What? Your Homeowners Insurance Doesn't Protect YOU From Identity Theft?

What? Your Homeowners Insurance Doesn't Protect YOU From Identity Theft?

Identity theft. It's the boogeyman everyone pulls out of the closet when they're talking about the dangers of doing business online…or placing a credit card number over the phone…or losing a social security card. It's the reason hundreds of talented hackers are now being hired by financial institutions to create a crack-proof security system for their websites. For over 10 million Americans, identity theft isn't some faceless shadow. It's a reality that they have to live with every single day. The good news is, your homeowners insurance is there to back you up.

What, your homeowners insurance doesn't protect you from identity theft? Actually, it might. Have you sat down to read your policy lately? All right, that was probably a silly question. I've been in insurance for years and it still takes an incredible amount of effort and patience to sit down and read through the pages that make up my homeowners insurance policy each renewal period rather than just taking my agent's word for it.

As aggravating as trying to wade through your homeowners insurance policy may be, it's a good idea to just take a deep breath and do it. Otherwise, how on earth are you going to have any clue what your policy actually covers? And that includes protecting you from the costs associated with identity theft.

The statistics are a little unclear, but it looks like the average American ends up spending between $800 and $1,000 and investing 175 hours or more to reclaim their identity after it's been stolen-mostly because they have to spend days on end visiting various government offices, filling out endless reams of paperwork and reasoning with creditors who have clauses for the victims of identity theft but have heard far too many claims of "I didn't buy that!" to accept an identity claim at first glance.

And if someone has committed a crime in your name you're going to need to bring a lawyer on board while you're at it-and you know how friendly and affordable that usually is!

That's where your homeowners insurance comes in. Many homeowners insurance companies include identity theft protection with their policies, either as an additional coverage option or as an extra policy available for purchase. They'll help cover the cost of long distance phone calls, mailing expenses, time off work (in reimbursed wages) while you're making the rounds of the 9 to 5 bunch and, of course, the costs of bringing an attorney in to clear your name.

And this coverage can usually be had for less than $100 per year.

Talk to your homeowners insurance agent to see if they have a low cost, low deductible identity theft protection package available for you.

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