Identity theft has become a major problem in recent years, and a lot of unsuspecting victims in Calgary were twice disappointed when they discovered their standard homeowners insurance policies did not cover their losses. While home insurance policies are designed to protect you from losses caused by theft, there are circumstances that identity theft may cause that are not covered. For example, you may lose income, incur legal fees, or have to pay out of pocket to notarize affidavits and other documents related to your incident report. Home insurance policies may not cover those expenses, in part or in full.
The solution is to purchase identity theft insurance. This economical, low-cost form of coverage offered by Lane’s Insurance of Calgary provides you with comprehensive protection from all losses that result from having your identity stolen.
Identity Theft Insurance Calgary: What It Covers
A complete identity theft protection package includes coverage for expenses related to identity restoration, as well as any losses for which you are deemed liable. Typical plans include coverage for:
- Loan and credit card reapplication fees
- Government identification restoration fees
- Any income you lost as the result of identity theft
- Legal fees
- Credit reports (up to certain specified limits)
- Costs associated with notarizing documentation and/or affidavits
- Telecommunications and postal/courier services incurred during the identity restoration process
Warning Signs that You Are a Victim of Identity Theft
As a consumer in the age of identity theft, it’s vital that you learn to recognize the early warning signs that you are or may become a victim of identity theft. Here are some things to watch out for:
- Bills, loan statements or credit cards statements that do not arrive in the mail
- Unauthorized debit or credit transactions
- Credit reports in your name which show debts that you did not incur
- Denial of credit, despite a good credit rating
- A financial institution contacting you regarding a credit application you did not submit
- Receipt of bills for purchases you did not make, or credit card statements for accounts you did not open
- Collection agencies contacting you in regards to a delinquent account you did not open or know nothing about
If any of these things happens to you, take immediate action. The longer you wait, the greater the chance that the identity thief will continue to use your identity to open unauthorized accounts and make unlawful transactions for which you may later be held responsible.
What to Do if Your Identity Is Stolen
The first thing you should do if your identity has been stolen is contact your local police to file a report, and contact any and all financial institutions you deal with to notify them of the situation. This includes your bank and credit card companies with which you have active accounts.
Next, notify the credit reporting agencies (Experian, TransUnion, Equifax). If you have had any government-issued ID stolen, such as your driver’s license or passport, notify the appropriate government agencies.
You should also:
- Keep a detailed record of who you spoke with at each institution, and what was said
- Log any and all expenses which appear on your statements that result from the identity theft
- Close all current bank and credit card accounts, and open new ones in their place
- Change all your online banking passwords and all PINs on credit and debit cards
Protect Yourself from Identity Theft
At Lane’s Insurance, we offer low-cost identity theft insurance for Calgary residents and people throughout Alberta. Identity theft can strike anyone at any time, and even if you think you aren’t at risk, it’s better to be protected than to take an unnecessary risk. If you’d like to learn more about our identity theft insurance policies, or if you have any other insurance-related questions, please don’t hesitate to contact us. We offer complete solutions for all of your personal and commercial insurance needs.