One of the biggest types of fraud emerging is that of identity thefts. Most common cases of identity theft include stolen credit or debit cards. Identity theft victims often end up going through never ending paperwork, phone calls and lost working hours.
The above incidents or events would encourage anyone to go for an identity theft insurance policy. Identity theft insurance itself does not constitute much to the overall budgeting of a household. Identity theft insurance premium costs just about $15 to $35 a year. But what is worth considering are the feature and the scope of cover provided by a identity theft insurance policy. A basic good-to-know information before going for a identity theft insurance policy is as below:
- Identity theft protection and resolution service is included in some companies’ homeowner and auto policies at no additional cost.
- Some identity theft insurance policies (specially the one's with a low premium) do not cover for the actual money that has been stolen from your credit or debit card. It is just entitled to pay for the expenses associated with the identity and credit restoration process including phone bills, lost wages, notary and certified mailing costs, and sometimes attorney fees (with the prior consent of the insurer).
- If you do decide to buy identity theft or credit monitoring services, be sure you know exactly what you're getting for your money.
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