You’ve heard of identity theft, but what could becoming the victim actually cost you?
Some experiences you may face as you try to resolve and unwind the complicated effects of identity theft include: lost wages for time away from work dealing with recovery, legal and bank fees, costs resulting from loan reapplications, notary and other filing fees you will incur to prove your identity, the cost of obtaining credit reports, and other maintenance fees, such as the cost of certified mail.
According to the Federal Trade Commission (FTC), nine million Americans are victims of identity theft each year. The FTC has prepared an abundance of helpful resources for those seeking to avoid becoming a victim as well as for those who have already been victimized and don’t know where to start.
While there’s no avoiding the hassle of regaining control of your life, you might consider adding identity theft coverage to your home insurance policy. Such coverage can reimburse you for costs stemming from the list above, depending on the wording of your policy. Adding this coverage is often not expensive, so talk to your agent about what’s available.Reprinted by permission, The Mines Press, Inc. Volume 43, Issue 6. Insurance products are not a deposit, not FDIC insured, not insured by any government agency, carry no bank guarantee, and may go down in value. View the complete Identity Theft Series: