Did you know that more than 15 different businesses reported data breaches within the first 30 days of 2019? Everyone from the Alaska Department of Health & Social Services to the popular online hosting game Fortnite fell victim to cyberattacks and exposed their users to a variety of potential identity theft issues. Identity theft has been at the top of the list of complaints made to the Federal Trade Commission for over a decade. As we continue to keep our information online in the cloud, the threat of having your private information stolen by cybercriminals only continues to grow. While there is no way to guarantee that your sensitive information won’t be stolen, you can get help after such an event with the help of identity theft insurance from your trusted local Wisconsin agents.
What is Identity Theft Insurance?
This special insurance option is designed to help cover some of the costs associated with an identity theft situation. Depending on the terms of your policy, you may be able to file a claim and get access to funds that can be used to reclaim your financial identity and repair your credit report. Some of the most common uses for these funds include:
- Legal fees
- Lost wages
- Childcare costs
- Credit monitoring services
- Obtaining copies of your credit reports
- Notary fees
- Postage fees
- Related phone bills
- And more
Many insurance providers also provide policyholders with access to identity theft specialists who can help to guide them through the restoration process. Identity theft specialists can help to act as a liaison between you and your creditors, as well as any other relevant agencies that may be able to review your accounts and make necessary corrections. They can also work quickly to notify all 3 of the national credit bureaus and obtain your credit reports.
However, it is important to note that this type of insurance policy will not be able to cover any of the actual losses that you incurred after your identity was stolen. This means that you can’t file a claim to pay off your credit card bills, or other damages related to your stolen identity. The best use for this coverage is to help pick up the pieces after a data breach, which can often be very costly.
How Can I Minimize My Risk of Identity Theft?
While a comprehensive identity theft insurance policy is essential for helping to restore your credit after a data breach, there are other ways that you can help to minimize your risk of becoming an identity theft victim.
- Avoid carrying your social security card, passport, or birth certificate.
- Always shred important documents. Criminals can easily go through your trash to access copies of your credit card and bank statements, checks, and mail.
- Take the time to monitor your credit card reports and bank records regularly. It is possible for identity theft to go on for years unnoticed, so it’s essential to stay on top of your financial activity.
- Never give out your personal information during an unsolicited call or while browsing an untrusted website.
Contact Smith Insurance and Financial Services Today
Are you interested in learning more about the many benefits of investing in comprehensive identity theft insurance coverage? Call (262) 662-4327 or contact our friendly independent agents today and be sure to request a free quote.