It can be quite the ordeal when you find out someone has accessed and used your personal information. Unauthorized purchases, or a loan taken out in your name can leave your finances at risk, so it’s important to know what kind of protections you can have to prevent this. Learn why purchasing additional coverage for identity theft can provide some relief if your identity is ever stolen.
What is identity theft?
Identity theft is when someone uses another person’s personal identifying information—such as their name, social security number or credit card number—without their permission to commit fraud or other crimes. Identity theft can damage your credit and good name, and can cost you a lot of time and money to repair the damage.
Does insurance cover identity theft?
Some home insurance policies include identity theft coverage in their standard policies, but most of the time you’ll have to purchase additional coverage on top of your policy. Identity theft protection is often bought as a rider to homeowners, renters, or auto insurance, but there are also standalone policy options.
What does identity theft protection cover?
Identity theft protection covers the costs associated with cleaning up the mess left behind by someone who gets a hold of your personal information. Credit reports, phone bills, notary and certified mail fees, legal or attorney fees, and lost wages are all costs potentially covered by identity theft protection. Some policies may provide monitoring and resolution services as well.
How much is identity theft insurance?
Whether you buy identity theft insurance as a standalone policy or as a rider, the cost of identity theft insurance can range from $25 to $50 a year. Most policies have a benefit limit, ranging from $10,000 to $15,000. Some policies also have deductibles, which require you to pay a certain amount before your coverage kicks in.
Secure Identity Theft Protection with Your Home or Auto Insurance with SelectQuote
Like most insurance, you hope to never use it but you’ll be glad you have it in your time of need—which is especially true with identity theft protection. At SelectQuote, we can provide quotes from some of the most trusted carriers for home insurance and auto insurance, and we can also help you find coverage for so much more.