It’s somewhat common to be notified that your bank, email provider, favorite retailer, or other company has experienced a data breach.
How will you know if your identity is being used to open fraudulent credit accounts? This is where identity theft insurance and protection come in.
With this, you can get alerts about suspicious activity, reimbursements for the costs incurred via identity theft, and support through the process of recovering your identity. Keep reading for everything you need to know about identity theft insurance, what it covers, and how it works.
What is identity theft insurance?
This type of policy provides certain financial protections if your identity is stolen. It usually covers the costs associated with restoring your identity. In some cases, you may also be reimbursed for any money you lose due to fraudulent or unauthorized transactions.
Your policy may also include credit monitoring to alert you to suspicious activity as soon as possible, as well as identity restoration services to help you recover and restore your stolen identity.
How much does it cost?
Identity theft insurance tends to be relatively affordable, typically costing less than $60 annually. There may be an out-of-pocket deductible before your coverage kicks in.
How does it differ from identity theft protection?
Identity theft protection services can help reduce your risk of identity theft, alert you to suspicious activity, and help you recover from fraud, while identity theft insurance helps cover the associated costs.
Each identity theft protection service and insurance policy can be a little different, so review your options to find the combination of features you need. You may end up purchasing both to get the full suite of services and coverage.
Do you have questions or want to adjust your insurance coverage? Get in touch today.
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