Need Identity Theft Protection
Identity Theft Protection Insurance
If you or somebody that you know has already fallen victim to criminal identity theft, you will no doubt be
aware of the work, inconvenience and costs that follow. Identity theft protection insurance can provide
reimbursement of costs to people that have fallen prey to a fraudster. These costs include but are not limited to
things such as phone bills, lost wages, mailing costs and, in some instances, legal fees.
Although Identity theft can take several different forms, it is generally defined as the use of somebody else's
personal information for personal gain. In the majority of identity theft cases, the criminal will use the obtained
information to make purchases using the victims credit card accounts or to apply for loans.
Credit card companies offer services such as the termination of the credit card account of a person when he or
she reports their card to be lost or stolen. However, for potential expenses to be minimized, the identity theft
victim needs to report their lost or stolen credit card before the identity thief has had a chance to use it. The
problem comes in when the victim is not always immediately aware that their credit card has gone missing. Also, in
these days of computers and the internet, identity thieves may not even need the physical card to start making
purchases on your account.
A recent new offering from some companies is that of a credit monitoring service which basically monitors your
credit card accounts for any unusual or out of the ordinary spending habits. They may also provide you with daily
and weekly reports to make you aware of any doubtful charges in your accounts.
Although these services may be of asssitance in some instances, they would be of little or no help if charges
have already been made to your credit card account or if your personal information has already been misused.
To provide an added measure of security against this problem, many insurance companies have started offering
identity theft insurance. Although charges vary, depending on the amount of money that you want to cover, yearly
premiums normally come in around $25.00 to cover amounts up to $25,000. However, you should be aware that most
identity theft insurance does not cover money that has already been stolen from you. Furthermore, your normal home
insurance may already cover you but you will need to read your policy document or contact your insurance company to
find out for sure.
With identity theft has becoming a national concern, and the number of identity theft cases growing at an
alarming rate, it is expected that identity theft insurance will become as common as most standard insurance
policies on the market today.
However, at the end of the day, prevention is better than cure and it really is good advice to first be careful
with how we handle our personal information. Although having a back up plan such as identity theft insurance is a
very welcome idea, it is nevertheless advisable to look at ways of preventing identity theft in the first