How divorce affects your home insurance

Divorce raises many questions that can leave you more frustrated, sad, stressed, and confused. One of the main questions is what happens to your homeowner’s insurance policy and whether you will change ownership after the divorce or not. Fortunately, you don’t need to make any significant changes if you live in your Illinois home after the divorce as the primary policyholder.

If your spouse is leaving with some belongings, changes will have to be made.

If the court ordered a split of the family property, you might need to make changes to your contents coverage and remove the items departing with your spouse. Your Illinois insurance company will also need to adjust your rates accordingly. At Green Family Insurance Inc., we specifically go through your entire policy and ensure that it is correctly updated.

Your rates may go up.

Your rates could go up based on the discounts you received before the divorce. For instance, if you and your partner received discounts for combining multiple policies for auto and home, you may end up losing the discount if you buy a separate policy and fail to bundle again.

You can unlist your spouse if you are the primary policyholder.

If you want to remove your ex-spouse from your policy, you can do so by providing the divorce decree to your insurance company. However, if the court requires the two of you to live in the same house, it’s best to keep the coverage the way it is.

You cannot make any changes to the policy if you are not the primary policyholder.

If your spouse was the primary policyholder, you might want to request them to remove their names and make you the primary policyholder. If that seems impossible, you can still keep them and make the payments on their behalf.

If you are separating from your spouse, take your time, and learn the changes that need to be made. Our agents at Green Family Insurance Inc. are also available and willing to help. Feel free to ask any questions. We are only a call away!

Is it time to upgrade your home insurance policy?

Home insurance renewal is often automatic, and the previous policy simply rolls over to a new term. Unfortunately, this process can leave you underinsured in the event of a covered incident. If you have owned your home for several years or more, it’s time for a complete policy review. The team at Green Family Insurance Inc. is here to guide residents in the state of Illinois. We can assist you with your annual policy review and help identify any gaps that there may be in your policy. Many clients are surprised by their need for a new policy or coverage levels.

Avoid Being Underinsured

Having a homeowner’s policy that doesn’t fully meet the needs of you and your family can cause many problems if you should experience loss or damage from a covered event. In most areas of Illinois, home values increase on a reasonably regular basis, and it’s important that your coverage keeps pace. Without adequate insurance, you can be the responsible party for the cost of repair or replacement if your home is damaged in a covered event. This situation is easy to prevent with a regular review of your home insurance policy. An increase in coverage may also be necessary if you have made significant improvements to your home, with projects such as putting in a new kitchen or updating the bathrooms in your house. Don’t let an inadequate policy cause you headaches down the road!

Is it time to review your home insurance policy for completeness? The team at Green Family Insurance Inc. serves the state of Illinois and is here to meet all of your home insurance needs. Contact our office today to schedule an appointment for a complete policy review. You’ll be glad you did!