Is it worth it to purchase identity theft coverage on a home owner's policy?
I have had my credit card # stolen in the past and have never had a problem with having the charges forgiven. This is $40 extra a year on my premium. Does anyone see any meaningful value with identify theft protection?
It is not usually worth it I work for Nationwide Insurance and we are supposed to try and push it on people, but I have also worked for Discover Card and what your credit card companies offer is usually 10x better then what your homeowners company offers. I wouldnt waste your money on adding it to your homeowners insurance.
Some companies actually include this coverage in the more high end homeowner's policies. Others sell it as a rider.
Usually the coverage just reimburses you for the time and expense of filling out the paper work to repair your credit history and record and not necessarily for any money that you may have lost to the crook.
And for policies that only pay for your time and effort, I think it is a waste of your money.
I would ONLY buy an ID theft policy if it also reimburses you for whatever money you actually lost.
Answers:
It's worth it if it let's you sleep good at night, otherwise, don't worry about it.
Yes it's useful, really
I've never seen this endorsement cover anything real, except the expense to replace stolen documents, and that first $50 you can sometimes be liable for.
I don't have it on my policy. However, if I had a problem in the past, I'd seriously think about it.
You should be able to place a fraud alert on your SSN for FREE. Just call the credit bureaus (Experian, etc...). The only time your credit information is accessed is with your permission.
While the annual $40 seems steep, those credit shield policies are much more per month.
Since you have been a victim of identity theft, you may be eligible for a monthly credit monitoring at a lower cost. Call Experian, or the other two.) Also ask for your credit report regularly.
Good luck...
yes - i work at a mtg lender as a jr u/w and i get tons of files with an identity theft alert-- no matter if your card has been stolen or not, anyone who you have made a contract with authorization signed by you regarding your social/credit/employment/etc.- your information can go through tons of people without you ever knowing about it- trust me its worth it- you never know if your information is being shared without consent
Identity theft coverage is supposed the reimburse you for the cost of repairing the damage if you are a victim of identity theft. You know the costs better than me. Do the costs covered by the policy outweigh the premium?
The company I work with has an identity theft shield. They monitor your credit and they restore it with a private investigator. Not just your financial identity, but you character, medical, social security, and driver's license. It might be something you should look into. Identity theft is the lasrgest growing crime in America right now.