Identity theft insurance
WEST PALM BEACH, Fla. (CBS12) —
Hackers have a lot of opportunities to steal your identity.
However, you can buy inexpensive identity theft insurance.
Consumer Reports looks into whether it's really worth it.
It's no secret that identity theft is a huge problem.
Some companies are looking to cash in on consumer anxiety, by offering identity theft insurance.
For 25 to 50 dollars a year companies like Allstate, Liberty Mutual and State Farm, offer it as an add-on to your home or rental insurance.
In most cases, they'll reimburse you up to 25 thousand dollars for covered losses.
"That sounds pretty good but most banks and credit card companies already cover you for losses due to fraud," said Lauren Lyons Cole, Money Editor with Consumer Reports. "And most victims actually suffer very little or no out of pocket losses."
With ID theft insurance you typically get assistance in dealing with the aftermath of identity theft - which can be time consuming - like covering out of pocket expenses - or supplying a case manager to make calls on your behalf.
"But this insurance isn't designed to alert you to identity theft. That's what identity protection services do. It's really there for what happens after you've been compromised."