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Personal Perspective


By August 9, 2013No Comments

Identity theft claimed 12.6 million victims in the U.S. last year – and can victimize you at any time! It’s all too easy for bad guys to pilfer your e-mail, take a photo of your credit card (including your security code), or even install “malware” that records every keystroke on your computer.

Identity theft can clean out your bank accounts, devastate your credit, and even result in charges of fraud against you. Although credit monitoring can alert you to the theft, you’ll still face the tedious, costly – and often lengthy – process of restoring your credit and, possibly, of clearing your good name. For example it might easily take months, or even longer, to settle fraudulent bills with your creditors.

Identity Theft insurance can help! As a rule, this coverage will reimburse you, up to the policy amount – which can range from $10,000 to $1,000,000 – for many of the costs of restoring your identity and credit rating, such as:

  • Notification of your banks, creditors, and credit agencies of the theft by phone or mail (including notarization of documents, registered or certified mail, etc.).
  • Replacement of lost or stolen identity documents – such as passports and, Social Security cards.
  • Attorney fees (if needed).
  • Lost wages, for time taken from work to deal with the theft.

Some policies also offer such benefits as providing restoration services to guide you through the process and an emergency cash advance if the theft occurs while you’re away from home.

Identity Theft insurance usually costs $20 to $100 a year, with an annual deductible of $100 to $150. You can either add it to your Homeowners policy or buy it as a separate coverage. We’d be happy to recommend the policy that’s best suited to your needs.