Safeguard From Cyber Damages With Personal Identity Theft Protection

Ontario Personal Identity Theft Insurance

Personal identity theft is one of the fastest-growing crimes in Canada. More and more Canadians are victims of identity theft every year. Furthermore, identity fraud is also on the rise. These are both mainly due to an increase in how much of people's personal information is online. However, even with this fact, even those who rarely, if ever, use the internet are not immune. Knowing this, any kind of identity theft coverage would be helpful for everyone.

Due to people making more and more purchases online, an increase in online communication, and a general increase in internet use for personal and business purposes, identity theft will likely go even higher in the coming years. If you make purchases or payments online, you are at an increased risk of having your identity stolen. It takes an identity thief a shockingly short time to steal your identity, meaning that if you are a victim, the damage can be done before you're even aware that your identity was stolen. Personal identity theft insurance is your best defense against having to recover from this drastic event.

What Is Personal Identity Theft Insurance?

Personal identity theft insurance provides financial protection in the unfortunate and devastating event that your identity is stolen. Victims of personal identity theft are often left with the financial expenses of repairing the mess that the criminal left behind - this type of insurance covers such costs.

Let's say that somehow, despite you keeping your data safe by taking precautions like using good online passwords, keeping all paperwork with personal information secure, encrypting your emails and other steps, you somehow get your identity stolen by a skilled or lucky identity thief who was able to weasel their way by all your safeguards. Now, a stranger with no regard for your well-being can destroy your credit score, buy things under your name, and even possibly commit crimes using your personal information. This can damage people's trust in you, as places like banks and other financial institutions, credit bureaus, and more may regard you as a more risky option or even a criminal. Because you're neither of these things, that would be entirely unfair to you and could damage your bank account. Once you see the amount you owe, you might be pushed so far that you'll be left thinking that you're never gonna financially recover from this and wondering if there's anything that can save you from paying these steep fees. That's where personal identity Theft Insurance comes in.

Personal identity theft insurance is designed to give you peace of mind that even if you become a victim of identity theft, you can recover without it completely ruining your life.

Who Needs Personal Identity Theft Insurance?

Everyone could use the protection provided by personal identity theft insurance. Personal identity theft insurance applies to you because identity theft can happen to anyone. Even though there are steps you can take to minimize the risk, you can not completely prevent identity theft. Do you make any online purchases? If so, you are especially at risk. Even if you don't, you're not out of the woods yet, as much of your personal information is used online, often without your knowledge. As a result, much of this information is almost certainly online for a cybercriminal to help themselves to. Even if you have somehow kept all of your personal data off your online accounts, there are still older methods that identity thieves can use to get their hands on the personal information they need. If they can get their hands on things like credit card receipts, credit files, credit card statements, bank statements, credit reports and other stuff that contains personal financial information, and other financial statements, they can get you. Even one online file or piece of paper that is dismissed, misplaced or disposed of in a nonchalant way can give a thief everything they need to start doing severe damage to your life. 

Especially in today's high-tech world, everyone is constantly threatened by identity theft. If a scammer uses your information to steal your identity, you may be left picking up the pieces - having to repair your financial reputation and settle legal fees. Ensure you are not left paying for someone else's crime by protecting yourself with personal identity theft insurance today.

How Does Personal Identity Theft Insurance Work?

Identity theft insurance is designed to help anyone unfortunate enough to have their identity stolen repair the damage and financial loss. If you manage to get unlucky and your identity is stolen, there could be a lot of fees you have to pay. This includes the costs of recovering your credit score and credit history and a wide array of possible legal fees. While it is possible to do things such as restoring your credit score and cover all of the legal and administrative costs involved in restoring your good name to where it deserves, paying for all of these out of pocket can be devastating to your finances if you can even afford it at all. With personal identity theft insurance, you have the peace of mind that even if your identity is somehow stolen, you can recover from the damage without paying out of pocket to restore the damage done.

Is Personal Identity Theft Insurance Worth Buying?

Personal identity theft insurance is worth buying, no matter who you are. It is especially worth buying for those who spend much time online and have their information out there. However, even those who hardly spend any time around any technology still have their information exposed to criminals. This is because although there are many ways you can keep your information safe and protect yourself from this threat, it is impossible to guarantee that it will never happen to you. This is true even if the only thing you've ever done online is read this article. Given that the toll on victims is usually in the thousands of dollars and could impact things like your credit score, financial identity, and credit history, it is critical that you get an identity theft protection plan to protect yourself from this horrifying crime, especially since a personal identity theft insurance quote is very affordable.

Does My Home Insurance Policy Cover Personal Identity Theft Insurance?

Like many other insurance questions, this is more complex than a 'yes' or 'no' answer. By default, it is not included with your baseline homeowners insurance policy. However, most home insurance providers offer the option of having personal identity theft Insurance as an add-on. It will be your choice if you want to pay for this added level of security. Luckily, for those who wish for this additional coverage, a personal identity theft insurance quote is quite low and should be very affordable.

What Does Personal Identity Theft Insurance Cover?

There are a lot of things covered by personal identity theft insurance. The following things are included in most coverages: 

• Hiring a lawyer
• Consultations with other professionals
• Lost Wages due to taking time off work
• Anything you need to do to restore your credit rating/credit score.

Each of these claims costs, and likely more, would be covered by your personal identity theft insurance policy. However, each coverage option and each insurance company is different, so which you are fully protected from will depend on which plan you use. Your broker has the knowledge to help set you up with the protection you desire.

What Does Personal Identity Theft Insurance Not Cover?

Although personal identity theft insurance will cover many things in the recovery process, it sadly does not cover everything. If you had money stolen from your bank account or credit card account, personal identity theft insurance will not be able to cover this damage. For this reason, if you detect any suspicious activity on your accounts, it's best to file a police report. It's also best to immediately contact your bank and credit card company. Also, contact your insurance company or broker to prevent further damage, even if you have insurance coverage.

Does Personal Identity Theft Insurance Also Cover Identity Fraud?

Although these terms are often used interchangeably, they are different. Identity theft is when someone steals your personal information to access your financials and spend your money, damaging your credit history for a long time, especially if it's not addressed promptly. Identity fraud, on the other hand, is when someone uses your personal information to commit crimes, effectively framing you for their illegal activities. This means that a victim of fraud will almost certainly have an even bigger mess to clean up due to the additional legal fees that come with that, but either way, victims are often left high and dry. Most identity theft policies use the two terms interchangeably, which means you are likely covered. However, this is only sometimes the case. Your broker will have the knowledge and experience to provide you with the level of protection you desire.

How Much Does Personal Identity Theft Insurance Cost in Ontario?

Personal identity theft insurance is affordable, with an average annual quote in the vicinity of $15 to $30. However, it is essential to note that the exact rates can vary depending on a handful of factors and may fall slightly outside the range mentioned above. This coverage can be added to your current property policy by endorsement. It protects you from the cost of repairing your financial history or resolving problems resulting from identity theft, including legal representation, loss of wages, loan re-application fees, fees to financial institutions, replacement of stolen identification and more. In addition, personal identity theft Insurance covers not only you but others living in your home, meaning that your spouse and children old enough to have their information out there will be protected from this horrifying crime.

Does Personal Identity Theft Insurance Have A Deductible?

Once again, insurance is complex, and many seemingly simple questions do not have straightforward 'yes' or 'no' answers. It is up to each insurance company to decide if they want to offer a deductible on their personal identity theft insurance. As a result, some personal identity theft insurance coverages will include a deductible, and some won't. Your broker will be able to consider this when trying to get you the best deal possible on your insurance.

Can I Bundle Personal Identity Theft Insurance with Other Insurance in Ontario?

As mentioned earlier, personal identity theft Insurance is a separate policy from your other forms of insurance and is an optional add-on to your home insurance policy. As a result, like other coverage options, it sadly can’t be bundled with other insurance packages and must be purchased as an add-on.

Where Can I Buy Personal Identity Theft Insurance?

Luckily, you can buy personal identity theft insurance from our team at Morison Insurance. Our friendly and experienced insurance brokers would be more than happy to help you get personal identity theft insurance added to your home insurance policy. Get started today by calling 1-800-463-8074 or by filling out the contact form on our website, and get a personal identity theft insurance quote.

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.