An insurance company is offering protection against one of the biggest worries among financial consumers today - identity theft. Travelers Property Casualty Corp. is offering insurance against the cost of clearing financial records.
While consumers aren't generally liable for the financial bills that can accumulate when a crook steals a person's identification or financial records, the cost of clearing up credit records and personal reputation can be daunting.
The insurance company is offering to add such protection to homeowners or tenants policy for an additional $25 per year. The coverage reimburses policyholders up to $15,000 in expenses they incur should they become a victim of identify fraud. Expenses covered include legal expenses, loan re-application fees, telephone and certified mailing charges, notary expenses and lost wages. The insurance is now available in four states and the District of Columbia, but the company plans to roll it out nationwide by next year.
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