Insurance vs Identity Protection
As an insurance agent it’s my job to make sure that my clients are covered or insured against potential risks. The real purpose of insurance is to restore you to the place you were prior to the loss. Most of the time that’s fine. We can repair a car or replace a stolen item. Your identity – well that’s a different matter.
It’s a hot topic and we are constantly hearing of data breaches. Who could forget the Target data breach and the more recent events at Yahoo. It is truly staggering when you think that 12.7 million consumers experienced identity fraud at an annual cost of $16 billion in 2014 and there that is a new identity fraud victim every 2 seconds.*
The impact of someone stealing your identity can be devastating and might seem insurmountable to repair. Most carriers offer some type of identity theft coverage as an endorsement on a homeowners policy. But that coverage only kicks in after the fact. The damage is done and while the insurer will do everything within the language of the policy to restore you to the way things were before, wouldn’t it be great if you could have stopped it from happening in the first place? If you could purchase coverage that told you when your car was at risk of being damaged, you’d ask me where to sign. Now, of course that type of policy doesn’t exist for your home or auto. But there are steps you can take to protect your identity – not just repair it, but take proactive steps to hopefully keeping it from happening in the first place.
Comprehensive Identity Theft Protection
Of the myriad of identity theft protection services available to consumers, LifeLockTM is the most comprehensive service available. In fact, we recommend it over purchasing identity theft protection on a homeowners policy. It provides on-going monitoring and alerts you to potential risks to your identity and credit at an affordable price for you and your family.
*2015 Identity Fraud, Javelin Strategy & Research, March 2015
Photo Courtesy: pastordale74, Flickr