Identity Theft occurs when an individual steals or misuses the personal or financial information of someone else, including their credit card information, driver’s licence number, or social insurance number. Their personal information and account details are then used to commit fraud or other criminal activity, including fraudulently establishing credit, including opening additional accounts and loans or mortgages, and to run up debt.
A victim of Identity Theft can suffer direct financial loss as well as other indirect costs which result from their affected credit rating.
There are several steps that one can take to reduce the risk of falling victim to Identity Theft, including:
In addition to the above, Identity Theft protection is also available from most Property & Casualty Insurance Companies and can be added to a principal residence Homeowner’s, Tenant’s, Condominium, or Mobile Home policy. The Identity Theft Endorsement varies slightly among Insurers, but the majority of them include the following coverage:
For more information on the Identity Theft Endorsement please do not hesitate to contact our Office and one of our Brokers would be happy to assist you!
The Costen & Associates Team