Identity theft insurance policy - Why should you go for it?

In this modern electronic era, identity theft has become a grueling concern. No one is safe from this high-tech crime, which seems to be on the rise with around 10 million victims in the US. It can happen to you too at any time, and when it does you can get into a terrible mess. Your personal details can be stolen by a thief who snatched your wallet and got hold of your Social Security Number, plastic card numbers, birth date, etc. Identity thieves can also obtain this information from trash cans, stolen mails, dumpsters, and even shoulder surfing. Once your personal details are exposed and someone uses them for his financial benefit, you can get into severe credit problems.

Why should you purchase an identity theft insurance policy?

You can get yourself an identity theft insurance policy that safeguards you from all the dangers and hassles related to identity theft. This is a new type of insurance which is there to protect you from the expenses incurred due to identity theft and fraud issues. Identity theft insurance helps you deal with the painstaking process of cleaning up the mess left behind by the imposter responsible for your undue debts. Many of the identity theft victims do not even come to know about such thefts, until it’s too late. Thus, the insurance companies offer services like Credit monitoring, which reviews your credit report at one of the three major credit reporting agencies to identify any such problems. The insurance also pays for your lost wages, phone bills, expenses for mailing and any other expenses resulting from your identity theft. The companies can guide you in the right direction and save you a lot of time and energy lost in running around. Following are the coverage which may be offered by several insurance companies issuing an identity theft policy: •    Coverage up to a certain limit to any money stolen from you by the identity thief. •    Assessing your situation and determining whether someone really committed fraud using your details. •    Coverage to your lost wages up to a limit for a certain time period. •    Helping you to protect your credit from damage within minutes of your notification by directly contacting major credit bureaus. •    Making required phone calls to creditors, banks and law enforcement agencies on your behalf, to resolve or report or discuss the fraud. •    Assistance in replacing your personal documents, such as social security card, passport, or other identity cards. •    Coverage to the expenses for certified mailing and notarizing fraud affidavits or other required documents. •    Pay you money for the expenses incurred due to identity theft up to a certain limit, with no deductible. •    Providing a whole host of identity theft protection services to save your time and money. •    Payment for loan re-application fees incurred due to wrong financial details. •    Providing emergency cash advance in the event of identity theft while away from your residential place. •    Paying pre-approved attorney fees wherever applicable. •    Offering different defense systems that monitor your identity and send alerts to you about potential dangers. You may obtain some of these identity theft protection services as an add-on insurance provided with your homeowners insurance policy or sometimes even with your auto insurance policy. These may also be offered as a special benefit through your bank with which you have an account. You may even get it through your employer, as a workplace benefit. However, when you decide to buy an identity theft insurance or any credit monitoring services, do make sure you know exactly what coverage and protections you are going to get for your money. Buying an identity theft insurance policy from a reputable and trustworthy insurer is a good choice. Make sure of the fact that you know of its worth and it is not just providing a false sense of security.