MONDAY, MARCH 8, 2021
The Basics
Identity theft occurs when others obtain and use your personal information without your permission. Once your personal information is obtained, thieves can use existing or open new credit cards in your name, write bad checks or take out loans.
Before you discover your identity has been stolen, your credit can be damaged and thieves can have racked up significant debt, all in your name.
What is Identity Theft Insurance?
Identity theft stories regularly appear in the news. Along with practical safeguards, what else can you do to protect yourself? Consider identity theft insurance.
Identity theft insurance can be purchased as a stand-alone policy or it can be added as an endorsement to your existing homeowners or automobile insurance coverage. Identity theft insurance does not protect against the cost of the actual theft, but it is a relatively inexpensive insurance option that reimburses for the cost of reclaiming your identity, including:
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Phone call charges, photocopying costs and postage fees
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Salary loss due to uncompensated time off from work
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Legal fees
You also gain access to a fraud specialist who can assist you in restoring your good name and protecting your identity. This service accompanies reimbursement for expenses associated with credit restoration, as noted above.
Identity Theft Protection Suggestions:
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Carry only essential personal information in your purse or wallet.
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Protect yourself when using an ATM or making a credit card purchase.
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Do not use public trash receptacles for credit card or ATM receipts.
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Monitor your checking statements often to ensure all documented transactions are justified. If you suspect a problem, contact your bank or the company immediately.
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Order a credit report from all three of the major credit bureaus. You are allowed one free credit report per year from each. This report details where you live, accounts opened in your name, how you pay your bills and more. Carefully inspect these reports, looking for any indiscretions or unauthorized activities.
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Create unique passwords that are not easily identifiable for your accounts and credit cards.
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Do not ever give out your personal information to anyone you do not know.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
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