What is identity fraud?
Identity fraud is the misappropriation of another person’s personal information in order to achieve financial gain. Unfortunately, identity theft and fraud are becoming more prevalent and can happen to anyone - resulting in the growing popularity of identity fraud insurance.
Being a victim of identity theft can upend your whole life. Should you or your spouse become a victim of identity theft, an experienced identity fraud specialist can work with you throughout the identity and reputation restoration process to ease the burden.
We offer identity fraud expense insurance add-ons to many of our home insurance policies. Be sure to ask your agent about it if you're interested.
What is identity fraud insurance?
Identify fraud insurance covers expenses related to the consequences of having your identity stolen, such as:
- Attorney and tax advisor fees.
- Credit report fees.
- Loss of income due to absence from work while dealing with the fraud.
- Loan re-application fees.
- Notary fees.
- Costs for certified mail.
Identity fraud expense insurance gives you peace of mind that you will receive personal assistance, from an expert who understands the issues and concerns you face, to navigate the complex process of identity restoration – reducing the emotional distress and allowing you to regain normality as quickly as possible.
How to mitigate your risk
In addition to protecting you and your family against costly identity fraud expenses, you should also aim to minimize your risk of falling prey to the crime by following these best practice tips:
- Shred all personal and important documents before discarding them.
- Don’t carry your personal identity documents such as passports, Social Security cards, and birth certificates with you.
- Don’t part with personal information over the phone, particularly during unsolicited phone calls.
- Monitor your credit reports and bank records regularly to identify any abnormalities early.
- Be aware of phishing scams and cybercriminals posing to be from legitimate businesses.
Another way to protect yourself is to minimize opportunities for cybercriminals by taking care of your home network security.
