What do I need to know about insurance when I have a baby? For parents with more than one child, it might be old hat, but for new parents who are having, or just had their first child, the process of welcoming a new baby can be both thrilling, and exhausting. And it can be quite costly. Along with things like buying furniture for the nursery, making plans to take time off of work, and preparing estate planning documents, it is also important for new parents to reach out to an independent insurance agent who can help them understand how bringing a new life into the world can impact their insurance coverage.
First things first. New parents will want to get their baby home from the hospital. After that, it is important that they alert their insurance provider about the new addition to their family. Since all kinds of insurance can potentially be impacted by the birth of a policyholder’s child, an experienced independent insurance agent will guide new parents in evaluating their current insurance coverage, and figuring out which policies, if any, should be changed, or added onto with the birth of their baby.
Car insurance coverage might not be impacted by a new baby like it will be when that child turns 15 or 16, but parents may still want to talk about their auto insurance policy with an independent insurance agent. She can let them know if they might need to alter their coverage in any way, such as by increasing their policy limits, or expanding their collision or comprehensive coverage, and she can also discuss safe driving with a new baby in the car. She may mention things like buying a proper car seat and installing it in the center of the backseat, and the value of knowing where the airbags are located in each parent’s vehicle.
Besides potentially affecting car insurance coverage, having a new baby can also mean that parents’ homeowners’ insurance should be adjusted. Even if they do not believe that they need to make any changes to their policy, new parents should still speak to their independent insurance agent to make sure that this is the case. If they have installed new fixtures in the house in anticipation of their new arrival, acquired valuable trinkets or toys from relatives, or purchased a guard dog to watch over their residence, it could impact the home insurance coverage that they require, or even policy rates, or terms or exclusions. Contacting an independent insurance agent to go over these kinds of changes to home insurance coverage can save couples with a new baby time and money in the long run if they must submit a claim.
In addition to car and home insurance, health insurance coverage is perhaps the kind of insurance that is most directly impacted by having a baby. While parents need to make sure they have coverage for prenatal care costs when they find out that they are expecting, they will also have to work with their health insurance provider to add their new child onto their policy. The medical expenses don’t end after the birth, and you’ll want to make sure your child is covered, no matter the issue. An independent insurance agent can assist couples who have private health insurance, or those who wish to buy a policy because they are not satisfied with coverage offered through their employer, are unemployed, or for other reasons, in finding the appropriate health insurance. She will need to know things about new parents’ bundle of joy, including the baby’s birth date, full name, and similar information, and will also want to review parents’ existing coverage to see if it can be expanded to include their new baby, or if they should simply buy a new policy.
Life insurance coverage might not be something that most people think about in their teens, twenties, or even thirties. But, when a new baby comes into the picture, buying coverage is something that every parent should consider. In case an accident or illness resulted in a parent’s unexpected death, their spouse and child could be left to struggle financially. An independent insurance agent will describe the ins and outs of purchasing life insurance coverage, selecting beneficiaries, and the various options for term and universal policies. This way, new parents can make an informed decision when determining whether life insurance is right for them.
There are many kinds of insurance coverage that are impacted by a new addition to the family; car and life insurance, homeowners’ coverage, and health insurance policies are just a few that often require changes upon the birth of a child. A seasoned independent insurance agent has worked with new parents many times before and knows their concerns when it comes to protecting their baby. She will help them make sure that they maintain the appropriate coverage, or buy the policies they need for their expanding family.
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