Do you need fraud loss coverage?
June 20 2019
Identity theft and fraud have caused problems for millions of Americans — maybe you’ve already had to deal with this all-too-common and frustrating experience.
While nothing can fully prevent you from becoming a target, you can take steps to protect your assets and get back on track after you’ve been compromised.
Do you know about identity restoration coverage?
Find out if it's right for you: What is identity restoration insurance?
Many carriers now offer this coverage as an add-on to regular homeowners and renters insurance. While it doesn’t work to prevent identity theft from happening, it helps streamline the recovery process and reimburses you for associated expenses and losses.
What does it include?
Depending on your carrier and the policy you choose, this option may cover both expense reimbursement and case management.
That means you’ll be able to authorize someone else to do things like notify your credit card companies and financial institutions of the theft. Your case manager can also cancel any unauthorized accounts and help with legal proceedings if necessary.
How much does it cost?
This additional coverage is typically less than $50 a year.
Don’t credit card companies already do a lot of this?
Banks and credit card companies generally take care of your losses if your account is compromised. They probably won’t manage any additional tasks, however.
How can I minimize my chances of fraud?
Financial experts agree that freezing your credit, monitoring it with each of the three major bureaus and reviewing your annual credit report are proactive ways to prevent fraud. It’s also recommended that you set up a password manager to make it harder for thieves to access your accounts.
Have questions about identity restoration? Reach out today to discuss your options.