When it comes to having a new baby, there are so many things to think about: from your baby registry, to daycare, to how to actually keep a child alive, there is plenty to be anxious about as you approach that baby's due date. While they may not be one of the more exciting things to plan for, your finances and your insurance policies should always be audited when changes in your family life occur. In an effort to ensure your coverage will adequately protect your growing family, I've put together a few tips to keep in mind during this period of transition.
You may consider getting a larger or safer car to accommodate your new family member. A new car can affect your insurance rates, so you'll want to give us a call before making that new purchase to see how your premium may change. Perhaps one parent plans to stop working after the baby's arrival. Without this commute, you wont be putting as much mileage on your vehicle, which may result in a lower insurance premium. Also, most insurance carriers will offer discounts for married couples that you did not qualify for as a single person. It's important that you talk to our agents about these major life changes to ensure that you are getting every available discount.
You may also want to consider raising your liability limits. While it can lower your premium, carrying lower liability limits may leave your financial security at risk in case of an accident. The amount of liability insurance you carry should be sufficient enough to protect your assets if you are found at fault in an accident. With your new baby and growing family, you have more to protect now.
Maybe you've decided to upgrade your home to accommodate your bigger family. Let's say you put an addition on the home or decide to upsize to a new home altogether- It's always a good idea to reassess your dwelling coverage. We want to double check that your coverage is sufficient to repair or replace your home. As your home value goes up, so should that coverage. We do not get an alert when you do renovations, so be sure to keep us in the loop. Similarly, you may have purchased a ton of new furniture or acquired more expensive belongings since you first purchased your home. In this case, we should assess your personal property coverage to ensure you are properly protected. As time goes by, you may also decide to buy a new jungle gym, trampoline, or swimming pool. These things can alter the risk factors of your home, and you should consider giving our agents a call to determine that you are properly covered.
Now may be a good time to consider purchasing an umbrella policy. This is going to give you extra liability coverage over both your home and auto policies. This will become especially important as your kids get a bit older. Again, it all boils down to protecting your growing assets.
Finally, and perhaps most importantly- if you don't already have life insurance, now is the time to consider purchasing it. IT will provide income as a safety net for your family in the event that something happens to you or your spouse. We have some fantastic referral partners that we would love to connect you with to discuss all of your life insurance options!
As always, give us a call at 410-857-4550 or 410-355-1010 to speak with one of our agents!