Since its inception in 1922, State Farm has provided insurance policies covering homes, automobiles, life, and much more. Now, for $25 per year, State Farm also covers the cost of identity restoration following identity theft. Since State Farm is not an identity theft protection company, the company does not offer preventative measures such as credit monitoring and alerts. Rather, the company provides insurance that covers the cost of restoring identity information.
State Farm's identity protection services cost $25 per year, which equates to just a little more than $2 per month. This protection covers identity fraud expense reimbursements, including the following:
- Cost of obtaining credit bureau reports
- Fees when reapplying for loans and grants
- Phone, postage, and shipping fees
- Notary and filing costs
- Certain legal fees
- Up to $1,000 for deductibles or service fees from financial institutions and other costs to recover control over your personal identity
- Up to $5,000 combined for lost wages and child/elder care expenses
State Farm's identity protection service is easy to add on to an existing State Farm policy.
- No Prevention Services
- Only Available to State Farm Customers
No Prevention Services
State Farm only covers restoration after an identity theft event. This means that the company does not offer basic prevention services such as credit monitoring, internet scanning, and suspicious activity alerts.
Only Available to State Farm Customers
State Farm's identity protection service is only available to its existing policyholders.
The Bottom Line
State Farm is an insurance company that offers identity protection services as an add-on to existing policies. For $25 per month, the company offers identity restoration services and expense reimbursement. However, State Farm does not offer identity theft prevention services.
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