Identity Theft Insurance Comparison: State Farm VS Allstate, Farmers and Nationwide
According to the estimate from The Federal Trade Commission, over 9,000,000 Americans are bothered more or less by identity theft and quite a large part of them suffer from great financial loss. In case that your identity is stolen, you will have to spend a lot of money and time to recover your credit history and the damage to your identity.
However, it will never be an easy job to restore the damage to your identity in case that identity theft takes place. It will be a wise decision to purchase Identity Theft Insurance which will handle the difficulties for you immediately after you notice them.
Almost all the insurance companies offer Identity Theft Insurance. However, it will not be so simple to choose one good insurance offer among them. A comparison of Identity Theft Insurance offered by Allstate, Farmers, Nationwide and State Farm may be helpful when you make a choice.
To which major insurance Identity does Theft Insurance act as an endorsement?
Allstate insurance offers Identity Theft Insurance as an endorsement to home insurance. Farmers insurance comes with Identity shield, the endorsement to home, condo and renters insurance policies. As long as you have got credit monitoring service, unlimited access to your current TransUnion credit report and choose identity resolution, Nationwide Identity Theft Insurance will be available. State farm Identity Theft Insurance is an endorsement to Homeowners, Renters, Condo, Manufactured Home or Farm Ranch policy.
How much you should pay every year?
Allstate Identity Theft Insurance requires you to pay $40 each year and no deductible. In case that you want to receive protection from Farmers Identity Theft Insurance, you will need to pay at most $65 a year. It means 18 cents per day will protect you from the worry about identity theft. $99 per year should be paid to get Nationwide Identity Theft Insurance coverage. The price seems a little high. State farm Identity Theft Insurance is available as long as you pay only $25 per year.
How much is the limit of the expense reimbursement associated with identity theft?
Allstate Identity Theft Insurance will compensate up to $25,000 for covered expenses, which can be used to pay attorney fees, loan application fees and incidental costs. Besides, the transportation fees and phone call fees spent when you restore your identity will be covered. The insurance policy will be responsible for the fees which are used to hire a professional firm or expert to solve the problem of your identity theft. Besides, $2,000 can be used to fill out the paperwork. For example, the police reports and a fraud alert sent to major credit bureaus, credit card issuers and loan lenders will be included.
Farmers Identity Theft Insurance offers at most $28,500 which can be used to pay all the restoration expenses and at most $1,500 used as indemnity.
Nationwide Identity Theft Insurance will offer up to $25,000 for expense reimbursement caused by identity theft. It will cover legal fees, postage, calls and loan/credit card application fees.
If you become a victim of identity fraud, State farm Identity Theft Insurance will offer you up to $25,000 for expenses incurred by identity fraud. Costs of getting credit bureau reports, transportation fees, certain legal fees coming from identity fraud and fees that you spend in order to recover your identity and credit records will be covered.
What are their respective unique features?
Allstate Identity Theft Insurance features with outstanding fraud assistance. As long as you contact the company, the action locking your personal information will be taken immediately in order to safeguard your identity.
Farmers Identity shield encourages you to report any incidents which may damage your credit. Although your lost passport comes back to you very quickly, you still need to report it to the insurance company because someone may steal your personal information before the passport is returned.
As long as you select Nationwide Identity Theft Insurance, you will keep assured because identity resolution specialists will help you to place fraud alerts in your credit files, report it to the FTC, replace identity documents and offer legal referrals/assistance at the presence of a lawsuit against you.
In case that identity theft takes place, a case manager from State farm will help you to correct all the identity theft fraud issues by cooperating with several financial agencies and institutions, like credit card issuers, credit bureaus and personal loan lenders.
Note: This web site is not affiliated in any way with State Farm Insurance. Always seek financial advices from professionals and find accurate State Farm Insurance service information on its official web site.
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