Considering Identity Protection Services

Identity Theft Protection Services

Even the most conscientious consumer – combined with bank security measures – cannot completely prevent identity theft. For added assurance and peace of mind, you may be considering identity theft insurance or other identity protection services. Because these plans and memberships can run from about $10 a month up to roughly $100, understanding the options that are commonly included and what they may cover can help you decide whether they are worth purchasing.

Identity theft coverage

For comprehensive protection against identity theft, you may opt to purchase an insurance policy, which often includes credit alerts and account monitoring among other features listed above.1 Most policies offer $10,000 to $15,000 in coverage and have deductibles around $100 to $500. While these policies will cover costs incurred while repairing your identity and credit (such as lost wages, attorney fees and notary and certified mailing costs), they may not, however, reimburse you for any loss of assets related to the identity theft incident itself.2

Some companies offer identity theft insurance policies up to $1 million. You’ll want to learn exactly what this covers, though. Sometimes the $1 million is a “service guarantee” and the actual insurance amount that they will pay is still around $10,000 to $25,000. Also, some policies won’t pay your expenses if your loss is already covered by federal consumer protections, property insurance or a merchant.3 In addition, it’s worth noting that costs for identity theft are often minimal, so you’ll want to weigh that against the premium.

While Nationwide doesn’t offer all of the above services and coverage, we do offer identity theft insurance, providing assurance that you’ll receive the help you need should your identity be compromised. With just one call, our specialists will assess any situation of potential fraud and attempt to stop damage to your credit within minutes. We’ll also assist in replacing personal documents and provide emergency cash if the theft occurs when you’re away from home (restrictions and limits apply). Click here for a quote.

Should you purchase ID theft protection services?

For those who don’t mind closely monitoring their accounts and credit scores, and consider the hassle of fraud and/or identity theft only minimal, some protection services may seem unnecessary. But for others, particularly those who have experienced identity theft previously, the added expense of insurance or any a number of services may be well worth the price.

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