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Do You Need Identity Theft Insurance? Sioux Falls 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.

American Family Insurance
(605) 361-9764
4009 W 49th St Ste 101
Sioux Falls, SD
 
Farmers Insurance Group
(605) 362-7074
3710 S Westport Ave Ste D
Sioux Falls, SD
 
Gab Robins
(605) 334-0219
Sioux Falls, SD
 
Principal Financial Group
(605) 331-2908
2520 E River Ridge Pl Ste 100
Sioux Falls, SD
 
Elkjer Agency
(605) 977-0770
2310 W 41st St
Sioux Falls, SD
 
Ron Dahl Agency
(605) 333-9312
3700 S Westport Ave
Sioux Falls, SD
 
Insurance Specialty Group
(605) 362-2616
3800 W Technology Cir Ste 101
Sioux Falls, SD
 
McKinney Allen & Associates
(605) 336-2626
141 N Main Ave Ste 601
Sioux Falls, SD
 
Houwman Insurance & Companies
(605) 575-2687
200 S Phillips Ave
Sioux Falls, SD
 
Ramsgate
(605) 338-3402
300 N Dakota Ave Ste 601
Sioux Falls, 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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South Dakota Computer Crimes Laws

Civil Lawsuits Permitted?: No

Attempt Considered a Crime?: Yes

Misdemeanor Computer Crimes: Obtaining use, altering or destroying system, access and disclosure without consent where value is $1000 or less, class 1 misdemeanor; obtaining use, altering or destroying system as part of deception where value involved is $1000 or less, class 1 misdemeanor

Felony Computer Crimes: Obtaining use, altering or destroying system, access and disclosure without consent where value involved is more than $1000, class 6 felony; Obtaining use, altering or destroying system as part of deception; value is more than $1000, class 4 felony

Mental State Required for Prosecution: Knowingly

Code Section: 43-43B-1, et seq.

Source: http://statelaws.findlaw.com/

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