Why You Shouldn't Bother With Personal Identity Theft Insurance
by: PaulWilcox |
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Personal identity theft has become a lot more newsworthy lately. Some experts say that it's receiving much more attention than it should. It has become so common in the news that there is now an insurance to cover it called personal identity insurance.
What Personal Identity Theft Insurance Covers
The insurance itself generally costs about $25 to $50 per year and covers from $15,000 to $25,000 of costs including lost wages from time to taken off from your job to deal with the fraud problem. Coverage for job loss is usually capped at $500 per week for a maximum of four weeks. This insurance may also cover some legal fees.
Some personal identity theft insurance coverage may extend to notary and certified mailing costs for filling out and delivering fraud affidavits to the parties involved. Fees for reapplying for loans and credit cards that were turned down due to erroneous credit information are usually covered to a certain extent by this type of insurance.
Long distance bills for calling banks and other merchants and law enforcement agents to discuss the fraud can also be covered.
This may seem like a good deal for the money but keep in mind a few things. Identity theft is very unlikely. The chances of being victimized are only about 0.35%. Chances are it will never happen to you.
The coverage may seem adequate but when actually broken down, parts of it aren't very useful. For example, the lost wage item sounds good but at $500 a week, it's not enough to cover what many people would be making. As well it doesn't consider that many people are unable to take time off from work.
Personal identity theft coverage does not actually fix your credit or criminal record, which is what auto or home owner's insurance would do. Instead it only helps to pay for the expenses associated with fixing it yourself. Generally, these expenses do not warrant the cost to pay for this policy, as with most cases they do not exceed $1,000.
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About the Author
Looking for more information about how to stop identity theft? Learn more about how you can protect yourself from becoming a victim at the Online Security Toolkit website.
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