Even as we have become more conscientious of protecting our private information, the problem of identity theft continues to grow. Criminals have become more sophisticated in the methods they employ to gain access to our personal and financial information, and more aspects of our lives have been taken over by the convenience of electronic communication. Commerce, banking, and other vulnerable points have increased as well, so identity theft is a problem that is unlikely to go away any time soon.
The expenses of identity theft can add up very quickly, making the small monthly premium a worthwhile investment.
There are many ways that criminals can gain access to your information and this list is by no means all-inclusive, but it will give you a few points to consider.
In spite of all of these schemes and many more out there, there is debate among various ‘experts’ on how they perceive the value of identity theft insurance.
Those that don’t see the value of identity theft insurance are quick to point out that, unlike in many other countries, Canadian banks will usually reimburse customer accounts if they can prove they are a victim of fraud and that even at just $20 dollars a month the extra premium on your homeowners insurance will add up.
Others argue that they fail to take into account the other costs of identity theft, which involve more than just the funds taken from your account or charges made on your cards. There are the administrative fees, legal fees, postage, time off work and other expenses that can add up very quickly and make that small monthly premium seem more than a worthwhile investment.
If you are concerned about identity theft, feel free to speak with the insurance experts at Mitchell & Whale. Call us at 1-800-731-2228 or email us at firstname.lastname@example.org. We’d be pleased to help you.
Mitchell & Whale Insurance Brokers was recently voted #1 in Ontario by the Insurance Business Canada magazine. Read more