Why Do Consumers Need Identity Theft Insurance? |

With advances in computing technologies, identity theft is running rampant throughout the world.? White collar criminals can now order credit cards and ruin your identity with very little information about you.? While some individuals want to think the best about strangers, a small percentage of professionals in almost every industry are willing to give up your information for a price.? The growing existence of identity theft is affecting consumers, credit card companies, credit reporting agencies, finance companies, and even law enforcement agencies.? Everyone around the country is trying to buckle down on the issue by developing new identity check systems and stricter punishment for white collar criminals.? If you have ever fallen victim to identity theft, you know how frustrating and time-consuming it can be to deal with fixing your credit report and catching the criminal.? Once one issue is solved, another issue pops up seemingly out of nowhere.? Individuals who have fallen victim to identity theft are now looking for protection.? While identity theft insurance is not a must, you should consider it essential.? Understand how identity theft insurance will protect you and make your life easier if you ever fall victim to fraud.

The Rise of Identity Theft According to the Federal Trade Commission

The Federal Trade Commission reported that more than 8 million Americans fell victim to identity theft in 2005.? These statistics are expected to increase drastically when the FTC releases their next report on how many individuals have been directly affected by identity theft.? Some shocking information provided by the FTC includes:

*? 3.7 percent of American adults were victims of identity theft in 2005.
*? In half of all of the cases reported, criminals were able to obtain goods and services valued at $500 or more.
*? In to percent of all cases reported, criminals made out with $6000 or more in goods.
*? In 2009, 43 percent of all identity theft cases were the result of a stolen wallet, checkbook, or credit card.
*? Stolen credit cards are the leading cause of identity theft.
*? Electronic ?phishing? schemes are growing in popularity.
*? Radio frequency ?no-swipe? credit cards are becoming a target for criminals.
*? Even individuals who take the proper precautions to avoid identity theft are becoming victims.

Now that you understand that identity theft is on the rise, you should understand how to protect yourself against it with identity fraud protection.? It is important for all consumers to realize that the people that are falling victim to identity theft are not individuals who are irresponsible with their information.? Advancing technologies are working to the benefit of while collar criminals who know how to use them.? Even the most careful individual who shreds all of their information and puts blocks on their credit reports can fall victim to identity theft.? If you truly want to protect yourself against identity theft, you will need to purchase ID fraud insurance.

What Types of Protection Do You Have?

Some consumers think they are protected by their credit card companies and their current insurance policy.? Before you assume you have protection you should understand how your protection works.? For starters, most property insurance companies offer some form of identity fraud protection on property insurance policies.? The standard home insurance or renter?s insurance policy will offer protection for stolen documents, credit cards, and cash.? This protection is very limited in a standard policy and may only provide as little as $200 in coverage.? As you may know, $200 in coverage to deal with all the anguish and hassle will not do much for you.? Home insurers may offer a special endorsement to help you deal with the legal aspects of protecting your identity.? These endorsements do not come standard on your home insurance policy.

If your identity theft involves your credit card, the credit card company may offer some type of protection.? This protection involves disputing the charges you did not make and reporting updated information to credit reporting agencies.? While this protection does correct the amount you owe the company, it does not help you with dealing with lawyers or credit agencies to make sure your credit score is corrected.? This is why you need a specialized form of identity theft insurance.

Now that you understand how your property insurance and credit card company will handle identity theft, you should research how identity theft insurance can help you.? For starters, identity fraud protection does more than just erase your debts.? Identity theft insurance will help you recover from these situations by helping you take back your sense of security.? When someone breaks into your home, your home insurer provides you with coverage to rebuild your life.? When someone breaks into your car, your car insurance provider helps you deal with auto repair shops so your vehicle is restored to its previous condition.? When somebody steals your identity, your insurance company will help you rebuild and correct your credit score so you do not have to do it on your own.? When you handle cancelling cards and correcting your credit report on your own, you will quickly find that it can become an emotional journey and a full-time job.? This is where identity theft insurance will help.

Types of Coverage Provided By Identity Theft Insurance

*? Reimbursement of any money stolen from you or your entire family.
*? Reimbursement for lost wages resulting from time taken off of work to attend court or fix your credit.
*? Reimbursement for the cost to notarize fraud affidavits and other documentation.
*? Coverage for the cost of certified mail with delivery receipts.
*? Coverage for loan re-application fees because of an incorrect credit score resulting from identity theft.
*? Coverage for pre-approved attorney fees to represent you in a court of law.
*? Assistance in resolving, reporting, and discussing fraudulent activity.
*? Subscriptions to credit monitoring tools to check your credit for activity daily.

Choosing the Right Identity Theft Insurance Policy

With identity theft affecting 1 in every 23 Americans, more and more insurance companies are building a specialized identity fraud protection policy.? Choosing the most comprehensive policy is important.? If you choose the wrong policy, you could end up spending just as much time dealing with recovery.? Choose a company that will:

*? Set up a fraud alert for you.
*? Monitor your credit report.
*? Remove your name from junk mail lists.
*? Offer victim recovery services.
*? Offer a guarantee.
*? Offer legal assistance.
*? Assist with Social Security Number Replacement.

Identity theft will remain a problem in today?s technologically advanced society.? Industry officials report that victims spend more than 600 hours of their lives trying to recover from identity theft.? Do not waste your valuable time and invest in protection.? With identity theft insurance, you can let the professionals who are not emotionally involved fix your credit and your life.? Identity theft insurance is a good thing to have.

Source: http://www.financialexpert-william.com/why-do-consumers-need-identity-theft-insurance/

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