insurance

6 overlooked insurance policies

Identity theft coverage
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Identity theft coverage pays for out-of-pocket costs to restore your identity if you fall prey to this growing crime. Such costs may include legal fees, long-distance phone charges and other expenses you incur while trying to clear your record.

According to Wilson, some insurers are now providing limited identity theft coverage for free. This protection often is offered as part of a homeowners policy.

"Otherwise, it typically costs between $30 and $80 (annually), but the coverage amount varies widely from a few thousand (dollars) to five figures," he says.

Although Hungelmann says identity theft insurance is not crucial, he believes many people can benefit from the coverage.

He suggests purchasing coverage that includes the services of a coach who actually walks you through the process of restoring your identity.

"(An identity theft recovery) coach will tell you what your rights are, send you sample letters, let you know who to call and stay with you until the problem is resolved," Hungelmann says.

"Having a coach is 80 percent of the value of this type of insurance."


 

 

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