These days, you don't just have to simply worry about someone breaking into your home and stealing your money or belongings. These days, you have to worry about so much more. When thieves break into your home now, they don't just look for valuable things – they look for valuable information.

Virtually unheard of just a few short years ago, identity theft has become common enough that insurance companies, credit card companies and mortgage companies have begun offering coverage to protect consumers. 

But how do you know who offers the best coverage for you?

First of all, you should compare deductibles. If the deductible is too high, the coverage may not be worth it, since the average identity theft victim spends about $800 in out of pocket expenses.  Second, determine how the policy handles attorney's fees. If you are sued as a result of an identity theft, you'll want to be sure the policy you choose will cover those fees.

Check to see if the policies cover denied credit. All too often, consumers don't know they've become identity theft victims until they apply for credit and are turned down. You should know how your policy would respond to reapplying for credit in addition to removing negative items from your credit report.

Take a look at how the policy handles lost wages. Most people spend an average of 175 hours to correct problems associated with identity theft. Chances are, you'll have to take some time off from your job to deal with this problem. 

Last of all, analyze the premiums. If all of the coverages for each policy are identical, then it may just simply come down to purchasing the coverage that's the cheapest.