Purchase Insurance For An Apartment

post-divorce insurance do's and don'ts

 

1. You break up, and your ex is still the beneficiary on the life insurance policy.

"No matter what your will says, the life insurance policy is a contract, and that money will flow according to what the contract says," says Darren Scrimpshire, a managing director with Sapient Financial Group in San Antonio.

 

If, after your divorce, you married someone else and enjoyed 50 happy years together, your ex would still get the life insurance   proceeds if you never bothered to change the beneficiary.

 

Some divorced couples who have children together maintain their exes as the beneficiary for the sake of the kids. If you don't trust your ex to spend the money wisely, you can set up a trust for the benefit of the children and name it as the beneficiary of the life insurance policy, Scrimpshire says.

 

Work with an attorney and contact your life insurance company when you're ready to change the beneficiary. And don't forget to make changes on all your policies, including group life insurance you have through work.

 

2. You divorce but have to share the house because you're underwater on the mortgage and can't sell it.

 

Homeowner insurance  is tied to the property and who is listed on the mortgage lien. So if the home is still titled to both of you, the insurance generally should stay in both your names, says Mary Bonelli, a spokeswoman for the Ohio Insurance Institute.

 

However, you should still have a written agreement about who is responsible for the mortgage and insurance payments. If you can't stand living under one roof, you'll need a separate renters insurance policy when you move to an apartment to cover belongings and provide additional liability protection -- even though you still are named on the home insurance policy, Bonelli says.

Renter's Insurance for your Northampton MA Apartment « Webber ...

3. If something were to happen to someone while they were in my apartment, I have liability insurance on the renter’s policy. It feels very grown up!

Take the time to consider a renter’s policy. Homeowner’s can’t go without insurance on their home. Renter’s should consider the same thing. Many landlords and rental offices are now requiring it of their tenants. $150 to replace all your stuff in the event of a tragic loss. Sounds like a deal to me!

If you have questions, please call Webber & Grinnell Insurance at 413-586-0111 or visit our website .

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