AIG United Guaranty now is now offering homeowners the added security of Personal Identity Theft Insurance.
Underwritten by American Home Assurance Company, a member company of American International Group, Inc. (AIG), this value-added coverage is made available to all AIG United Guaranty lending partners through a simple opt-in process.
Lenders who opt-in for the value added coverage will be able to provide their borrowers with with additional protection at no additional cost when their mortgage is insured with AIG United Guaranty.
A recent survey conducted by the Strategic Counsel for the Competition Bureau of Canada suggests that one in six Canadians has been affected by some form of identity fraud.
According to Andy Charles, [pesident and cEO, ID theft insurance could not have come at a better time. “Everyday we hear alarming reports about the increasing number of consumers victimized by identity theft, not to mention the time and cost involved in recovering personal information. AIG United Guaranty recognized this growing concern and has responded by including this coverage at no additional cost to insured borrowers. Although this coverage cannot prevent personal identity theft, AIG United Guaranty is committed to helping homeowners restore their identities in these unfortunate situations.”
Financial institutions may opt-in for the coverage and then extend the benefits to their borrowers.
AIG’s theft insurance provides the following to homeowners:
- up to $10,000 coverage for AIG United Guaranty’s primary and secondary mortgage insurance borrowers;
- Income protection for lost wages realized by borrowers in restoring their identity.
- Reimbursement for expenses incurred in connection with identity restoration;
- reimbursement of legal defense fees and expenses; and
- increased peace of mind over a three-year period.