“Protect Yourself: A Guide to Identity Theft Insurance and Prevention”

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How Does Identity Theft Insurance Work?

Identity theft insurance helps you manage the aftermath of identity theft. Coverage varies by insurer and state, but it may include:

• Reimbursement of legal fees: Covers attorney fees for theft-related lawsuits.
• Reimbursement of lost wages: Compensates for wages lost due to time off work to resolve identity theft issues.
• Child care, spousal care, or elder care: Pays for care costs while you address identity theft.
• Monitoring of your identity and credit: Includes services to monitor your identity and credit for new accounts opened in your name.
• Notary fees: Covers costs for notarizing theft-related documents.
• Certified mail: Pays for sending theft-related documents by certified mail.
• Phone bills: Covers phone calls related to your identity theft case.
• Assistance from a consumer fraud specialist: Provides expert guidance through the recovery process.

Note that identity theft insurance does not cover direct monetary losses from identity theft, such as fraudulent credit card charges, and cannot prevent identity theft.

How to Get Identity Theft Insurance

Identity theft insurance can be obtained from various sources, including property insurance companies, identity theft insurance providers, credit card companies, banks, and credit unions. Some insurers offer it as an add-on to homeowners, renters, or auto insurance policies, while others provide standalone policies.

Credit card issuers may offer identity theft insurance at no cost or for a fee, and banks and credit unions might also provide this coverage. Additionally, companies offering credit monitoring services, such as Experian, include identity theft insurance in their plans.

How to Protect Yourself From Identity Theft

To safeguard yourself from identity theft, consider the following steps:

• Never share personal information, such as your Social Security number, date of birth, or bank account numbers, especially online.
• Regularly review credit card and bank statements for suspicious transactions.
• Create strong online account passwords with a mix of letters, numbers, and symbols.
• Use a password manager to keep track of unique passwords for each online account.
• Regularly check your credit reports for unauthorized accounts.
• Be cautious of phishing attempts through emails or text messages.
• Install and update security software on your devices.
• Shred documents containing personal or financial information.

The Bottom Line

Identity theft can be a costly and stressful experience. While identity theft insurance cannot prevent it, it can assist in your recovery. For comprehensive identity theft protection, consider signing up for a plan that includes identity theft insurance.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We are here to assist you with the best mortgage solutions.

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