Going through a divorce can be a stressful time. Figuring out how that impacts your homeowners insurance can be confusing. These quick tips may help guide and clarify.
- Make sure you know who your current agent is and how to reach them. Even better if you have a copy of your policies and know what you have for coverages. Both parties should know where they stand on insurance until they are on their own policies.
- Know that your credit can impact your insurance score as it is often one of the factors in insurance rating. Separation can impact your credit score as you are working to detangle financial responsibilities. Make sure you work to maintain your credit scores to help save money down the road.
- Moving out on your own? Consider renters insurance to cover not only your personal property but for liability coverage. Often when you bundle it from your auto insurance provider, it can be as little as $10-20/month to keep you and your items protected.
- Is your x-spouse/partner moving out of the relationship/home? You can’t take their name off the insurance policy until they no longer have an insurable interest in the home. But you can get quotes for new policies without them for budgeting and planning purposes.
- Don’t assume that you need lower coverages for better pricing some carriers can offer better prices for higher coverages! A professional agent can look at this option.
- Never have a lapse in coverage if you can avoid it even if it is only a day. This can significantly increase premiums. The person getting new coverage should get the new policy in place BEFORE being removed from the prior policy. In other words, do not allow yourself to have a lapse in coverage as this can be quite costly even only if for a short period of time.
- Best time to separate policies when divorce is finalized.
- If your ex is paying for insurance after the divorce, make sure the insurance company has all your contact info as well so you are notified if payments are no longer made.
- Partner with a good licensed agent who is responsive, supportive, and educates you on the process and your options. An independent agent can help you find the best insurance options for your particular needs by shopping a variety of carriers on your behalf. By doing so, they can reduce a lot of stress that can be part of this transition process.
We’d be honored to be that resource that helps you through these life changes. Please reach out to us with any questions or to help review your insurance needs.
About Keslar Insurance
Keslar Insurance Agency is a full service independent agency providing residential and commercial insurance products in New Hampshire and Maine. Recent recipients of the Business of the Year from the Exeter Area Chamber of Commerce as well as the Business of the Year from the Newmarket Business Association, Keslar insurance is committed to the community.
Keslar Insurance makes sure clients have the right insurance products to protect the most important things in life-family, possessions, and business. Keslar Insurance employees focus on providing the kind of service and value we’d expect for ourselves and our families. Our products include Homeowners insurance, Auto, Life, Umbrella, Renters, Landlord, Boat, Snowmobile, ATV, Flood, Commercial Auto, Business Owner’s Policies, General Liability, Worker’s compensation, motor home, camper, and more. For more information visit: www.keslarinsurance.com.
