ID Theft occurs when your personal information is stolen to commit different types of fraud. These different types of fraud range from social security number theft to mortgage fraud. Thieves find your personal data everywhere. Having the right insurance in place can make a difference.
Your ID is Not Safe
Every day millions of people experience identity theft. This year alone, there have been reports of huge data breaches. Here are a few:
- Fortnite – In January, there was a flaw found in Fortnite exposing player data that would allow hackers to eavesdrop on chatter, view the personal information and purchase game currency.
- Dunkin Donuts – The company experienced a data breach for the second time in a three-month period in February. Hackers gained access to DD Perks customer accounts, selling the information on the Dark Web.
- DowJones – Many people don’t think of DowJones as being vulnerable to attacks, but when it comes to hacking, no one is exempt. In March, 2,418,862 records from government officials and politicians all around the world were leaked online.
- FEMA – In March, 2.5 million disaster victims from hurricanes Irma, Maria, and the California wildfires were part of a FEMA privacy incident where names, addresses, birth dates, and bank account information released.
The threat of Personally Identifiable Information (PII) is real, and the urgency of protecting that information gets consistently heightened every day.
What Can You Do to Prevent ID Theft
You can prevent ID theft in a few ways. Freezing your credit with the three major credit bureaus; being skeptical about giving out your social security number; not sharing passwords and using a strong algorithm; using a shredder; being careful about your mail; using a password on mobile devices; watching your wallet and debit pin when shopping; checking credit reports on a consistent basis and monitoring both financial and medical statements can all assist in helping protect and prevent id theft.
What is ID Theft Insurance?
Theft ID insurance will cover costs associated with identity theft. For instance, if a person’s identity is stolen and they incur expenses to repair their credit, the policy will cover some of those costs. Some items usually covered include lost wages, legal fees, credit monitoring, long-distance phone calls, notary fees, credit report copies, and others.
One of the most important things to remember is that the insurance covers most expenses after the theft has occurred resulting in losses. In some instances, identity theft insurance may be included in a homeowners’ or renters’ insurance policy. If not, ID theft insurance can be purchased a standalone policy. Working with an agent to determine what the policy covers is important, as different policies cover different things.
Is There a Deductible Involved?
Although relatively inexpensive, in most cases there is a deductible involved, and there are benefit limits. Generally, policies of this nature only cover up to about $15,000. If your expenses exceed this amount, you would be responsible for the additional costs.
Nothing can replace or compensate the time and effort involved when dealing with identity theft, but an ID theft insurance policy can help lessen the financial burden that may result. For more information on protecting your identity and obtaining an ID theft insurance policy contact an agent at Burstad Insurance today!
