I’m sure we have all heard and read about the unfortunate rise in identity theft in this country. Identity theft usually involves the illegal use of your personal information, such as your Social Security number or credit card. If you have been a victim of this sort of crime then I am sure you are aware of its severity. According to Identity Theft Resource Center, a non-profit organization:
“Victims now spend an average of 600 hours recovering from this crime, often over a period of years… Based on 600 hours times the indicated victim wages, this equals nearly $16,000 in lost potential or realized income… it is taking far longer than ever before to clear their records and recover from the situation.”
I was shocked by these numbers and many others cited on the website. Then I learned about identity theft insurance on the NAIC consumer alert:
“Several companies are now offering identity theft insurance, which generally costs between $25 and $60 per year… identity theft insurance provides coverage for the cost of reclaiming your financial identity, such as the costs of making phone calls, making copies, mailing documents, taking time off from work without pay (lost wages) and hiring an attorney.”
The cost is minimal for the peace of mind but then again you can take precautionary measures to prevent indentity theft. Take a look at iii.org for more information about obtaining this type of coverage.
Please let us know if you have any stories of identity theft and ways you are protecting your identity. Also have you purchased identity theft insurance? Do you think the coverage is worth the money?
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