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First Hand Insurance Tips
Generally speaking in a divorce there is always an injured party, the one who has been let go ''dumped'' .
The last thing they think of is insurance.During a marriage one person is responsible for the handling of the bills, and the like, however boring things such as insurance (car, house, personal insurance and superannuation) are usually the domain of the man. I remember during my messy divorce, I moved out took all my possessions with me, moved into a flat and forgot to insure them, alas, I was robbed with no cover. I was out of pocket some $10,000.
Other areas of concern that I have noticed (that are often not thought of) are points like the person who remains in the property must notify their existing insurer that their partner has moved out and they must delete that person off the insurance policy pertaining to that property/premises. If they don't and there is a claim, the insurance company will send a refund cheque in both names, this as one can imagine will cause problems.
Additional problems arise when the new man/ women moves in to the family home, if your home insurer is not aware of the new person living there and any items go missing or are stolen from the home the insurance company can deny the claim due to non disclosure.
The same goes for motor insurance and registration as well as other personal covers. In relation to Superannuation, they need is to change the beneficiary of the Superannuation.
Remember that 'Non Disclosure' is a hot topic in the insurance sector so insurance companies will look for opportunities to disallow claims on this basis. Timing is very important. Don't delay notifying your insurance re the changed circumstances.
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