id theft fraud prevention

Romel Whiteside asked:




In a recent survey, Americans seem to be worried more about identity theft than their jobs?

Huh? With this economy?

Thousands of people are victimized by identity theft. This is not a surprise to me or you. Matter of fact, it is said that it’s the “fastest growing crime in America.” There is a way that you can protect yourself and your family.

Id theft insurance protects you against losses like your car or home insurance would. A lot of people are beginning to realize that there is help out there. After all, it can be expensive and time-consuming to restore your good name and credit once your personal information has been used by another person that commits the crime.

There is 1 question though…

What should I look for?
1.) A low deductible. Anything else might not be worth the cost. Usually an identity theft victim will spend around $808 out-of -pocket for expenses. There are some services where you pay a low monthly fee (10-15 bucks) and they will even provide you with restoration.

2.) What Does It Cover?
Every id theft insurance policy has something different about it. Just like your life insurance. Some people choose to pay high deductibles with certain coverage on their homes. Also, every id theft insurance carrier will be different too. Id theft insurance policies will reimburse victims for the cost associated with restoring their identity and repairing their credit report. Your id theft insurance policy may also cover phone bill related expenses, lost wages, notary services, and any certified mail that might have been sent out. Attorney fees may even be covered, but it really depends on your policy and you might have to get written consent from the insurer itself.

3.) What’s the cost? It really depends on more than one factor. Just like with any other insurance policy, it depends on how much coverage you want. If you feel like you’re daily activities provide thieves with more access in some kind of way, then you should probably get more coverage. Most times, the average cost will be between twenty and fifty dollars for $2500 worth of coverage.

4) Lost Wages? Once again you can get reimbursed for any lost wages pertaining to the id theft crime. The average time spent on correcting the id theft crime is 175 hours. That’s a lot of time right? Not everything can be corrected after the 9-5 shift. Many people have to call off work to take visit government offices that are open during the 9-5 shift.

5.) Will my attorney fees be covered? In some cases, you might need an attorney, especially if someone sues you. Why would they do that? Well, if someone takes your identity and run up huge bills in your name, the person on the other end just want their money. End of story. Hiring an attorney is expensive of course so you might want to check your id theft policy.

6.) What is the Cost of denied credit? Sometimes people don’t realize that they are victims until they get denied for a loan. A good id theft insurance policy should cover the cost to reapply for that loan. It should also cover removing negative items from your credit report

7.) How Do You Get It? You might already have id theft insurance without realizing it. Some insurance companies offer the service. You should check your homeowner policy. Sometimes it is even offered as an endorsement to a homeowners or renters policy. Seeing how it only cost 2-3 dollars a month on some policies, it might be worth it.
In conclusion, just because you have id theft insurance, that doesn’t mean you can be relaxed when it comes to your personal financial information. Restoring your identity is frustrating and time-consuming. So prevention is crucial in this case.

Glenda