As we’ve become progressively more reliant on technology to store our personal data, it’s also become increasingly important that we protect ourselves from identity theft. When thieves unlawfully gain access to our social security numbers, bank accounts, and credit cards, they may use this personal information to commit crimes against you — and even in your name.

From forging social security documents or tax returns to charging expensive purchases, to using insurance information to cover medical expenses, there are many different crimes related to identity theft. The criminals who prey on unsuspecting victims force them to spend time, money, and energy cleaning up their credit histories and recovering their losses. While millions of Americans become victims of identity theft each year, statistics show that we may be even more vulnerable during tax season.

One of the best ways to protect your private information this time of year is to secure identity theft insurance. At Doeren Mayhew Insurance Group, we provide integrated risk management solutions to ensure your financial security. We assist our clients in securing the insurance policies that protect their assets and minimize risk. With identity theft insurance, you have peace of mind that you are protected in the event that you fall victim to identity theft.

Tax Identity Theft

This form of identity theft occurs when thieves file a tax return in someone else’s name in order to collect a fraudulent refund. Receiving letters from the IRS that indicate duplicate e-filings is the first sign that you may have become a victim. Ahead of this unfortunate situation, there are many things you can do to deter identity thieves from stealing your refund. In addition to securing insurance coverage, these steps include using security software, creating strong, unique passwords, and regularly monitoring your credit reports and bank statements for suspicious activity.

What is Identity Theft Insurance?

Identity theft insurance is often an add-on to your existing renters or homeowners insurance policy. This additional endorsement may offer limited protection for financial losses and costly services related to restoring your credit and financial reputation. Identity theft insurance may minimize the difficulties associated with correcting credit records and accounts, fighting fraudulent charges, and clearing your name of criminal charges. Additionally, identity theft insurance plans may reduce your risk of becoming a victim with proactive monitoring and alerts to get ahead of fraudulent activity.

Common Policy Features

Today, identity theft insurance may be offered as a standalone product, or it may supplement coverage and services that are part of your existing policies. Common policy features include the following:

  • Services of a consumer fraud case manager
  • Assistance managing civil judgments, criminal charges, and related audits
  • Restoration services in rebuilding credit history or identity
  • Reimbursement for administrative, legal, mailing, and loan application fees

At Doeren Mayhew Insurance Group, we believe in minimizing risk and protecting your assets for the long term. Our customized insurance offerings ensure long-term protection from the unexpected. Contact us to learn more about how insurance protects against identity theft during tax season, or to schedule a consultation with one of our trusted insurance agents today.