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Cyber Events and how your home insurance might work.

By October 28, 2020Insurance
cyber event

Cyber events and your home insurance is confusing.  Making sense of cyber events and cyber liability is difficult for your home insurance.  Cyber liability and what it means and what the consumer needs is not yet standardized.  For instance, home insurance policy A may cover cyber bullying.  In another instance home insurance company B may only cover your damages if your child is bullied.  In other words, home insurance companies are not sure where to apply coverage.  They are also not sure on what to cover.

Identity Theft:

Identity theft is a coverage agreed upon.  Most insurance companies provide ID theft in some capacity.  This can be part of the policy or added by endorsement. Read your specific policy or ask your agent about this coverage.  Most of the time identity theft is the unauthorized use of an account.  In other words someone using your credit card, bank account or passing counterfeit money.  For instance, if some steals your credit card and uses it you can put a claim on your policy.  Coverages may all include things related to the claim.  Taking a day off work or mental counseling may have sublimit of included coverage.

Other Coverages:

After ID theft things are complicated.  There may be coverage for other items related to a cyber event.  In other words be sure to read your policy carefully.  In addition to ID Theft coverage you may have coverage for liability if you or a child are part of a cyber bullying event.  However, this coverage can be complicated.  Company A may give you defense coverage for a cyber bullying event as part of a cyber event endorsement.  Company B could say that event is covered under personal injury.  Side note, make sure you home insurance covers personal injury as part of the liability.    Home insurance may also cover you for parts of a cyber event.  If you child is a victim of cyber bullying there may be coverage for you to do online schooling.

In conclusion:

In conclusion, cyber events and cyber coverage is the new frontier for home insurance.  Home insurance companies are looking for ways to provide you better coverage.  As this topic changes, companies will adjust.  Remember it is important to sit down and talk about your home insurance with your agent.  We are here for you at anytime to talk.  In conclusion please call us at anytime to discuss.  We want to help you make sense of your coverages.  Let’s discus cyber events and your home insurance.

Want more info on Identity theft insurance?  Check out the links below.

Insurance Information Institute: https://www.iii.org/article/identity-theft-insurance

Want to discuss your coverage with us: https://icpitt.com/contact/

Ten cyber security tips: https://cipher.com/blog/10-personal-cyber-security-tips-cyberaware/