4 Tips to Considering Identity Theft Insurance

Identity theft insurance is quickly becoming a hot topic in today's world. With identity theft on the rise, more and more products are coming out to combat it. The chances that you will have your identity stolen are greater than you can afford to ignore. At some point, you should strongly consider getting identity theft insurance. If you've never looked into it before, there are a few tips to keep in mind while shopping.

1. Ask Your Insurance Agent

The first place that you should look when shopping for identity theft insurance is with your insurance company. Many times the same company that sells you your car and homeowners insurance will offer identity theft insurance as well. It is good for you if they do, because you already do business with them and trust them. You know that they are not some "fly-by-night" organization. If you are already using them for other products, you will probably even get a multi-line discount. If they do not offer a policy, they can sometimes point you in the right direction. They work in the field of insurance and know who is reputable and who is not.

2. Avoid New Companies

With so much attention on identity theft there has been an increase in the amount of companies that offer insurance against it. Some of these companies are unscrupulous or too new to trust. They might not even be around a year from now when you need help. The best approach is to go with a well-known, reputable company. You want someone that has been in business for a number of years. This way you will feel comfortable that they will be in it for the long term.

3. Learn about the Policy

When you find a policy that you might like to buy, check out everything there is to know about it. Ask the agent selling it to you many questions about it. Find out the deductible and any policy limits. Ask them what will be done to recover any funds that you might lose. Find out exactly what your premiums are going to.

4. How They Protect You

Find out exactly how they plan on protecting you from identity theft. There are many companies out there and each one is a little bit different. Some companies offer only insurance against identity theft. This means that they won't actually stop it from happening, they will just help you get your life back once it is stolen. Other products out there will actually stop it from happening. They will monitor your credit report you 24 hours a day and let you know if anything looks suspicious. In addition to protecting you as well as they can, they will reimburse you for any lost wages or any other expense you might incur as the result of the identity theft. Each company offers varying levels of coverage and services. Make sure that you understand what you are buying before you do.

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