What you need to know about insuring against identity theft.

Identity theft is becoming a bigger issue than ever before.  Because many homeowners want to protect themselves and their assets, they wonder if their homeowners insurance will offer them the coverage that they need.  Here’s what you need to know about securing insurance to protect against identity theft.

Typically, identity theft protection is not included in standard home insurance policies.  However, in response to this emerging risk, many insurance providers offer policy endorsements specifically designed to protect against the losses associated with identity theft.

On average, these endorsements cost between $25 and $60 a year.  Because identity theft can have a negative impact on your credit and cause other financial problems, home insurance identity theft endorsements usually focus on recovery costs and restoration services.  This means that your endorsement will help you cover the cost of replacing important documents, monitoring your credit, and so on.

Please keep in mind that identity theft endorsements will not offer coverage for the money you lose as a result of the identity thief withdrawing funds from your account or making purchases in your name.  You will have to handle these financial losses on your own by working with your individual financial institutions.

If you become the victim of identity theft, then you need to file a report with the police and your financial institution as soon as possible.  The faster you report the theft, the quicker you can protect your various assets and credit.  After you have reported the theft to the authorities and your bank, then you can file an identity theft claim to your insurer.  If you have the endorsement, then your insurer will connect you with a professional who can help you replace the necessary documents, correct credit reporting errors, and address other issues.

This is what you need to know about securing insurance coverage for identity theft.  Do you have additional questions about your homeowners insurance coverage?  If so, then contact the experts at Steve Wilk Insurance.  Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.