Justin Kraus, Personal Lines Manager, explains how your insurance company can help if you are a victim of identity fraud.
With the increase of credit card and identity theft, insurance companies have started offering different endorsements to help provide minimal coverage in the event of a breach. With the increase use of electronics, smart phones, & computers, there also comes an increase of scammers and thieves who want to steal your identity to open up new bank accounts or hack your existing accounts.
Many insurance companies are offering a small amount of credit card forgery insurance built into your home policy. These limits of coverage are usually low, although they may not cover the full extent of the fraud, they sometimes help to fill any gaps from what the credit card company will cover. Each carrier offers different coverages, some companies offer as high as $10,000 worth of fraud recovery, it is best to check with your agent and your insurance policy to see if you have any coverage built in. These extras coverages could be helpful if you find out you are stuck with some small damages due to a security breach.
For more information, please contact us.