A specter is haunting America – the specter of identity theft. All the powers of international organized crime rings have entered into unholy alliances to steal that which is not theirs, to become that which they are not, and to steal as much as humanly possible from you and from the banks and credit card companies who provide the capital you need to live your life.
My credit cards and my identity have been stolen! Someone is working under my Social Security number, inflating my income and my taxes, and I’m not getting the extra income, they are! My social has also been sold to someone who’s using it to open credit cards! Does renters insurance cover identity theft?
You’re in luck, Effective Coverage has the answers you need.
Does Renters Insurance Cover Identity Theft?
Identity theft is not a covered peril in the standard renters insurance policy. But there’s good news. Endorsements are available to make renters insurance cover identity theft, and they’re only about twenty-five dollars a year! If you have the endorsement, you have coverage. If you don’t, there is no coverage.
How Does Identity Theft Coverage Work?
Identity theft coverage on renters insurance is pretty simple. It pays for your expenses related to reclaiming your identity. The certified letters to credit bureaus, the notaries, all the other costs involved in making things right and getting you back to you.
What’s not covered, of course, is the balances on credit cards you didn’t open, or bank loans you didn’t apply for. Before you start worrying, look at it this way: That’s not money you owe in the first place. You didn’t take out the loan or card, therefore you don’t owe the money, therefore there should be no coverage because there’s nothing to cover. Your costs to prove that, however, are generally covered.
Get Coverage Now
So does renters insurance cover identity theft? Absolutely, if you have the correct endorsement. It’s not expensive, and it’s something most people should have. You have zero fraud liability on your existing credit cards if someone steals them, but unraveling ID theft and what money is really owed in your name can be time-consuming and very, very expensive.
Let the renters insurance experts at Effective Coverage help you protect your family from this specter.