Identity theft continues to rise, with over 1.1 million reported cases in the previous year. While many wonder if identity theft insurance is necessary, this guide will help you understand what it covers, its limitations, and whether it’s a smart investment for your situation.
Identity theft insurance primarily covers the expenses that come with restoring your identity, including:
Important Note: This insurance typically doesn’t reimburse you for stolen money or direct financial losses. Those are usually covered by your bank or credit card’s fraud protection.
Most identity theft insurance policies cost between $10-30 per month and typically provide:
Consider these factors when deciding:
✓ Do you frequently shop online? ✓ Have you experienced data breaches? ✓ Do you have complex financial accounts? ✓ Is your personal information publicly available?
Look for these key features:
Even with insurance, take these preventive measures:
You can obtain coverage through:
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