What is Identity Theft Insurance? It is a special type of insurance. Sometimes it is offered as an optional protection (also called a rider) for a home insurance policy that can be added-on for a small monthly fee. Nowadays there are many ways to lose personal information, such as theft of your credit card, hacking your online banking data, and theft of your documents or utility bills.
Identity theft coverage protects you from such identity theft cases as:
- Theft or unauthorized use of your credit or debit cards
- Theft or illegal access to your identity or credit
- Illegal transfer or removal of funds from your bank account
- Forgery or alteration of cheques or other financial tools, etc.
It is important to notice that a good identity theft policy not only covers the costs of fraudulent purchases but also any legal costs associated with fixing the problem, such as but not limited to recovering your good name, regaining trust, lawsuit costs, etc.
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