What Is Identity Fraud Coverage?
Identity fraud is the misappropriation of another person’s personal information in order to achieve financial gain. Unfortunately identity theft and fraud is becoming more prevalent and can happen to anyone - resulting in the growing popularity of identity fraud insurance. Should you or your spouse become a victim of identity theft, an experienced identity fraud specialist will work with you throughout the identity and reputation restoration process to ease the burden.
The policy covers expenses related to the consequences of having your identity stolen for example 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 and costs for certified mail. It doesn’t cover stolen money, missing tax refunds or fraudulent credit card charges. Identity fraud insurance is not available as a standalone policy, but is an affordable extra you can add to other insurance policies such as your homeowners insurance.
Identity fraud expense insurance gives you peace of mind that you will receive personal assistance, by 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.
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 card and birth certificates with you
- Don’t part with personal information over the phone, particularly during an unsolicited phone cal
- 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