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Identity theft insurance…do I really need $1 million of protection?

ID theft insurance, the hard facts before you spend hard money

Here’s the $1 million question… do you really need $1 million in ID Theft Insurance? That’s what a lot of companies offer as an ID Theft insurance benefit. And they’ll charge you more than $150 a year for it.

We are all for protecting against ID Theft. After all 12 million Americans were victims of ID theft in 2012 and we offer our own protection that prevents, detects and resolves ID theft. We give you affordable ID Theft protection, not unnecessary insurance coverage. So here are a few tips and facts to keep in mind if you’re thinking: “do I need to get $1 million in coverage for ID Theft?”

Read the fine print first…

…you’ll find it in the terms and conditions of any insurance policy.  It looks long and boring and complicated. It probably is. But it really is worth reading. You may find that $1 million of ID Theft coverage is secondary insurance only.  And that means other forms of insurance - like homeowners or renters - will get hit first. What’s more you may have to pay a deductible before claiming homeowners or renters insurance benefits too.

You may also find that the insurance provides for low-cost incidentals connected to the ID Theft like loan re-application fees, credit report costs, notary fees, and lost wages.  Some policies in the market place today limit lost wage claims to the time it takes to rectify the loss or $1,500.  That’s still nowhere near the total benefit of $1 million.

The biggest reason to have $1 million worth of protection is for criminal defense fees if you’re charged with a crime that was actually committed by your ID thief.  But it still makes sense to read the small print… in many cases you’ll only be paid  if charges against you are dropped or the case results in an acquittal.

Source: Consumer Reports, February 2012

Fraud costs are not as high as you think

Here are a few stats from a 2011 Javelin Strategy & Research Study:

  1. The average amount stolen amongst 439 victims of ID fraud was $4,607.
  2. Of the 439 victims, the ones who learned about the fraud through ID Theft protection and monitoring only had $3,364 stolen on average. 
  3. Federal consumer protection and loss liability law limited the actual out-of pocket cost to consumers to an average of only $631.

So, what’s that million dollars for again? The reality is that the real pain of ID theft is often the time, stress, and hassle it takes to sort it all out.  One last figure from Javelin… it takes an average of 33 hours to resolve ID theft related incidents.

So, here’s our take… you may not need that $1 million coverage benefit – and high premium that comes with it.  Instead a lower cost protection plan that gives you reliable prevention, detection and resolution services will be just as good – and could be half the price or even less.

Get ID Theft Protection for just $69.99 a year

Our ID theft protection plan gives you comprehensive coverage you can really count on:

  • We’ll help prevent, detect and resolve any cases of ID theft
  • You can call us 24/7 and talk to an expert who not only understands ID Theft but knows what you’re going through and how worrying it is
  • We’ll help resolve medical identity theft 
  • You’ll get emergency travel assistance - we’ll be there for you, even if you’re overseas
  • We’ll monitor your credit history 24/7 with all three credit bureaus 
  • You’ll also get a three bureau credit report and score for free - plus you’ll have unlimited access to credit reports and credit scores from TransUnion

If that sounds like the kind of protection you’d like by your side, you can get it from just $69.99 a year.

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All insurance products are offered by The Signal, L.P. The Signal, L.P. is a licensed Insurance agency appointed by American Bankers Insurance Company of Florida and American Security Insurance Company. American Bankers Insurance Company of Florida and American Security Insurance Company are Assurant, Inc. companies licensed to offer insurance products. Protect Your Bubble, the Protect Your Bubble logo, Bubble and Squeak and other Protect Your Bubble trademarks, service marks, graphics and logos used in connection with this website are trademarks of Assurant, Inc. in the United States.