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Is Identity Theft Insurance a Good Defense?

Identity theft insurance is a provision by insurance companies that is becoming increasingly popular, both with individuals and companies. Identity theft is a crime that continues to become more and more common, and its costs continue to grow, as well. In addition to monetary costs, victims lose considerable time and productivity in their personal lives and in the workplace, and they deal with incredible stress as they struggle to put everything back together and rebuild their legitimate identities. Because many of the people who fall victim to this crime do not expect it and have no experience with it, they often have no idea where they should begin in righting all the wrongs and recovering their identity.

Considering Identity Theft Insurance

Identity theft insurance is really a different kind of insurance coverage because the benefits it provides are not really monetary. Unlike home owner's insurance, car insurance, or health insurance, identity theft insurance does not provide any monetary compensation for victims of identity theft. Instead, the main provision of identity theft insurance is advice and expertise because people with this coverage are provided with a case manager who can guide them through the recovery process and save them time or money. These managers have the experience and knowledge to know what works, and the advice and counsel they have to offer can go a long way toward making the recovery process simpler.

One of the great things about identity theft insurance is its low cost. Probably because of the lack of monetary compensation, people can obtain identity theft coverage for a very low premium, and many times the additional coverage is merely a rider on an existing policy. Because companies suffer from identity theft, as well, when their employees take off time from work and lose productivity due to the stress of dealing with the crime, many companies are now providing this coverage to all their employees free of charge. The companies are able to do this because the cost to them is minimal and because they believe it to be a justifiable expense in order to keep their employees more productive and functioning at work, even during this crisis.

The provisions of identity theft are so simple--experienced advice and counsel--that some people maintain that this kind of coverage is unnecessary. Due to the rise in the occurrence of identity theft, many non-profit organizations have developed that provide resources and assistance to victims of identity. These agencies essentially provide the same kind of assistance as most identity theft insurance, but they are free of cost.

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