Identity Theft Now Included On Many Homeowners Insurance Policies
Some insurers now include coverage for identity theft as part of their homeowners insurance policy
. Other companies sell it as either a stand-alone policy or as an endorsement to a homeowners or renters insurance policy, which can run about $25-$50 annually.Identity fraud, which is defined as the unauthorized use of another persons personal information (to achieve illicit financial gain), continues to be on the rise. For this reason, identity theft insurance has grown more popular with consumers.
Most homeowners and renters policies provide coverage for theft of money or credit cards, although the amount of coverage is limited (usually $200 in cash and $50 on credit cards). Once reported, the issuing company of the stolen credit card requires the cardholder to be responsible for only $50 of unauthorized use.
Identity theft insurance provides reimbursement to crime victims for the cost of restoring their identity and repairing credit reports. It generally covers expenses such as phone bills, lost wages, notary and certified mailing costs. Some companies also offer restoration or resolution services to guide clients through the process of recovering their identity. An insurance professional can offer details on what additional coverage may be needed.
Victims of ID theft are often left with lower credit scores. They can spend months getting their credit records restored. They may also have difficulty getting credit, obtaining loans and even finding employment due to issues over their credit rating.
Tips on protecting valuable information
1. Avoid carrying additional credit cards, social security card or passport unless absolutely necessary.
2.Guard credit card whenever making purchases.
3.Always take credit card or ATM receipts.Donotthrow receipts into public trash, or leave them on the counter where they can easily be taken.
4. Proceed with caution when shopping online.Buy only from reputable, familiar retailers with a secure network.
5.Monitor all accounts. Carefully monitor bank and credit card statements to make sure all transactions are accurate, and contact a credit card company or bank when there is a discrepancy.
6.When entering names, numbers and addresses into an electronic device, keep them as generic as possible. Do not store important social security or banking information on a PDA or cell phone.
7.Place passwords on credit cards, bank and phone accounts. Avoid creating passwords using easily available information like a mothers maiden name, birth date, etc.
8.Do not give out personal information.Whether on the phone, through the mail or over the Internet, and do not divulge sensitive information unless initiating the contact. When volunteering confidential information be confident that they have a secure line.
9. Tear or shred any documents that contain personal information such as credit card numbers, bank statements, charge receipts or credit card applications, before disposing of them.
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