As part of your policy, the identity theft insurance company will keep track of your credit report for you. If anything out of the ordinary takes place, the company will contact you immediately. You may also be able to look at your credit report as often as you would like with this service.
Value
Even though this particular kind of policy can provide some benefits, you may not get the value that you expect. When identity theft occurs, the average person spends about $1,500 to recover. When you file a claim with your identity theft insurance company, you will have to pay a deductible. Some companies charge you a deductible of $1,000. This means that you are only getting a small benefit for the cost involved.
Checking Out the Company
If you are thinking about purchasing identity theft insurance, you should research the service provider first. While many companies in this field are legitimate, there are a few that are considered scams. Before signing up with a company, check out its profile on the Better Business Bureau website. This will help you avoid paying premiums to a company that will not be there for you when you need it.
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