If you are like most married couples then chances are your umbrella insurance policy is probably in both you and your spouse's name. If you are getting divorced, one thing to be sure to do is update your insurance needs including your umbrella insurance policy.
Divorce changes things – especially your financial planning and asset protection needs. Use these quick tips to help organize yourself before calling GEICO to update your insurance policies:
- Get copies of all current insurance policies and decide which you will need to keep. Common examples include homeowners, automobile, umbrella and life.
- Determine any additional insurance that might be needed. For example, if your former spouse provided life insurance through his or her place of employment, you might need to replace that policy.
- Decide which policies will be eliminated; for example, you now only need one automobile policy.
- Change names. Speak to your GEICO representative about the proper method to remove names on policies that are no longer shared or obtain new quotes for insurance.
- Update coverage. If your former spouse had a high-risk hobby or occupation, your umbrella insurance might go down. Be sure to inquire about new rates based upon your current status.