It used to be that identity theft was something you only read about or happened to somebody else. However, according to recent statistics, close to 10 million U.S. adults were victims of some form of identity theft in 2008-an increase of 22% from 2007. And while there are a number of steps you can take to ensure that your personal information is protected from online hackers and other illegal entities, experts also recommend identity theft coverage as well.

Currently, some insurance companies include identity theft coverage in their homeowners or renters policies as an endorsement, or else as a stand-alone policy. Not only does this kind of coverage reimburse the policyholder for any expenses associated with the identity and credit restoration process (such as phone bills, lost wages, notary and certified mailing costs, attorney and document replacement fees), but it can also include additional services by a fraud specialist who will help victims through the process.

Caribbean Business Staff

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Identity Theft Article