Top 10 Checklist – Divorce

Going through a divorce can feel overwhelming, and many people say they struggle to keep track of everything. One way to regain control is by planning your insurance program for after the divorce. This proactive step helps you stay organized, manage your annual premiums, and most importantly, gives you peace of mind.

1. Gather Your Current Insurance Policies
   1. List out your coverage levels and total annual premiums.
2. Plan Your Future Home Insurance
   1. Get a policy in your name and research key coverages, like loss of use.
   2. Think about where you’d live if your home/condo is destroyed by a fire and takes 18 months to rebuild.
   3. Consider if your kids would need to switch schools.
   4. Ensure you maintain the same standard of living.
   5. Check if you have a cash settlement option for a total loss, giving you the freedom to collect the insurance value, sell the lot, and move on.
3. Inventory Your Home’s Contents and Collections
   1. This is a great time to take inventory.
   2. Organize all your appraisals and bills of sale to ensure your valuables are properly covered.
4. Jewelry Inventory
   1. Decide which items you’ll keep and research their values. Schedule any item over $10K in value.
5. Review Auto Insurance
   1. Get quotes for cars with home and package deals, as many carriers offer discounts.
   2. Decide which spouse will insure any youthful drivers, who can add $2,000+ a year in premiums. Discuss all credits with your broker, like:
   3. Attending school 150+ miles away.
   4. Good grades.
   5. These credits can help you save on premiums each year.
6. Consider a Personal Umbrella Policy
   1. This policy protects you and your wealth.
   2. As you enter a new financial chapter, it’s important to carry a personal umbrella in your name.
7. Update Trusts and LLCs
   1. Ensure all trusts and LLCs are listed on the appropriate policies as additional insureds as your team divides assets.
8. Review Other Policies
   1. This is the perfect time to review your life insurance, long-term care, and disability policies.
9. Don’t forget to update beneficiaries on these policies.
10. Check Vacation Home Exposures
    1. Review all exposures at family vacation homes.
11. Plan for Recreational Vehicles
    1. Don’t forget to insure recreational vehicles, ATVs, golf carts, jet skis, and more!

As you move into the next chapter, planning ahead and building a solid insurance foundation will help you enjoy your new journey with peace of mind.