For example, fees charged for re-application of loans, lost wages from time off work taken to resolve the matter (meetings with your lawyer for example) or legal fees for defending lawsuits brought against you as a result of the theft.
Is coverage automatically included?
Most insurers offer an Identity Theft endorsement on their house insurance policies. Some will add this automatically while others will charge a small fee to do so. Each insurer offers different limits of cover; we recommend that you speak with your broker to identify what level of coverage is available to you.
What is the risk if I am not covered?
All expenses that you incur in order to restore your identity will be your responsibility; this can be as much as $10,000 or more depending on the extent of the theft.
How do I reduce my risk?
Protect your identity by:
- Shredding sensitive information – documentation with account numbers and other personal information you do not wish to keep.
- Guard documentation containing personal information (SIN / Passport(s) / Birth Certificates / PIN Numbers etc) – store it in a secure place.
- Regular review your credit card, bank card and any store card statements to identify any payments you may not have made; if you find any, contact your card provider immediately.
- Keep a note of what cards and identification you keep in your wallet or purse; if it is ever lost or stolen, you can contact those providers immediately to cancel cards and have replacement one issued. If your wallet or purse is stolen, contact the police as soon as possible.
- Regularly check your credit report; this will give you information such as your credit history, judgments, collection activity and other financial information. Most importantly, it will identify who has asked for your information (which banks etc); if any of it appears out of the ordinary, seek further clarification.