Identity theft insurance, or protection, is a relatively new insurance offering.
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.
The ID theft insurance may also have some limited coverage when it comes to lost wages or salary, although this is usually a relatively small amount.
Identity theft insurance often does not cover legal services that may be needed to straighten out the damage caused by having a stolen identity.
Thus, while the insurance does provide some assistance, that assistance may be minimal and may not be worth the annual cost of maintaining the coverage. Beware of cheap fraud protection programs that sound great but actually are worthless.
Banking, insurance, credit card, and other companies offer products promising to protect you if your identity is ever stolen. Don’t be fooled. Read the fine print.
Choose a subject below to learn more about the different types of Identity Theft Insurance and Fraud Protection.