Did you know that 1 in 3 people data breach victims will go onto become involved in an identity crime? With so many big companies suffering data breaches in the past several years—including Facebook, Equifax, and FedEx—there’s a good chance that some of your personal information has been compromised. While there’s nothing much you can do now if your information was stolen in one of these large data breach situations, identity theft insurance can help you to restore your financial future if your identity has been compromised. Keep reading to learn more about the benefits of investing in an identity theft insurance policy.
What is Identity Theft Insurance?
The purpose of identity theft insurance is to help cover the cost of certain expenses relating to a covered loss. However, unlike your other insurance policies for your home or car, this type of coverage doesn’t cover the things that you lost but instead cover the costs associated with recovering your identity and restoring your credit. Some of the most common expenses covered by identity theft insurance include:
- Lost wages
- Childcare costs
- Attorney and other legal fees
- Notary fees
- Certified mailing fees
- Public records searches
- Requesting copies of your credit reports
- Related phone and internet bills
- Credit monitoring services
- And more
Common Identity Theft Threats
Mail Identity Theft
It may be one of the oldest tricks in the book, but plenty of criminals are still looking through other people’s mail for banking information, credit card statements, and more. In addition to investing in a secure mailbox or moving your mail delivery to a post office box, you should be shredding any documents that have personal or financial information on them before disposing of them.
Social Security Number Theft
Social Security numbers are typically stolen during data breaches and can be sued to open new lines of credit to commit Tax ID theft. You may be able to identify Social Security number theft if you start to receive mail with the wrong name or paperwork that lists the last four digits of your SSN incorrectly. If this happens, check your credit report right away and reach out to the IRS.
Credit and Debit Card Fraud
There are a variety of different ways that your banking and credit card information can be compromised. These include online shopping, mail theft, and when you use the ATM. In fact, one of the easiest ways for criminals to steal your card number, PIN, and security codes is through counterfeit ATM parts. They often attach a phony card reader to outdoor ATMs that look exactly like the real deal. Then, once you swipe your card, they download all of the data necessary to start making purchases. To prevent falling victim to this scam, always complete a thorough sweep of the card reader and camera before using an ATM.
Contact the Don Neeley Agency Today
In addition to working harder to protect your personal information at home, identity theft insurance is the best option for rebuilding your financial future after a data breach. Interested in learning more about the benefits of investing in comprehensive identity theft insurance? Call (480) 945-7621 or contact our experienced insurance agents online today, and be sure to request a free quote.