March 07, 2011 (Press-News.org) Insurance Matters After Divorce: Preparing for Changes to Automobile, Homeowner's, Life, and Disability Coverage
Your divorce is final and you'll be taking a serious look at your finances as you move forward with your new life. Set aside some time to review your insurance coverage and read your certificates of insurance. Your circumstances have changed, significantly. Does each policy provide the level of protection you desire for yourself, your children, and your property?
In this article we'll look at automobile, homeowner's, life, and disability insurance coverage after divorce. In our discussion of automobile insurance, we'll focus on private passenger cars, pickup trucks, and vans, but not commercial vehicles. And be sure to speak with your insurance agent about the risks and benefits associated with any changes to your premiums, deductibles, or basic policy coverage before making them.
AUTOMOBILE Insurance
During the marriage, both spouses are typically listed on the automobile insurance policies for all of their vehicles. The divorce required that the property be divided and with a change in the certificate of title comes a change in policyholder. Your insurance company should have all of your updated contact information. If your ex-spouse is paying the premium on the policy and a payment is missed, for any reason, then you need to be notified immediately.
Your insurance budget will have to cover a number of policies, including mandatory insurance for your personal vehicle. Your premiums will depend on the make, model, year, and condition of the vehicle, the distances you regularly drive, your gender, your driving record, and your credit history.
Under the Fair Credit Reporting Act (FCRA) insurance companies have a "permissible purpose" for looking into a potential insured's credit information. When problems leading up to the divorce included financial issues between the spouses, or even bankruptcy, then negative credit information and a low credit score can result in higher premiums.
In Arizona, you need a certificate of insurance to register the vehicle in the state. The minimum coverage to operate your vehicle legally is bodily injury ($15,000 per person, $30,000 per accident) and property damage ($10,000 per accident). If you decide that you want greater coverage than the bare legal minimum, then your premiums will increase correspondingly.
Bodily injury coverage pays for injuries that you cause to others in an accident, however, it doesn't pay for your injuries. If you want to be covered for your injuries, then you'll need to add medical payments coverage to your policy.
Property damage coverage pays for the damage that you cause to other people's vehicles or property, it doesn't pay for the damage to your vehicle from the accident. If you want to be covered for damage to your vehicle, then you'll need to add collision coverage to your policy.
If you want your insurance company to pay for damage or loss to your vehicle because of theft, glass breakage, fire, violent weather, vandalism, hitting an animal, and the like, then you should consider adding comprehensive coverage to your policy.
HOMEOWNER'S Insurance.
If there is a mortgage or deed of trust on your home, then you need sufficient property damage coverage to satisfy your lender's minimum insurance requirements. If your home was totally destroyed, you would still be obligated to pay off that loan. Will your insurance policy cover your debt if such an event occurred? Your insurance may or may not cover you in the event of a flood. If you need flood insurance and your insurer doesn't cover it, then you can get coverage through the National Flood Program (NFP) (call (800) 638-6620 for information).
Your property damage coverage includes loss to the real property and your contents insurance covers loss to your personal property and possessions. If you have special collections, expensive jewelry, valuable antiques, or sophisticated computer equipment, then discuss additional contents coverage with your insurance agent and schedule these items to ensure adequate protection against loss.
Personal liability insurance coverage protects you should someone be injured on your property as a result of your negligence or for which you become legally responsible. The insurer will cover your defense costs up to the agreed upon limit on the policy. If you have anyone tending to your landscaping or working to make repairs to your home, then there is a risk that he or she could be injured and you could be held liable.
Also, discuss medical payments insurance with your insurance agent. With this coverage, a person injured on your premises will have some or all medical costs paid without regard to who was at fault for the injury. This type of coverage doesn't extend to any intentional acts on your part, doesn't cover your renter, doesn't cover your home business, and doesn't cover you and the family members living with you.
When you compare insurance premiums, you'll be asked questions about your home's construction, the year it was built, the location of fire hydrants, and the distance to the nearest fire station, among other things. In Arizona's rural areas the nearest fire station may be many miles away, which can mean increased premiums for rural homeowners.
LIFE Insurance
During the marriage, couples often have life insurance policies that name the "surviving spouse" as the primary beneficiary, especially when they have children. A life insurance policy will pay out a specific amount to the beneficiary in the event of the insured's death. Now that your divorce is final, a change in your beneficiary designation may be appropriate for all of your policies. Most insurers require the use of their official change of beneficiary designation form -- you should call your insurer and get that form mailed to you.
As part of the settlement of your divorce, the party obligated to pay child support or spousal maintenance may also be required to maintain a life insurance policy to ensure that those payments continue even after a tragedy. If you are the one receiving the support, you may have concerns that the policy will lapse or that the beneficiary will be changed without your knowledge. If you have those concerns, then you might consider arranging to pay the premiums yourself.
Term life insurance policies provide coverage for a specific length of time, usually for a one year period. There is no equity or cash value, so a term life policy is not an investment tool. As you get older, or as your health diminishes, the premium generally increases or the amount paid on death decreases. When it comes to cost savings, these policies may be a good option and easier on your insurance budget.
The variable life insurance policy is a combination of insurance and investment, and investments always involve risk. Once the money is taken out to pay the premium, the remainder is invested. For this policy to work as an investment vehicle, more money is paid by the policyholder than is needed to cover the premiums. There is a guaranteed minimum payment on death under the insurance. There is a potential that the invested portion will also provide money on death, but as with any investment, there is no guaranteed rate of return. These policies tend to be much more costly than other life insurance products.
The whole life insurance policy is a long term approach to insuring a life. The policy will provide coverage over the course of the insured's lifetime at a set premium. Typically, the premium is paid over the duration of the policy, up until the death of the insured. If you are willing to stay with one insurance company for life, this may be an option for you.
DISABILITY Insurance
Individual disability insurance will cover your monthly income for a specific period if you are unable to work because you have an illness or have been injured. If you are paying spousal maintenance or child support, a disability insurance policy can cover expenses in the event you become disabled and cannot earn an income. It is not uncommon for people to fall into arrears on their support obligations because of illness or injury, so even a few months of disability coverage can make a big difference.
COBRA
If one spouse is covered by the other spouse's employer insurance program, then the divorce is a "qualifying event" that gives the non-employee spouse COBRA coverage for up to three years (36 months). Although this may represent a cost-savings compared to independent coverage, the premiums must still be paid or coverage will lapse.
Your insurance decisions require a determination of your risk comfort level. Speak with your insurance agent about the risks and benefits associated with any changes to your existing policies. Make sure your agent has answered all of your questions. Your risk and budget concerns should be carefully addressed in your insurance policies, both new and existing.
Article provided by Law Offices of Scott David Stewart
Visit us at www.sdsfamilylaw.com
Insurance Matters After Divorce: Preparing for Changes to Automobile, Homeowner's, Life, and Disability Coverage
This article will help you begin taking control of your new insurance needs. When you've decided what coverage is right for you and your family, be a smart consumer and compare costs. Insurance companies vary significantly in the premiums they charge.
2011-03-07
ELSE PRESS RELEASES FROM THIS DATE:
New York Prison Suicides Continuing To Increase
2011-03-07
New York Prison Suicides Continuing To Increase
In 2007, the New York State prison system settled a lawsuit to bring improved mental health services to inmates and reduce the number of suicides within the system. Recent prison and jail suicides suggest that problems remain in dealing with these issues.
In mid-October 2010, the Poughkeepsie Journal reported on a suicide at a Westchester County prison when, at that time, it was one of 17 in state lock ups, which they noted was an alarming 42 percent above the annual average for the past decade and a 70 percent increase ...
Renowned TV Ad Agency Cheap-TV-Spots.com Offers Its Own Smart TV Options for SMBs and Start-Ups
2011-03-07
The world's most award-winning affordable television advertising agency, Cheap-TV-Spots.com, announces its own brand of Smart TV, with "Smart TV Spots." Smart TV is any one of several technologies that combine the power of the internet with the broad reach and long-standing popularity of television. Cheap TV Spots helps entrepreneurs into this marketplace, without the need for special hardware or software, by harnessing the unmatched power of regular TV.
The beauty of "Smart TV Spots" is that it works with any TV, doesn't require a set-top box or complicated controller, ...
CasinoFYI.com Releases Free Gambling Guide
2011-03-07
Casino information site CasinoFYI.com has released a free gambling guide for all visitors. This comprehensive gambling guide provides strategy, tips and information for every major casino game on the internet. The purpose of this latest release from CasinoFYI.com is to provide gamblers with a no-nonsense guide to smart gambling.
The gambling guide at CasinoFYI.com is organized into sections for each of the top casino games. Games such as blackjack, roulette, craps, slot machines and more are all explained in great detail inside this gambling guide. Each section comes ...
Virginia Eye Consultants Increases Public Awareness of Age Related Macular Degeneration
2011-03-07
Age Related Macular Degeneration is a chronic disease that causes loss of central vision and affects more than 10 million Americans. Macular Degeneration can dramatically impair "straight-ahead" vision, which is critical to daily activities such as reading and driving. Macular Degeneration occurs in the macula, the part of the eye that allows you to see color and fine detail. While most cases progress slowly and painlessly over time, for some people it can rapidly lead to loss of vision. Macular Degeneration is a leading cause of vision loss in Americans over the age of ...
Employify Announces New Website
2011-03-07
Employify, the growing career research and development resource dedicated to Real Estate professionals, announced today the launch of their new website at www.employify.com.
Employify.com is packed with all of the career research and development tools and resources needed to help improve a Real Estate corporation's effectiveness, sales and profitability. Employees will have the opportunity to post resumes, peruse current openings and interact with potential employers and fellow executives. Employers can post jobs, search resumes, and get up to date on current news and ...
ParagonEX 4.1 Trading Software to Debut on the UFXMarkets Website
2011-03-07
Software developer for the online trading industry, ParagonEX, has allowed exclusive debuting rights to UFXMarkets after it was announced that the company will be making their official launch this month. The newest version of the software, Version 4.1, is expected to be a complete overhaul of the old platform design and will offer many new features.
The latest software release will still be a browser based platform, requiring no downloads, but it will offer enhanced features and is considered to be a huge upgrade from its previous software version. The software is also ...
California Swingers Gain Stimulus Package
2011-03-07
Swinglifestyle understands the economy is troubled in California and wants to help the swinging community with a special freebie. Swinglifestyle is the largest online swingers dating website and giving away a 1-year membership valued at $69 to help the California Swingers. The 1-year membership allows full access to the site such as unlimited emails, unlimited picture views as well as many other perks. Swinglifestyle is hoping people spend the $69 in America that they would have spent on the site.
For California swingers to claim this limited time offer, one must either ...
BradfordLawton Named Taco Cabana's Creative Agency of Record
2011-03-07
San Antonio-based BradfordLawton announces it has been named Taco Cabana's creative agency of record after an extensive review involving multiple local, Dallas and Austin-based agencies. The agency landed the win with pitch creative that will also be used for Taco Cabana's 2011 campaign.
"We were impressed with BradfordLawton's work and their exceptional ability to fully absorb our brand strategy and then reflect it with innovative creative, consistently applied across all communication channels, expediting the creative and strategic process," said Taco Cabana CMO Todd ...
Whataburger Names 'Burger Warriors'
2011-03-07
Sixteen restaurants in Florida, Mississippi and Texas have emerged as finalists in Whataburger's WhataGames, a unique competition designed to test the skills of Whataburger team members in the categories of operations, corporate history and customer service.
Stakes are high. The teams, who beat out their competitors at Whataburger's more than 700 restaurants in ten states, will travel to Grapevine, Texas, near Dallas, for an intense 3-day competition, with big money prizes on the line.
The WhataGames gold medal winning team takes home $5,000 each as well as $500 ...
Reno Property Management Corazon Real Estate offers the Best Tenant Management Service
2011-03-06
Property Management is an important role for people who own investment property who want to avoid the headaches and hassles that can come along with tenants. More investors who own property in Reno are turning to the Reno Property Management specialists at Corazon Real Estate.
Some investors choose to be their own property manager. For others, they want to avoid the headaches and hassles that can come along with tenants. Finding a competent, reliable Reno property management company to oversee their investment is the key to success. Corazon Real Estate is one such Reno ...
LAST 30 PRESS RELEASES:
Insulin resistance is linked to over 30 diseases – and to early death in women, study of people in the UK finds
Innovative semaglutide hydrogel could reduce diabetes shots to once a month
Weight loss could reduce the risk of severe infections in people with diabetes, UK research suggests
Long-term exposure to air pollution and a lack of green space increases the risk of hospitalization for respiratory conditions
Better cardiovascular health in early pregnancy may offset high genetic risk
Artificial intelligence method transforms gene mutation prediction in lung cancer: DeepGEM data releases at IASLC 2024 World Conference on Lung Cancer
Antibody–drug conjugate I-DXd shows clinically meaningful response in patients with extensive-stage small cell lung cancer
IASLC Global Survey on biomarker testing reveals progress and persistent barriers in lung cancer biomarker testing
Research shows pathway to developing predictive biomarkers for immune checkpoint inhibitors
Just how dangerous is Great Salt Lake dust? New research looks for clues
Maroulas appointed Associate Vice Chancellor, Director of AI Tennessee
New chickadee research finds cognitive skills impact lifespan
Cognitive behavioral therapy enhances brain circuits to relieve depression
Terasaki Institute awarded $2.3 Million grant from NIH for organ transplantation research using organs-on-a-chip technology
Atoms on the edge
Postdoc takes multipronged approach to muon detection
Mathematical proof: Five satellites needed for precise navigation
Scalable, multi-functional device lays groundwork for advanced quantum applications
Falling for financial scams? It may signal early Alzheimer’s disease
Integrating MRI and OCT for new insights into brain microstructure
Designing a normative neuroimaging library to support diagnosis of traumatic brain injury
Department of Energy announces $68 million in funding for artificial intelligence for scientific research
DOE, ORNL announce opportunity to define future of high-performance computing
Molecular simulations, supercomputing lead to energy-saving biomaterials breakthrough
Low-impact yoga and exercise found to help older women manage urinary incontinence
Genetic studies reveal new insights into cognitive impairment in schizophrenia
Researcher develops technology to provide cleaner energy and cleaner water
Expect the unexpected: nanoscale silver unveils intrinsic self-healing abilities
nTIDE September 2024 Jobs Report: Gains in employment for people with disabilities appear to level off after reducing gaps with non-disabled workers
Wiley enhances NMR Spectral Library Collection with extensive new databases
[Press-News.org] Insurance Matters After Divorce: Preparing for Changes to Automobile, Homeowner's, Life, and Disability CoverageThis article will help you begin taking control of your new insurance needs. When you've decided what coverage is right for you and your family, be a smart consumer and compare costs. Insurance companies vary significantly in the premiums they charge.