The Federal Trade Commission estimates that approximately 8.3 million Americans experienced identity theft in 2005. Unfortunately, the number of identity theft victims only continues to grow each year.
With so much to worry about when it comes to identity theft, you might be considering getting insurance to cover your finances if identity theft happens to you. Many credit card companies offer special insurance, but it usually is not necessary to sign up for one of these programs. In fact, if you check with your homeowner’s policy, you just might find that identity theft is included as part of your coverage. If not, many insurance companies sell this type of coverage as standalone policies or will allow you to add the coverage as an endorsement to your renters or homeowners insurance policy.
If you get coverage through your insurance company, you will receive reimbursement for the expenses involved in repairing your credit and restoring your identity. This includes the costs associated with lost wages, paying for phone calls, expenses associated with sending out certified mail, and paying notary and attorney fees. Some companies will also help guide you through the process of recovering from identity theft.
Of course, having insurance in place doesn’t mean you can live a carefree lifestyle or that you don’t need to be concerned about keeping your identity protected. There are several additional steps you should take in order to prevent becoming a victim. These include:
· Get a free copy of your credit report each year.
· Do not carry a great deal of personal information with you in your wallet or purse.
· Always watch your credit card when paying for services and goods.
· Keep a close eye on your accounts and contact the company immediately if you notice something suspicious.
· Cover the pad on ATMs and other devices when entering PIN numbers.
· Never throw ATM receipts in public trash receptacles.
· Only make online purchases through stores you know you can trust.
· Shred your personal documents before throwing them away.
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