In our tech-driven world, protecting your property with both home cyber insurance and identity theft insurance is more important than ever before. Each of these types of insurance add protection to your homeowners policy that provide peace of mind in a variety of different scenarios.
Learn the benefits of identity theft insurance and home cyber insurance plus important differences between the two types of protection. Understanding the unique features of each will help you decide what safeguards are best for your needs.
Watch the following video to learn how Grange can help you protect your digital footprint and identity with home cyber insurance and identity theft insurance.
What does home cyber insurance protection do?
Home cyber insurance, also known as personal cyber insurance, is an add-on to your home insurance policy that helps when you are a victim of a computer attack, home systems attack, cyber extortion, online fraud or a data breach.
For example, let’s say you are going through your email inbox on your home desktop computer. You open an email and download the attached file. Unfortunately, the file has a virus and your computer is now compromised. Personal cyber insurance will help cover the costs to hire a professional to reformat the hard drive, reinstall the operating system and restore data from the backup.
Many types of technology around your home are at risk without proper personal cyber protection, including:
- Smart home devices like speakers, plugs, thermostats and lights
- Tablets, laptops, computers and phones
- Pet cameras, home security cameras, video doorbells and smart locks
With the help of home cybersecurity, you can bounce back faster and easier if you’re ever subjected to a cyber crime. Talk to your insurance agenttoday to learn how you can add home cyber insurance to your homeowners policy.
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What does identity theft protection do?
Identity theft insurance is also an add-on for your homeowners insurance. This insurance helps in cases where you are a victim of a data breach or identity theft.
Identity theft insurance coverage is different than what your banks and credit card companies may provide if your identity is stolen. Where they can offer services to monitor your identity, banks and credit card companies may not help you with expenses to restore your identity. Identity theft protection is important because it closes the gap to protect your identity after you become a victim. Identity theft insurance provides restoration services plus helps pay for covered expenses incurred from identity theft.
For example, let’s say you get a phone call from a telemarketing scam posing as a trusted company, such as your primary bank. During the phone call they ask for your Social Security Number to confirm your account and identity. Unfortunately, a few days later your bank account is hacked and the money in the account is depleted. Then, someone uses your identity to open a loan in your name. Identity theft insurance will help cover the costs to recover your identity and ownership of your accounts, plus any other covered expenses related to the identity theft.
You can experience identity theft when someone takes your personal, identifying information to:
- Open credit cards or other new accounts for financial gain
- Steal money from existing accounts
- Apply for loans
- Rent an apartment
- And much more
Check out our identity theft insurance pageto learn more about the potential risks of identity theft and how the right coverage can keep your identity safe.
Compare personal cyber insurance and identity theft insurance to understand why it’s essential to protect your digital life with both types of insurance coverage.
How much is identity theft insurance and home cyber insurance?
It depends on your homeowners insurance carrier. At Grange, our customers can add identity theft insurance to any home insuranceor auto insurancepolicy for as little as $10 per year. Grange home insurance customers can also add home cyber insurance for a competitive rate. Talk to a Grange independent agent today to learn more.
Why you need both types of coverage
The best way to protect your family and devices from cyber and identity threats is to add the appropriate coverage to your policy. Home cyber insurance and identity theft insurance from Grange can offer peace of mind and protection if you are the victim of a computer attack, home systems attack, cyber extortion, online fraud, data breach and identity theft.
Contact your Grange independent agentto add the protection of home cyber insurance and identity theft insurance to your policy today.
This article is for informational and suggestion purposes only. Implementing these suggestions does not guarantee coverage. If any policy coverage descriptions in this article conflict with the language in the policy, the language in the policy applies. For full details on Grange’s auto insuranceand home insurancecoverages and discounts, contact your local independent agent.References:
Tech Rader
PNC
FAQs
A cyber insurance policy helps an organization pay for any financial losses they may incur in the event of a cyberattack or data breach. It also helps them cover any costs related to the remediation process, such as paying for the investigation, crisis communication, legal services, and refunds to customers.
Why is identity theft insurance important? ›
Identity theft insurance is a type of insurance policy that provides financial protection for victims of identity theft. Coverage varies between insurers, but identity theft insurance generally aims to cover costs associated with the recovery process after you have become a victim of ID theft.
Does homeowners insurance cover cyber theft? ›
Ask Your Insurance Company About Cyber Coverage
While homeowners insurance typically already covers credit and debit card fraud, check forgery and counterfeit cash, fraud coverage can help cover financial losses from fraud such as identity theft.
Does cyber insurance cover identity theft? ›
A cyber insurance policy can help cover expenses related to a cyberattack, such as identity theft, fraud, ransomware and cyberbullying. In today's technology-dependent, data-driven environment, we're all potential targets for cybercriminals.
How do I know if I need cyber insurance? ›
If you own a business that collects or stores sensitive information, such as customer/supplier data or financial information, you may be at risk. Cyber insurance can help protect you from the financial consequences of a breach of these data and a disruption of your business.
What can cyber insurance do? ›
Cyber insurance can assist you with managing your cyber risks and preventing cyber incidents from occurring. Insurers can offer access to cyber security expertise and threat intelligence services, conduct IT vulnerability assessments, offer staff training on cyber security and help with password management.
Is identity theft protection insurance necessary? ›
Consider paying for an identity theft protection service only if: You're already the victim of identity theft or at high risk of it. You are unwilling to freeze your credit reports. You know that you won't go through the effort of actively monitoring your own credit.
What are important points about identity theft? ›
Identity theft can have serious consequences for you and your family. It can negatively affect your credit, get you sued for debts that are not yours, result in incorrect and potentially health-threatening information being added to your medical records, and may even get you arrested.
How does identity theft affect our lives? ›
Identity theft has profound consequences for its victims. They can have their bank accounts wiped out, credit histories ruined, and jobs and valuable possessions taken away.
What is cyber protection on homeowners insurance? ›
Home Cyber Protection Coverage is a bundled coverage that protects families from losses such as compromised data on personal computers, mobile devices and other connected home technology, as well as damage to software and operating systems.
Loss of value through intellectual property (IP) theft
Often, they won't recognize IP theft until long after an incident (for example, when a competitor takes a new product to market). Nevertheless, devaluation due to IP theft is a loss most cyber policies don't cover.
What isn t covered by cyber insurance? ›
Potential future lost profits
But they won't cover profits lost after an incident as a direct or indirect result. Devaluation of affected data, a company's diminished market share, profits lost due to reputation damage—most policies exclude such potential losses.
Is cyber insurance worth it? ›
Today, the average cost of cyber claims is substantial, far exceeding the average cost of cyber premiums. And considering the proactive and reactive services on offer, it's clear that cyber insurance is more than worth the money.
How much cyber insurance do I need? ›
Most small businesses purchase a cyber liability insurance policy with a $1 million per-occurrence limit, a $1 million aggregate limit, and a $1,000 deductible.
How much does cyber security insurance cost? ›
For small businesses, annual cyber insurance premiums can range from $1,000 to $7,500. The median cost of a cybersecurity incident in a small business (less than 50 employees) is $8,000 to $12,000 but could hit $300,000.
Is cybersecurity insurance worth it? ›
Cyber liability insurance is critical. At a minimum, cyber liability insurance assists businesses in cyber compliance with state rules requiring them to notify consumers of a data breach containing personally identifiable information. Policies may also include: Compensation for legal bills and expenses.
What is insurance in cyber security? ›
Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cybersecurity issues. It's not a question of if your organization will suffer a breach but when.
