Someone else could be using your identity to do their shopping. The Federal Trade Commission estimates that 10 million consumers were victimized by some form of identity theft in the past year. Victims lost $5 billion because of this crime and spent an average of 30 to 60 hours cleaning up the problem. To help consumers protect their assets and victims restore their good names and credit, Southern Guaranty will introduce Identity Fraud Expense Coverage in North Carolina today.
“Agents and policyholders are asking for this coverage, and statistics show that it’s becoming a more prevalent issue,” said Bob Groves, Southern Guaranty’s personal lines business manager. “As insurance professionals it’s our responsibility to help make sure our customers are adequately protected.”
For $28 a year, policyholders will be covered up to $15,000 for costs associated with repairing their credit. This could include the cost of fixing credit records, reimbursement of lost wages, long-distance phone calls, certified mail and attorney fees. It carries a $250 deductible and does not include costs for items that were illegally acquired using a victims’ identity, since they are rarely held liable for these. The coverage is an endorsement to Southern Guaranty’s primary homeowners, renters and condominium insurance programs.
Identity Fraud Expense Coverage is also available in Virginia, Alabama, Georgia and South Carolina.
For more information please contact Anne M. Smith.