We hear about Identity theft and fraud every day and millions of Americans struggle with it. So, to avoid being the next target of fraud, protect yourself from it by getting a fraud loss coverage. Read on to know more about it:
What is identity restoration insurance?
Many carriers these days provide fraud loss coverage as an add-on to renters insurance or your regular homeowner’s insurance but it does not help from identify theft from happening. It basically helps to streamline the recovery process and pays you the expenses for the loss.
What is include?
Expense reimbursement and case management may both be covered depending on the policy you choose and your carrier. This means that you can assign someone to notify your credit card companies and financial institutions if a theft takes place. Also, your case manager can cancel any unauthorized accounts if necessary and help you with legal proceedings.
What does it cost?
This additional coverage is typically less than $50 a year. But that is affordable, right? Credit card companies already do it. Banks and credit card companies generally take care of your losses if your account is compromised. They probably won’t manage any additional tasks, however.
How can you decrease the chances of fraud?
It best way to decrease your chances of fraud is by freezing your credit, monitoring it with each of the three major bureaus and reviewing your annual credit report, according to the experts. Setting up a password manager is also a great option as it makes harder for thieves to access your accounts.
Have questions about identity restoration? Reach us anytime!