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Do You Need Identity Theft Insurance? Brookings 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.

Modern Woodmen of America
(605) 697-7118
306 4th St Ste H
Brookings, SD
Hawley Insurance Services
(605) 692-6223
100 Main Ave
Brookings, SD
Webster Stuart Skip Insurance
(605) 692-8383
511 1/2 6th St
Brookings, SD
Principal Financial Group Rod Schaefer Representative
(605) 692-7226
305 4th St
Brookings, SD
D & D Crop Service
(605) 692-4994
619 5th Ave Ste 2
Brookings, SD
Bluecross Blueshield Wellmark
(605) 692-6253
1451 6th St
Brookings, SD
American Family Insurance
(605) 692-6500
Brookings, SD
State Farm Bank
(605) 692-8383
511 1/2 6th St
Brookings, SD
State Farm Insurance Co
(605) 692-6225
511 Main Ave S
Brookings, SD
Tietjen Michael Agency Inc
(605) 692-4900
628 Main Ave
Brookings, SD

Do You Need Identity Theft Insurance?

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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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