Identity Theft Insurance: What Is It, And What Does It Cover

 Identity theft is a serious issue these days and cause people to lose their hard-earned money. Find out how identity theft insurance can help you. 

 

Online security has become a major issue in the past few years, from data breaches in big organizations to identity theft that robs people of their hard-earned money. In the worst-case scenario, a person can also falsely use her identity to commit cybercrimes and fraud.

Around 1,400,00 identity theft complaints are filed with the Federal Trade Commission in the US, and the numbers continue to grow. Identity theft insurance can help you if you become a victim of such fraud. Find out what it is and how it can help you.

What Is Identity Theft Insurance?

Identity theft insurance is designed to help people cover the cost in case they become victims of identity theft. The process to prove identity theft, reclaim your identity, and repair your credit reports can be long and costly. But with identity theft insurance, you can recover most of the cost of getting your identity back.

Usually, you have to pay a small monthly or yearly insurance premium to your insurance company, and you’re reimbursed according to your policy and benefit limits.

What Does It Cover?

Expense Reimbursement

The main purpose of identity theft insurance is to reimburse you for the cost it looks to prove identity theft and get your identity restored. The reimbursement depends on the policy your purchased. For example, your policy allows up to $1,000,000 in insurance; you can utilize legal and other services totaling the same amount.

Attorney’s Fees

Commonly the insurance covers attorney fees which is probably the most expensive part of the process. Other legal fees might also be reimbursed, such as appeal bonds, court filing fees, and creditor and collection agency fees.

Mailing Costs

Since getting your identity back would require several documents, the insurance also covers the mailing costs, such as shipping, postage, and shipping fee.

Phone Charges

Long-distance phone calls as a result of the theft are also covered under the insurance. You’ll need to check with the insurance to understand the extent of the coverage on phone calls.

Re-Establishing Identity

Re-establishing your identity will require new documents like replacing ID cards, passports, and driver’s licenses. It might also include other documents you’ll need to replace, like a social security card or bank credentials.

Protect Your Online Identity With My Patriot Shield

My Patriot Shield offers digital security services at reasonable prices to help people protect themselves online. They offer identity theft protection using privacy-assured VPN, secure backups, and identity theft insurance. They also offer protection from ransomware attacks, and their 40+ years of experience ensure quality services. Sign up for their services to learn more.