If you are worried about the increasing threats to your identity, from traditional social engineering to dumpster diving and digital hacking, you may want additional protection beyond prevention best practices. Considering that it can take months or years to recover your identity and have your records corrected, identity theft insurance can be beneficial. The Equifax financial experts share tips about when and why to get identity theft insurance in the new article, “Do I Need Identity Theft Insurance?”
It is important to know what identity theft insurance covers. Usually, the insurance reimburses victims for the cost of restoring their identities and repairing their credit reports. Often, the insurance provides access to services that may help victims of identity theft recover their identities. The insurance also covers expenses such as phone bills, lost wages, costs for notarizing fraud affidavits or other documents, and certified mail costs, and it also may occasionally cover pre-approved attorney fees. In other words, it does nothing to stop your identity from being stolen, so you must remain vigilant in keeping your personal information protected.
Your current homeowners or renters insurance might include identity theft insurance already. If it doesn’t, you can often get this added on for a small free, or specifically get it from another insurer, bank or credit card company. The cost of such protection usually ranges from $25 to $65 per year.
To learn more about identity theft protection, retirement, credit ratings and everything else to make you financially healthy, wealthy and wise, check the Equifax Finance Blog.