Did you know that 1 in 3 people who are exposed to a data breach will go on to experience an identity theft crime? With recent big data breaches affecting the customers and users at huge companies like Dunkin Donuts, Facebook, and Dow Jones, it’s no wonder so many Phoenix residents are looking for better ways to protect their financial futures. Unfortunately, once your information falls into the hands of cybercriminals, you have to go through a long process of restoring your financial identity and repairing your credit. But when you invest in identity theft insurance, you can get help to pick up the pieces. Keep reading to learn more about identity theft insurance and how you can better protect your information from cyber threats.
What is Identity Theft Insurance?
With the threat of identity theft seemingly ever-looming, many insurance providers now offer special coverage that is designed to reimburse policyholders for much of the money used to recover their credit and restore their financial identities. Depending on your policy, your insurer may even be able to set you up with an identity restoration expert who can guide you through the process from start to finish. While policy terms can vary, you can typically expect to be covered for the cost of:
- Lost wages
- Childcare costs
- Attorney and other legal fees
- Notary fees
- Public records searches
- Related phone bills
- Certified mailing fees
- Copies of credit reports
- Credit monitoring services
- And more
However, it is important to keep in mind that this type of coverage cannot pay for any of the debts that were incurred in your name by the cybercriminals. Any direct financial losses are not included in your coverage. Your policy will only reimburse certain expenses that happen after you realize that your identity has been stolen, and your finances have been affected.
Who Needs Identity Theft Insurance?
With so many people at risk for identity theft in the US today, identity theft insurance is now seen by many as an essential personal insurance coverage. However, it’s always a good idea to work closely with a trusted independent insurance agent to determine if this type of policy is right for your needs. Having access to recovery funds and the assistance of a financial restoration specialist can be very helpful when your personal and financial information is stolen. So, if you’re worried about a possible data breach, it’s worth taking the time to discuss your options with your local insurance agency.
Other Ways to Minimize Risk
In addition to investing in comprehensive identity theft insurance, you can work to minimize your risk by following a few financial safety steps. These include:
- Shredding important documents like bank and credit card statements, checks, mail, and other personal records.
- Avoid carrying your Social Security card, birth certificate, or passport.
- Closely monitor your bank records each month and credit reports annually. Often identity theft is not caught right away because we don’t pay close attention to these useful resources.
- Never give out personal or financial information over an unsolicited phone call.
- Only use debit cards, checks, and credit cards to make purchases on trusted websites.
Contact Smart Move Insurance Today
Are you interested in learning more about the benefits of identity theft insurance? Call (480) 397-9525 or contact our knowledgeable insurance agents today for more information, and be sure to request a free quote.