Identity Theft Insurance

Identity theft insurance covers against loss due to identity theft. In most cases, "Identity Theft Insurance" is nothing more than hiring a company to take steps to prevent identity theft on your behalf. You can take the same steps on your own. However:

• Because of [insertcondition] or for other reasons, you may prefer the convenience of having someone else do the lifting for you.
• You may find a policy which guarantees against loss and truly takes all the work out of fixing any problems that occur.

The available identity theft insurance policies have different bells and whistles. For example, such policies may include provision to:

• Monitor applications in your name.
• Monitor the credit bureaus for activity in your name.
• Obtain credit reports.
• Send you a monthly or quarterly credit report.
• Monitor public records.
• Pay attorneys fees (though attorneys are seldom used in this area).

 If you decide to purchase Identity Theft Insurance, it is advisable to:

• Shop for the policy that gives you the protection you want.
• From a reputable company.
• At minimal cost. For example, contact your Homeowners Insurance company to see if you can add Identity Theft protection to your Homeowners Insurance. Additions to other policies are usually much less expensive than stand-alone protection policies or plans.

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