Monday, August 3, 2009

Identity Theft

Identity Theft and how to protect yourself

There is a difference between fraud and identity theft. Fraud is when someone steals your credit card, ATM, or debit card to make unauthorized purchases. Fraudulent charges, forged checks, counterfeit money, or criminal deception may all be signs of fraud. But it may not indicate that a person’s identity was stolen.

Identity theft is far more serious. Identity theft is a criminal event that occurs when one person takes the personal information of another. The thief can open new credit accounts, purchase vehicles, establish services with utility companies, rent dwellings, and apply for everything from loans to social benefits. All this can be in the victim’s name without their knowledge.

The Erie Insurance Company knows that identity theft can be as damaging as any physical disaster. Their ‘Identity Recovery Coverage’ is proof of their commitment. This coverage can be added to most new and existing Erie owner occupied and tenant policies as an optional endorsement.

For a $20 a year you will be provided a $25,000 annual combined limit of coverage, per insured individual, per policy period. This coverage reimburses the policy holder for expenses incurred to restore their identity after theft has been discovered and for reimbursement after fraud occurs. It also provides valuable case management services that assist the insured through the recovery process.

Needless to say, this is great coverage at a great value. Want more information? Call me.