Does Renters Insurance Cover Identity Theft?

October 3, 2018 3 min read
Does Renters Insurance Cover Identity Theft?

The bad news is if you ever have your identity stolen you are in for a bit of a process to work your way back to being, well, you. The good news is most renters insurance policies provide identity theft protection automatically.

What is identity theft protection for renters insurance?

Identity theft coverage through your renters insurance is a built in coverage to help you reclaim your identity. It will provide compensation for the countless hours of your own time and legal advice to undo the damage done by an identity thief.  Working with credit bureaus, lenders, credit card companies and law enforcement will all take time and money and the identity theft coverage through your renters insurance will compensate for this lost time and expense.

How does identity theft coverage for renters insurance work?

Identity theft isn’t just having your credit card information stolen (although you have coverage to help protect you from the consequences from that as well). It’s much more sinister and complex than that. To the point where you won’t even be able to apply for credit and may even have an undeserved criminal judgement against you (well, the you that’s not you but is using your name!).  This coverage will provide compensation for your time working with law enforcement agencies, credit bureaus and lawyers to ensure you retake your rightful identity!

What does identity theft protection for renters insurance cover?

Identity theft protection can help you recover from expenses that you may need to incur because of fraudulent use of your identity:

  • ‍Income lost as a result of time off work to meet with law enforcement, credit agencies and your lawyer to help resolve the identity theft, up to $1000 maximum per week for four weeks.
  • ‍Fees that you may incur having to reapply for loans that were rejected because of the incorrect credit information.
  • ‍Costs of getting forms notarized to provide to law enforcement, your bank and other credit agencies.
  • ‍Costs for sending certified mail and telephone expenses in communicating with all parties to set the record straight.
  • ‍Reasonable lawyer fees for your defense, removal of any incorrect criminal or civil judgement against you and for any challenge to your credit rating.

This coverage can provide as much as $10,000 in reimbursement to get you back to being you again. And its automatically included in most renters insurance policies.

Our buy online renters program through Peace Hills Insurance* automatically includes Identity Theft coverage as well as Legal Expense Insurance, another important enhancement to your renters policy that you hope you never have to use!

To get started, use our handy calculator tool to see just how affordable renters insurance really is. And for a wealth of information and helpful tips, check out our Renters Insurance Hub.

* All information in this article is based on the coverage provided through MIG Insurance via our online renters insurance program underwritten by Peace Hills Insurance. Please note, coverage can vary from one insurer to another. In all cases, policy wordings will apply.

Written by

Alex Harms is part of our marketing team at MIG Insurance and she specializes in writing content to make insurance easier to understand for our clients. She obtained her Bachelors in Commerce (Hons.) at the Asper School of Business and worked with MIG as a broker during her studies and now fulltime in a Marketing & Operations role. She has taken on many tasks her at MIG but enjoys the challenge. Outside of work she enjoys spending time with her family as well as her dog Murphy, out at the lake which is their favourite spot!