What to Consider When Having A Baby – Are You Ready?
Posted by: Insurance Place by: May 5, 2017
With all the excitement and anticipation that comes with starting a family, it can be overwhelming and challenging to cover all the necessary bases. Baby books, strollers, diapers and supplies are a given, but what about some of the major stuff that people tend to forget, like more life and home owner’s insurance?
Ensure your child’s future well-being while simultaneously making a smart, low-risk investment.
Having a life insurance policy in place for yourself before you start a family is very important. Now that you’ll soon have a child who will depend entirely on you, preparing for the worst is a must.
Additionally, many professionals suggest investing in a life insurance policy for your children. Most policies are affordable, and one considerable benefit is that your child will always be insured, regardless of any future health issues he or she may have. Investing in life insurance for your child can also be a smart financial decision, according to President and CEO of the Life and Health Insurance Foundation for Education, “investment advisers are looking at permanent whole life insurance and saying, ‘This is a tool for safe, secure rates of return’” so when your child “is ready to get married, start a business, those values will be there for them.”
Safeguard Your Home
Another important factor to analyze before bringing your newborn home is your living situation. Square footage, number of bedrooms, and the safety of your house and neighborhood are all points to evaluate before your due date. Depending on the pros & cons list you come up with, there’s a chance you may want to explore your real-estate options, and subsequently, home owner’s insurance policies.
Adjusting to life with a baby is a big enough undertaking as it is without the added inconvenience of having too little space to organize your home the way you’d like, or the ability to have a quiet, private moment to yourself from time to time. If you plan on having more than one child, it’s a good idea to figure out whether you currently have the space to accommodate for a growing family. At some point, you may want to have an office or hobby room for yourself or your spouse – do you have the space to do so?
Ideally, you would feel safe and comfortable raising your child in the neighborhood you currently reside. If you don’t, it may be time to start house hunting.
If you make the decision to relocate, one of your next steps would be to review your home owner’s insurance options. You never know when or if any disasters may befall your home, but it is very important to prepare for anything that may happen. From fires to theft, homeowner’s insurance will provide the coverage you need. Depending on your geographical location, you may want to explore flood and earthquake insurance as well. Research your homeowner’s insurance options to figure out which policy best fits your needs.
Is Your Car Ready For Baby?
Lastly, with a baby on the way, you’ll want to make sure that your vehicle is practical for your growing family. Size, expense, and safety ratings are all important factors to consider when searching for the perfect family car – you’ll need to be able to get a car seat and stroller in and out easily, budget for what you can afford, and do your research on safety ratings. Finally, you’ll need to find an auto insurance policy that fits your driving habits.
The Insurance Place offers auto, life, and home owner’s insurance, as well as personal insurance agents who can answer all your questions and address your needs and concerns.