Identity theft insurance

Have you ever had your wallet stolen? Or had mail go missing from your mailbox? If so, you could be a victim of identity theft. Thieves can get your personal information in many ways:

  • Stealing utility bills from your mailbox.
  • Listening while you give your credit card number over the phone in a public place.
  • Photographing your bank card while you’re shopping or using an ATM.
  • Taking documents such as passports or tax returns during a break-in at your house.
  • Digging through garbage cans or dumpsters, looking for cancelled cheques or bank statements.

Unfortunately, there are many, many more ways to have your identity stolen. To be properly protected, look for a home insurance policy that lets you add coverage for identity theft. To learn more about identity theft insurance, review the information provided below.

Does home insurance cover identity theft?

In recent years, many home insurance providers have started offering some type of identity theft protection. It is most often available as an optional coverage to a specified amount, which can be added to your policy for an additional charge. At Square One, our home insurance policies let you add identity theft insurance coverage to your policy for as little as $1.67/month.

What does identity theft insurance cover?

Identity theft insurance can cover losses due to:

  • Theft or illegal access to your identity or credit;
  • Theft or unauthorized use of your credit or debit cards;
  • Fraudulent transfer or removal of funds from bank accounts;
  • Forgery or alteration of cheques, drafts or other negotiable instruments; and,
  • Your acceptance, in good faith, of counterfeit paper currency.

Make sure when purchasing identity theft insurance that it also covers reasonable expenses to resolve credit issues, not just the cost of the purchases made on your credit card. These expenses include legal costs to clear your name, to reconstruct credit data or remove criminal records, to rectify consumer credit reports, and to defend against lawsuits or rectify civil judgments made against you. And if you need to take time off work to deal with identity theft matters, you can get coverage for your lost wages.

At Square One, you can add between $10,000 and $50,000 of identity theft coverage to your home insurance policy.

How much does identity theft insurance cost?

The cost to buy identity theft insurance is insignificant compared to the costs you can face without it. The cost varies depending upon the amount of coverage you purchase.

At Square One, $10,000 of identity theft insurance costs as little as $1.67/month.

What is the deductible for identity theft?

The deductible will likely be the same as the base deductible on your policy. Remember you can usually increase your deductible, in order to reduce your premium.

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