Identity Theft: Should You Carry It On Your Homeowners Policy?
If you are a Homeowner, and carry a Homeowners policy, you might be wondering whether or not it is worth it to endorse identity theft coverage onto your policy.
“What is identity theft?” “What is the chance of it happening to me?”
Identity theft is fraudulent acquisition and the use of a person’s private identifying information. Identity theft happens to over 15 million people in the United States every year. There is no doubt that you could be at risk of identity theft.
Before you decide whether or not to add identity theft onto your homeowners insurance, it is important to understand what the endorsement covers and does not cover.
Identity theft coverage will cover:
The expenses involved in repairing your credit and restoring your identity. This could include things such as lost wages, legal fees, any fees associated with reapplying loans and the cost of phone calls, postage and notarization during the credit-reparation process.
Identity theft coverage will NOT cover:
Any assets that were taken due to the identity theft. Identity theft will only cover the expenses related to restoring your credit. Theft from your bank account would be covered by your bank’s zero-liability policies, not from your identity coverage policy on your homeowners policy.
Some homeowner’s policies already include identity coverage. In any case, it is important to check with your insurance company or agent to see if your current policy includes these benefits.
Even if your policy doesn’t, identity theft coverage can often be added for only $15-$60 per year.
If you have any questions regarding your homeowners policy and if you have identity theft coverage, give C.H. Edwards, Inc. a call. Our Personal Lines Representative will be able to find coverage that best fits your individual needs.
Visit our website at www.chedwards.net or call 516-249-5200.
Written by: Amanda Haase