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Now that banking and credit systems are increasingly electronic, identity theft has become a major problem for businesses and individuals alike. It's important to be prudent with personal information, but intrepid thieves are finding cunning, new ways to grift even the most cautious consumers. Millions of Americans are victims of identity theft each year, and the problem isn't going away. Because of this, identity theft insurance has become a must-have for most people.

Unfortunately, it's taking longer for victims to recover from the crime than it did a few years ago. What used to take an average of 150 hours now takes double or triple that time period. Most of the phone calls and clerical issues have to be dealt with during regular business hours, which adds a major strain on victims with full time jobs. Those with coverage are reimbursed for these costs, including lost wages and, if necessary, attorney fees.

A lot of insurance companies include identity theft insurance in their regular home insurance policies, but not always. In some cases, it's treated as separate, stand-alone policy. It's important to talk to an agent to find out how your company handles this important issue. If it costs a significant amount of money to add on, consider using QuoteWizard to get in touch agents from different companies that don't charge extra for this crucial coverage.