Identity theft is a crime that is increasing as more and more people are using the internet for financial transactions. As a result an individual’s personal information can be stolen which can lead to damaged credit and many hours trying to repair the damage. Many insurance companies, financial institutions and credit card companies have begun to offer identity theft coverage. The coverage that is provided depends on the type of policy how it is being offered.
Individual Policy
An individual identity theft insurance policy comes with many benefits and coverage options. This includes having no deductible, out of pocked expense reimbursement as well as lost wages. If money has been stolen from an individual coverage is provided from $25,000 to $30,000. A policy can even provide up to $500 in lost wages is an individual is away from work. These type of insurance policies can start at $49.
Financial Institution
Many financial institutions are beginning to offer protection for identity theft. These types of policies can be available from a bank or other type of financial institution. A policy will typically provide coverage for certain expenses ranging from 10,000 to 15,000. An individual will also have access to their credit reports as well as the ability to access and monitor their credit report. A deductible may apply for a policy that can range from $50 to $100.
Insurance Companies
Identity theft insurance polices are often sold from insurers that provide an individual’s automobile and homeowners insurance. Many policies are provided for as little as $50 to $60 for one year of coverage with a policy limit of $10,000 to $15,000. Some policies may even extend coverage to a student who is away at school. Many insurers also include identity theft as an endorsement that can be added to a homeowners insurance policy.
Homeowners Insurance
Many insurance companies offer an endorsement for identity theft that can be added to an existing homeowners insurance policy. The typical coverage amount for this endorsement is about $25,000. A policy can also include coverage for monitoring credit files and credit restoration assistance. This type of endorsement can usually be added to a policy for standard homeowners policy, a condo owners policy and even a renters policy.
Restoration Services
One type of coverage that is available for identity theft is the use of restoration services. This type of service is used to complete various types of paperwork and issuing fraud alerts to each of the credit bureaus. A credit restoration service will even work with individuals to determine if any public records have been affected by fraud. A policy or endorsement can include up to $2000 for the cost of this type of service.