Ohio Insurance Blog

What Are the Different Types of Identity Theft Insurance?

Posted by Matt Simon on Feb 5, 2019

Make Sure You Have the Proper Coverage to Protect Your Personal and Financial Identity

Identity theft can happen in a number of different ways, from stealing your credit card information to your Social Security number, but across the board, any type of identity theft takes an emotional toll. That’s where identity theft insurance can help.

If you’re a victim of identity theft, recovering can take a great deal of time and money. Along with the stress and anxiety of realizing your identity has been stolen and recovering your information, the potential of putting hundreds of hours and thousands of dollars into getting everything back to normal is enough to scare anyone. Identity theft insurance can protect you from the significant consequences that come with identity theft, and the different types of identity theft insurance can ensure that you have proper protection for your situation.

Essentially, identity theft insurance is one main policy, but you can also add different protections or assistance to your quote to make sure every aspect of your identity is covered. Every individual is different, and where you might have specific risks regarding your reputation, someone else might have a stronger need to protect their travel documents.

The best way to identify what’s best for your needs is to talk to an independent insurance agent. They’ll be able to identify your risks and help you develop a plan to manage them with sufficient coverage.

However, before you walk into that meeting, it can be helpful to have an idea of the coverage you’re interested in to give your insurance agent a better framework. So, what type of identity theft insurance is right for you? Let’s dive into the different areas of identity theft coverage that you can add on to your policy.

What Type of Identity Theft Insurance Meets Your Needs?

First, let’s dig into what identity theft insurance is and how it can help you and your family. Identity theft insurance will cover your expenses toward recovering your identity and also provide services to help you restore your information properly.

With this type of coverage, you’ll be able to select a policy based on how much it will reimburse you for the expenses put toward repairing your credit history and identity records. These expenses can also include any lost wages that you incur, paying for credit bureau reports, fees put toward reapplying for loans, phone bills, certain legal fees, and notary and filing fees.

On top of these coverages, you can also add on a variety of options that can build up the protection that you get with a base identity theft insurance policy. These options, or services, help policyholders recover and offer assistance to fix any issues that arise during the recovery process. These services can include:

  • Break-In Recovery – With this service you can take advantage of fraud experts to help you prevent the misuse of stolen personal data in the event of a break-in
  • Disaster Recovery – If your home is lost in the event of a natural disaster, this service can assist you in recovering your personal IDs and documents that were lost. With this service, you can also receive help in notifying the right government agencies and providers that important documentation has gone missing
  • Document Replacement Services – If your personal IDs and documents are lost in a different type of situation, you can use this service to restore the materials that were lost and get help letting the right agencies and providers know what happened
  • Financial Fraud Support – Use this service to get security support for maintaining your current and future credit from unauthorized account activity, account takeovers, and any financial accounts that are opened in your name
  • Medical Identity Theft Support – Medical fraud is a serious offense. With this service, you can ensure that your personal medical information is protected from medical fraud, and if it does occur, this service will help you recover your identity and get back on your feet
  • Military Identity Theft Support – If you’re protecting our country, you shouldn’t have to worry about your identity falling into the wrong hands. This service will establish an active-duty military fraud alert with an authorized relative while you’re away
  • Phish Assist – Phishing scams get more sophisticated every year. With this service, you can rest assured that even the most intelligent phishing scams are detected, and if you do fall victim to a phishing attack, this service offers recovery support for stolen personal data, online usernames, passwords, and credit card data
  • Proactive Services – In the event that your personal data is compromised, this service helps you take the right preventative measures, like establishing fraud alerts, to avoid identity theft before it goes too far
  • Social Media Compromise Assist – Use this service to take better steps toward managing your family’s reputation on social networks
  • System Protection Guidance – Your devices, meaning phones, tablets, and computers, are also at risk of being compromised. Use this service to get access to top-rated security resources and options
  • Tax Fraud Support – This service makes sure that in the event your social security number is stolen and used to file false taxes in your name, your refund can be recovered without having to jump through the confusing hoops of the tax system
  • Travel Identity Theft Support – If you’re a frequent traveler or staying in a different country, make sure all your travel documents, like passports, visas, IDs, and more are able to be replaced in the event that they are stolen

No matter what stage of life you’re in, identity theft insurance and related services can help you stay protected. With cybersecurity attacks on the rise, it’s important that you pay attention to the way you secure your personal information, and identity theft insurance is one way to set strong preventative measures in place. Interested in learning more about what you can do to protect yourself from identity theft? Reach out to us today to learn more.

Category: Tips (3), Stop Identity Theft (3), Identity Theft Insurance (3)