Should You Get Identity Theft Insurance?

from the maybe,-maybe-not dept

As identity theft increases in frequency and damage, some insurance companies are starting to cash in by offering identity theft insurance. Of course, your individual chances of being victim to identity theft are pretty slim, but it is quite a nuisance – and that might be part of the problem with the insurance policy. It does little (other than give you some money) to help solve the nuisance problem. You’re still on the hook to get things straightened out with all the various credit agencies and whoever else the identity theft screwed your life up with. So, it’s not protection against identity theft – it’s just a cash prize to ease your pain. On the good side, though, more identity theft policies might mean that insurance companies will increasingly put pressure on banks and other financial institutions to put better safeguards in place to prevent identity theft.

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