Preparing to welcome a new baby into your home is an exciting time. Picking out a nursery theme, choosing clothes and pondering over names is the fun part.
Then there’s the other part. This requires lots of searching, reading about this policy and that. Having a baby requires you to grow up, and quickly. To help make this easier for you, here are four insurance changes you need to make when you’re adding to your family:
- Update your health insurance policy. The actual changes may need to wait until after the birth. But, you need to know about how your plan offers coverage for new parents and babies. What’s covered and what isn’t. How much will the premiums be, and at what deductible? Shop around. You might find you’re now better off with a different plan. Don’t be afraid to ask other parent-friends. They’ve got some good info that will help you.
- Review your home insurance policy. Adding an extra member to your home shouldn’t change anything about your policy. However, you might decide to adjust certain limits like your possessions and liability protection. Just to err on the safe side, read through your policy and call the agent. While you’re at it, and before you’ve got a mobile baby, safety-proof the house. Buy outlet plugs, secure dressers and bookshelves to the walls, install childproof locks. Some parents have baby safety experts visit their homes to help them baby-proof.
- Double check your auto insurance policy. Soon you’ll have another person in the car with you. You might want to increase your coverage so that you’re well covered. While you’re at it; learn about car seat laws in your state and buy compliant seats so you’re all set.
- Buy a life insurance policy. Very soon a tiny human is going to depend on you and your partner for every little thing. This will continue for at least the next 18 years. In the unfortunate event that one parent passes, getting a life insurance payout will be a tremendous help to the remaining parent. If both parents pass at the same time, your child’s guardian won’t face a financial burden as they raise you child. Both parents need life insurance, even if one of you is a stay at home parent. If that person isn’t around, the other would need to hire a nanny or outsource certain household tasks.
Set aside some time each week to work on making these important insurance changes. Don’t do it all at once, but don’t wait until a week before the baby’s expected arrival. Aim to make one change a month, and you’ll be set. Give us a call at 813-689-8878 for more information on how to adjust your insurance.