Even here in the Des Moines area, we’ve already heard of friends, neighbors, and clients who have been victimized by identity theft in one way or another. For example, a recent news story in the Des Moines Register mentioned that a popular local grocery chain had customer information compromised by malicious software. Criminals steal personal information in a variety of ways, and they use it to steal money, run up debt, or even to damage reputations. You almost certainly already insure your car, residence, health, and business. Is it time to add your identity to the list?
What is Identity Theft Protection Insurance?
If somebody has used your sensitive personal and financial information for their own gain, it can take time and money to repair the damages. Identity theft protection plans may vary by the level of service and provider. This list highlights what you can expect to find in typical plans:
- The plans generally will reimburse you for your lost time. For instance, they may help cover the time you lose from work, childcare, and so on.
- In some cases, they also provide services that will make your tasks easier. This could include services that make it easier to freeze credit, obtain documents, and communicate with credit bureaus.
- These plans should also pay for the costs you incur. Some common examples include fees you pay for credit reports and postage. If you need legal assistance, some also cover these bills.
- Most of all, these protection plans can provide you with guidance, so you know which steps to take in which order.
Identity theft protection insurance generally will not reimburse you for money that you already lost. However, they can help you prove loans were obtained fraudulently, so you won’t have to pay even more. These plans were devised to resolve identity theft issues as quickly as possible to keep the criminals for doing even more damage and to restore your good name and credit.
While some identity theft protection plans will include credit monitoring, they aren’t the same thing. You should monitor your credit regularly. Your bank, credit card company, or even your job may already offer credit monitoring as a service. If so, it’s something you should consider taking advantage of. Very often, people never realize they’ve been victimized until after they see their credit score drop or get notice for an unpaid bill. With a good monitoring service, you may see that your information has been used to apply for credit so that you can act more proactively.
How to Compare Identity Theft Protection Insurance
These days, renter and homeowners insurance companies have started to offer identity theft protection insurance as an option. Of course, you can also purchase standalone policies. Typically, these plans will offer up to $15,000 in protection and only cost several dollars a year. As with any type of insurance, you should compare premiums, limits, deductibles, and exactly what services the plan includes.
For example, if the plan covers legal fees, you should make sure the company covers good, local lawyers. Very often, you won’t need a lawyer to resolve your claim, but if you do, you’ll want to make sure you hire somebody with experience in identity theft.
Learn More About Identity Theft Protection Insurance in Iowa
At Midwest Insurance Solutions in Des Moines, IA, we strive to protect this community, Mason City, and all of Iowa. We are standing by to answer questions about identity theft protection and other kinds of coverage. Contact us as soon as possible to learn how you can benefit from affordable identity theft protection insurance and other kinds of coverage. We work for our clients, and we’ll find you the best rates from high-quality insurers.