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Identity theft is the most rapidly growing crime in the United States. The Federal Trade Commission (FTC) estimates that around nine million Americans will have their identity stolen per year. Identity theft is severe and scary, and when this issue is knocking on your door, it can become overwhelming. Will your bank, lenders, and insurance company help protect you?

Many lenders, creditors, and insurance corporations do offer some variety identity theft protection for purchase. But, the trouble with ID theft insurance is that you may not get enough bang for your buck. Purchasing the insurance is relatively inexpensive, typically twenty to one hundred dollars per year, but if your policy is no good, the low price is meaningless.

Check your policy very carefully and examine what you will receive for your efforts. Some identity theft policies won’t cover legal costs or lost wages that may be incurred while dealing with your identity theft issues. Some companies only cover the cost of ID theft expenses like making telephone calls, making copies, and mailing documents.

The deductible lying on your policy should also factor into your decision as to whether or not ID theft insurance is right for you and your family. Some deductibles are as high as 1000 dollars, and because the average identity theft victim only pays around 1500 bucks to recover, a 1000-dollar deductible doesn’t serve much purpose.

Even if you’re lucky enough to get great coverage, you may want to consider the fact that you might be able to acquire identity theft protection free of charge. Some card businesses and banks provide identity theft support to customers at no cost. American Express is one such card. They offer 24-hour services for determining the severity of your case and what steps you should be taking to correct the problem.

ID theft insurance sounds like a good idea, but the benefits thereof are usually lacking. The editing staff of a foremost consumer publication reported that identification theft policies are characteristically not worth the cost. Why spend hard earned money for something that’s not going to provide you with the help you need or the coverage you require should the worse happen?

The good news is that you don’t have to wait until it happens to you to take steps to deal with identity theft. There are lots of measures you can use to defend yourself. Keep your personal information under lock and key and pay close attention to your bills and watch for fraudulent charges. Shred documents that contain personal information. Request copies of each of your 3 credit reports in order to check them for illegal accounts.

Remember, an ounce of prevention is worth a pound of cure. A little proactivity on your part now can prevent a lot of heartache later.