Well not my whole identity, just my credit card. Found out from the credit card company that I was in Alberta, Canada. Yes, you might have had that experience where they cancel your card and you get to start all over with any recurring charges, but what if it was worse. You hear of people using your information to open credit lines and buy motorhomes and the such.
Well my policy says that it will pay $25,000 of expenses incurred by me to repair any one identity fraud that occurs during my policy period. What does that mean to me? To put it simply, they have agreed to pay notary expense, mail expenses. lost wages for time spent dealing with law enforcement, credit agencies and lawyers ( Oh yes there is a maximum of $1000 per week for 5 weeks ) and some other incidentals.
What it does mean is that I do the work and they will pay. It is better than nothing and many companies throw the coverage in at no extra cost. It still means however that I either do the work to get it straightened out or I hire someone with knowledge of how to get it done and hope the bill does not go over $25,000. Am I happy with this? Well the answer is I have not been tested yet, but the coverage is added on with no cost so I am happy to have it.
In researching, I found that there are products out there that claim to do all the work to get you back to where you started. I have not had an experience with them so I can't establish their credibility.
I guess the whole point is that knowing your policy allows for some freedom. You know that you have help when you need it. As for me, I hope the next time the credit card company calls and tells me I am in Canada, I actually am.
Give us a call at 805-238-1818 if you have questions on your coverage.