Learn More About the Different Factors that Can Impact Your Cost
Identity theft is a serious — and common — issue that affects millions of Americans every year. In 2018, more than 60 million Americans were impacted by identity theft. As cybercrime becomes more sophisticated, the number of risks individuals face for having their identity stolen is only rising.
Identity theft insurance is an add-on to your property insurance policy, and it ensures that you’re able to remain financially sound in the event that you fall victim to an identity theft attack. This coverage will protect you from the following:
- Lost wages as a result of time away from work
- Credit bureau reports
- Fees for applying to loans that were denied due to falsified credit information
- Postage, phone, and shipping
- Certain legal fees
- Notary and filing fees
Rather than paying back the money that you lost, identity theft insurance helps you recover the money that is spent working to get your credit and your finances back to normal. So, with the amount that identity theft can do to help you keep the finances you’ve built safe, how much does identity theft protection cost?
Understanding the Cost of Identity Theft Protection
Like any insurance policy, the price you pay isn’t going to be a standard rate. Your cost will be determined based on the different risks that you face. The good news is that identity theft insurance costs are pretty low across the board. The average premium could be anywhere from $25 to $60 a year.
With low costs, it’s easy to justify having this coverage. However, it’s important to know how your risks can impact the cost of your premium and whether the coverage is right for you. While identity theft insurance does not cover the money that you may lose, it can help you manage any money spent trying to get your life back to normal. In addition, identity theft insurance policies often come with additional benefits that policyholders can take advantage of while they’re trying to restore their identity.
For example, some policies include the coverage for different types of identity theft, like if your wallet was stolen or your personal information was exposed online in a data breach. They can even help with tax fraud support.
These policies can also include access to an identity resolution specialist who can work with you as you go through the steps of restoring your identity. This is a process that you can manage on your own, but having your identity stolen can be stressful and emotionally taxing. Having a resource where you can ask an expert for more information on what your next step should be is extremely beneficial and can help you resolve your issue sooner.
So, should you add identity theft insurance onto your property policy? If you’re not at a high risk for identity theft, it might not be necessary. The best way to know is to discuss your options with an independent insurance agent. As experts in identity theft policies, they’ll be able to help you understand whether you should add protection or not and ensure that you have the right coverage if you decide to do so.
At Hill and Hamilton, our agents are experts in the Ohio insurance market. If you’re interested in learning more about your options, get in touch with us today to learn more about how we can help you get more comprehensive coverage.