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Steven Ladd
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Horan Companies, Inc
315-635-2095

Question #28 in the 100 insurance questions in 100 days series. By Steve Ladd of Horan Companies, Inc. in Baldwinsville, NY.

“What is identity fraud recovery on my homeowners insurance policy?”
Identity fraud recovery basically means that the insurance company will pay up to a designated amount as listed in your policy to be put toward any expenses associated with re-establishing your credit or your identity itself.
What it doesn’t do is put money back into your bank account or back to your credit card companies. Those funds are generally insured or would be taken care of by your creditor.
What this does is it covers the cost of calls that you might have to make by missing work to credit bureaus, things that you’d have to send out to the different agencies, and the costs associated with managing all of that.
Sometimes it can be very costly because certain things might happen to someone who, let’s say, had their identity stolen– not just funds taken out of their account or a misuse of credit cards but stuff that goes a lot deeper than that; perhaps crimes that were committed in the other person’s name and things of that nature.
Sometimes it’s not as simply as just calling Experian and clearing up everything that was done in terms of theft. Sometimes there’s a little bit more to it than that, and it can take quite a bit of time and effort.
The fraud recovery section of the homeowners insurance policy would actually help you in that regard. But that’s an endorsement. It’s not an automatic provision on a homeowners policy, so you want to check your declarations page and your policy itself to confirm that you have that coverage.

6 Oswego St
Baldwinsville, NY