Identity Theft Insurance Providers
Many identity theft insurance providers have been flooding the market with identity theft insurance, credit monitoring plans, and other services. Mailboxes are also being flooded with offers to buy these services and dire warnings of what could happen if we do not. All these came about when identity theft has become a national concern, with 10 million victims in the US, according to some estimates last year alone.
With some identity theft policies, you get compensated for lost time and money caused by identity theft, including lost wages (often capped at $2000). Also included are the costs for notarizing fraud affidavits or other documents, cost for certified mail, loan re-application fees due to incorrect credit information.
Plus there are preapproved attorney fees, and long distance telephone calls to resolve, report, or discuss the fraud.
A few insurance providers offer compensation for any money stolen from you but make sure you read the fine print when it comes to this part.
Moreover, a lawyer is usually not required to resolve an identity theft case. The main requirement is your time in dealing with creditors to provide documentation and work out the issues. Even as some plans claim to cover the costs associated with resolving an identity theft case, the burden of dealing with creditors will still fall on you because most creditors will not deal with anybody else.
Most consumer experts say that people do not need identity theft insurance since it does not reimburse you for all the money that is stolen from you. If the identity theft is committed by someone you know, the insurance often does not pay or reimburse the funds that are lost.
Check your homeowner’s insurance policy. Sometimes the policy already covers you for identity theft protection. You may also be able to get ID theft protection for free. American Express, for example, makes its identity theft assistance available to all cardholders for free. They give you round-the-clock telephone access to company representatives who will help you determine if your identity has been stolen, navigate the recovery process, and protect yourself in the future.
Although there are no bank rates involved in this, coverage from identity theft insurance providers typically costs from $20 to $100 a year as a rider to a basic homeowner’s policy or as a stand-alone purchase.
For additional resources involving financial help, please view Citibank ThankYou Rewards on this website, and Sallie Mae CD Rates – Best 3 Year CD Rates on our sister site.
We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.
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