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Do You Need Identity Theft Insurance? Aberdeen SD

No insurance policy can truly prepare you for identity theft. Identity theft insurance does not actually cover you for the monetary loss you suffer from identity fraud. Read on and know more.

Hilgemann Bob Insurance Agency Inc
(605) 226-3651
1023 6th Ave SE
Aberdeen, SD
 
Karlen & Associates Inc
(605) 225-9011
1601 6th Ave SE
Aberdeen, SD
 
Farmers Union Insurance Claims Vehicle Appraiser
(605) 229-0020
Aberdeen, SD
 
New York Life Insurance Co-Lorenz Cheryl L
(605) 225-4440
405 8th Ave NW Ste 203
Aberdeen, SD
 
American Family Insurance
(605) 725-3300
2201 6th Ave SE Ste 1
Aberdeen, SD
 
Farm Bureau Financial Services
(605) 226-2729
38496 US Highway 12
Aberdeen, SD
 
Deer Joe P
(605) 725-3300
2201 6th Ave SE
Aberdeen, SD
 
Drageset Jamie Insurance
(605) 725-0035
521 S Boyd St
Aberdeen, SD
 
Squire-Lussem Agency
(605) 225-6350
902 S Main St
Aberdeen, SD
 
American Family Insurance
(605) 622-7777
105 3rd Ave SW
Aberdeen, SD
 

Do You Need Identity Theft Insurance?

Provided By: 

Identity Theft Insurance

400,000 victims a year and a small premium to pay for coverage, but is it still good value for your insurance dollar?

It’s that sinking feeling that no insurance policy can truly prepare you for: you have just been the victim of identity theft. Someone has stolen your driver’s license, Social Security number and most catastrophically, your credit card. Before you realize anything’s awry, this thief has racked up thousands of dollars in debt, rented apartments or cars, and made big-ticket purchases – all in your name. You can’t possibly pay off this stranger’s reckless spending spree, and suddenly your credit rating is in tatters.

Thankfully, insurance companies do offer indemnity for this growing problem, and at first glance it looks like a wise policy to have in place. The premiums on identity theft insurance (also called identity fraud insurance) can run as low as $25 a year and provide about $15,000 worth of coverage. This fee can be added to your current polices for home insurance or travel insurance , or it can be set up as a stand-alone account. Though accurate figures are hard to pin down, the Federal Trade Commission estimates that there are somewhere between 160,000 and 400,000 victims of identity fraud in America each year, and the number has been steadily rising.

So why wouldn’t you rush out and get such an affordable policy if you haven’t already?

Well, there is one important thing to keep in mind before you do: identity theft insurance does not actually cover you for the direct monetary loss you suffer from identity fraud. That’s right. If the crook goes out and buys $5,000 worth of DVDs on the Internet with your credit card number, the insurer isn’t going to turn around and pay off that bill for you. Instead, what the policy does cover is the expenses you incur setting your financial house back in order. These expenses can include:

  1. Fees for reapplying for loans that were turned down because of incorrect credit...

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