Homeowners Insurance Needs after Getting Divorced
In part three of the series of how getting divorced changes your insurance needs, this post will focus on how a divorce affects your homeowners insurance needs.
When you and your spouse got married, it's safe to assume that you moved in together. Maybe you two bought a house shortly after getting married. Now that you are going through a divorce, one of you will more than likely be moving out of the house or apartment. It doesn't matter if you are the one keeping the house or moving out, you need to know what to do with your homeowners insurance policy.
Here are some tips from the National Association of Insurance Commissioners:
Depending on who is listed as the owner of the home and whether you and/or your ex-spouse are moving following a divorce, you may need to adjust the paperwork associated with your homeowners insurance policy. It should only have the name of the current homeowner listed.
If you have a mortgage on your home, your insurance policy must list the name and address of the financial institution that currently holds your mortgage account. Be sure to update the information on the deed, mortgage and homeowners policy if ownership changes in the divorce.
If you change the locks on your house or install a new security system to your home following a divorce, make sure to alert the insurance company, as you may be eligible for a discount on your premiums for the upgrade.
Should you or your ex-spouse move to a rental property following the divorce, consider purchasing renter's insurance to protect your personal items as well as to provide you with liability coverage.
If are going through a divorce and need a new homeowners insurance policy or a renters insurance policy, use InsWeb.com to compare multiple insurance quotes to help you find the best rate on your new policy.