Pierre Money Mart Blog

One huge misconception is that identity theft insurance will cover any direct economic losses you incur. That’s simply untrue. All that most identity theft insurance policies do is reimburse victims for the expenses incurred in “righting” the situation with banks, merchants, and other parties. In other words, the policy will make the process of reclaiming your identity less expensive. Coverage may include:

- phone calls and faxes
- postage
- photocopies
- notary public fees
- credit report orders
- lost wages for time spent handling the identity theft
- legal fees (for the few and far-between cases where an attorney is needed)
- cost of reapplying for loans that you were denied (as many people don’t find out their identity was stolen until they are denied credit)