What is Identity Theft Insurance?
If you have been the target of identity theft, you will incur some costs as you work to restore your identity. AMA Insurances identity theft expense insurance coverage pays for these costs to a specified limit. The amount of identity theft protection coverage depends on the type of policy youve purchased. If you have an AMA Exclusive homeowner, condo or renters insurance policy, you are covered for up to $20,000 per occurrence to cover the cost associated with restoring your identity during the policy term. If you have any other type of AMA homeowner, condo or renters insurance policy (Essential, Enhanced or Excel) you are covered for up to $15,000 per occurrence. A maximum limit of $40,000 for Exclusive policies and $30,000 for all other policies applies for all identity theft expense claims within a single policy period. Learn more about your home insurance coverage options. What is an identity theft insurance expense? An identity theft expense is a cost you incur in order to restore
Identity theft insurance, or protection, is a relatively new insurance offering that is focused on helping an individual recover financially when his or her identity is stolen by someone else. Often combined with other identity theft services such as credit monitoring, identity theft insurance is designed to handle any residual charges and debts that were incurred as a result of the theft. However, it is important to note that identity theft insurance may not provide any coverage if certain factors are involved in the theft activity. One of the questions consumers ask is if the various types of identity theft insurances are really worth the cost of the premium. This is a legitimate question that can have more than one answer. In order to determine if identity theft insurance is worth the cost, it is important to consider the coverage provided by a specific program. Along with the specific coverage offered, the consumer should also be aware of any identity theft protection that is alrea
Identity theft affects millions of Americans every year, and no one is immune to the possibility of becoming a victim of identity theft. If you are unfortunate enough to become the victim of identity theft, you will undoubtedly spend many, many hours trying to clear your name and remedy the situation. Identity theft insurance is one particular product companies have begun to offer consumers in response to the growing threat of identity theft. You might be wondering, though, whether or not you actually need identity theft insurance.
Identity theft insurance will protect you from any losses you might encounter should you become a victim of the crime. This includes costs involved with recovering your identity and repairing your credit. Covered expenses include lost wages, phone bills, postage, notary costs and sometimes even attorney fees.
Identity theft insurance covers payments “for expenses associated with the time-consuming and often frustrating tasks” of fixing your credit or worse, criminal record. Some of these expense could be legal fees, lost wages, or any other out-of-pocket items to help clean up your name. Amounts of insurance can range anywhere from $5,000 to $15,000 or more and would be an add-on to your current home insurance – the cost could be anywhere from $25 or more (check with your insurance carrier.) What doesn’t it do? It actually does none of the work involved to get back your name. You still have to do it all yourself. I don’t know about you, but I don’t think I would know even where to start. While insurance would cover some of the time you take off from work, it may not cover all the time. So, you could still end up losing in the end. Once you’ve been targeted, the money sure is an issue, but I think the major pain would be dealing with your damaged reputation, the constant calls from companies
