What is identity theft insurance?

Learn how identity theft protection works, why it's important, and what accounts coverage can apply to.

Identity theft insurance is an insurance policy intended to cover costs that a claimant may incur if they are a victim of personal data theft. This form of identity insurance can be used by claimants to recover costs associated with legal fees, lost wages, and other financial losses due to identity theft.

If you have identity theft protection through OmniWatch, your checking, savings, investment accounts, and even 401ks will be covered for charges associated with a stolen identity event (exclusions and limitations apply).

OmniWatch has one of the highest industry policy coverage with up to $2 million available to offset losses and costs related to identity fraud (exclusions and limitations apply). An OmniWatch plan covers losses from any financial account, not just your bank accounts. Learn more about OmniWatch identity theft insurance coverage here.  

What does OmniWatch identity theft insurance coverage pay for?

Insurance for identity theft is included in your OmniWatch plan. This means that your bank accounts, credit cards, and other financial accounts’ losses due to identity theft are covered pursuant to the insurance policy. Some identity theft insurance companies only compensate you for checking or savings account losses, an OmniWatch plan includes coverage for lost wages, legal defense fees and expenses, and coverage for losses in other financial accounts, not just your checking or savings accounts.

Why is it important to have identity theft protection?

Over 1.1 million reports of identity fraud were reported in 2022,  and hackers are getting more sophisticated and brazen in their criminal activity. Even if you have taken every precaution to protect your identity, your information could still be stolen. Online networks of hackers target large companies, financial institutions, healthcare providers, government offices, and other organizations that may hold large (or even small) amounts of personal information.

This information can contain private data from over 130 different categories including, but not limited to:

  • Names and usernames
  • Social Security numbers
  • Bank account information
  • Passwords
  • Health data
  • Credit cards

With over 100 of the data categories still unlisted above, it’s easy to see that the amount of personal information that is available to hackers is extraordinary.

The continuing increase in data breaches is why products like OmniWatch exist. Online identity threats will always be present, but there are ways to reduce the likelihood that you’ll be a victim of identity theft.

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How does identity theft insurance work with OmniWatch?

If a customer's identity is stolen, they can call OmniWatch Customer Care. You’ll be put in contact with an identity restoration specialist to get a dedicated agent working on your claim. You can choose to sign over limited power of attorney so that the specialist can handle everything from documentation to filing all the necessary paperwork. The restoration specialist will also guide you through filing a police report and assist you with legal fees and lost wages that are covered by insurance.

OmniWatch customers will have access to up to $2 million in identity theft insurance, with certain exclusions and limitations. You must be an OmniWatch customer during the stolen identity event to be eligible for this policy, and you must report a stolen identity even within 60 days of discovery the event

After an insured event under the insurance coverage, customers may file an identity theft insurance claim by contacting contact customer care immediately for the following:

  • Lost wages ($1500 per week, 8 weeks maximum)
  • Initial legal consultation (up to $1000)
  • Travel expenses (up to $1000)
  • Elder care & child care (up to $1000)
  • Certified public accountant costs (up to $1000)
  • Ransomware reimbursement (premium OmniWatch customers only) up to $25k

Coverage varies based on the OmniWatch plan type. To view the full list of coverage, click here to learn more.

What is a valid response when identity theft occurs?

Anger, frustration, and fear are usually the first responses when identity theft occurs. It’s a potentially serious situation and you need to know what to do if someone steals your identity so you can act fast to prevent further damage. In the unfortunate event that your identity is stolen and you’re an OmniWatch customer, contact customer care immediately. Our team of dedicated identity restoration specialists can help you contact your financial institutions, government agencies, and family if needed.

One of the first steps your dedicated identity restoration specialist will take is helping you contact the Federal Trade Commission (FTC) to report the identity theft. You may need to fill out an identity theft affidavit with the FTC to help dispute unauthorized accounts and charges.

Your specialist can assist you with the identity theft affidavit and help you file other necessary documents.

A recommended step to consider is a credit freeze or lock on your account with the three major credit reporting bureaus. This is one of the best identity theft protection steps you can take before or after a breach to help protect your online identity info.

Why should I choose OmniWatch for identity theft insurance coverage?

With OmniWatch, you’re not only getting access to identity theft insurance coverage for up to $2 million, you’re also gaining access to online identity protection monitoring included in your plan.

The insurance can help provide peace of mind in case you do become a victim of identity fraud or ID theft. Your identity protection monitoring which includes the dark web, can also be useful for catching breaches fast allowing you to potentially prevent greater damage to your identity.

OmniWatch currently boasts one of the highest insurance coverage policies available for identity theft protection services. Not only is the policy coverage high, at an amount of up to $2 million, but it also covers more accounts than many other identity theft protection brands.

To learn more about how OmniWatch can help you monitor your online identity and help you if you are an identity theft victim, click here.

What Cyber Security Professionals are Saying

Chester Wisniewski

Principal Research Scientist at Sophos

“Looking forward into 2023 has me very concerned with what developments we see with the malicious use of machine learning technologies”

Matt Kapko

Cybersecurity Reporter

"Threat actors don’t just follow the news — they react to it and identify new ways to target potential victims during moments of heightened sensitivity."

Chester Wisniewski

Principal Research Scientist at Sophos

"ChatGPT3 could easily be weaponized to help criminals write more convincing phishing and business email compromise scams."