Congratulations! You’re going to be (or are) a new parent! That little bundle of joy is such a blessing—a blessing that requires a lot of work and preparation! Though you have a lot on your plate right now with preparing for and caring for baby, you may want to consider taking some time to help protect your new little lovebug (and your assets) with quality insurance.
We know you’ve got a lot to think about right now, and insurance is probably the last thing on your mind (diapers being among the first!). We created this guide to make updating your insurance as a new parent as simple as possible.
Your new baby and auto insurance
If you’re buying a new car…
Are you updating your car to an SUV, minivan, or other baby-friendly vehicle? Your insurance premiums are probably going to change. Auto insurance depends on the vehicle age, type, and risk, so it’s likely not going to stay the same as your previous car premium.
A lot of new parents like to budget out all their finances for when baby arrives. Too often, they don’t realize that their premiums could be more if they get a newer car. Make sure you talk to your auto insurance agent about your new car’s premiums, so you can budget accordingly.
The good news? If your car is super safe (because you want to keep baby safe), you may qualify for lower premiums or safety discounts.
Chat about discounts…
Although the premiums on your car may change, it may not always be more expensive. Often, new parents actually pay less for their auto insurance coverage. That’s because they have a lot less time on their hands with the newborn, so they’re probably on the road less—which also means lower risk of an accident. Plus, your insurer anticipates you’ll probably drive safer than ever before since you’ve got a little one with you; you’re a lower risk, so your premiums may reflect that.
Don’t be afraid to ask your InsuraMatch advisor if they can help you find great deals on your auto insurance as a new parent. Give us a call today at (844) 300-3364!
Getting ready for playdates…
Although you probably won’t be having playdates with your newborn, toddlers love meeting and playing with friends. You may find that you’re transporting others’ children around more than ever before, especially if you take turns with other parents to watch the kids. However, carpooling can make you more liable if you get into an accident while transporting children. It can’t hurt to increase your liability insurance, since you would be responsible for your child passenger’s injuries if you are found at-fault or partially at-fault for an accident.
We recommend raising your auto liability limits to cover all of your assets, including savings accounts and future earnings. If your auto insurance limits aren’t high enough, we recommend umbrella insurance for supplemental liability protection.
Learn more here: What can happen if I don’t have enough liability coverage?
To protect your baby in case of accidents…
Medical payments or Personal Injury Protection (PIP) coverage helps pay for you or a passengers’ medical expenses if injured in a car accident, regardless of who is found at fault for the collision. This is usually an optional coverage, though some states require PIP; regardless, we highly recommend it to protect your new precious cargo. These policies works in conjunction with your health insurance to make sure you and the little one are covered if you have to pay for doctor/hospital visits, surgery, X-rays, ambulance fees, nursing services, deductibles, etc.
New baby and your homeowners insurance
Update contents coverage
You’re probably buying a lot for baby. You’ll want to create an updated home inventory with anything and everything—from your expensive stroller to your diaper genie—to make sure you have enough coverage for your belongings and baby’s in the case of an incident. For big ticket items, consider saving receipts, photos, and even videos to ensure those belongings are fully covered in the case of a claim. We recommend using these home inventory apps to make updating your contents coverage a breeze.
Address home improvements
If you’re adding to or changing anything in your home, you’ll want to let your home insurer know. Some home renovations can lower your premium, like if they make your house safer, while others will raise your premiums if they’re adding more square footage. Regardless, your insurer needs to know about the improvements, otherwise they won’t be covered!
Safeguard your backyard
Putting a swing set in the backyard for your little one? Maybe you’ll end up adding a pool or trampoline for some summertime fun. These “attractive nuisances” that can make your homeowners’ premiums skyrocket, because they’re considered a higher risk. You’ll want to talk to your agent about ensuring you have enough insurance to protect against any liability concerns, while discussing potential discounts to keep premiums low. Psst… Find out how to avoid making your home features “attractive nuisances” here.
Working from home?
If you’ll be working from home so you can take care of the baby (working-parent lifestyle), you’ll want to consider how a WFH life will affect your liability. You’ll want to think about added personal and professional liabilities as well as means to covering your professional belongings. You may need a rider for your home insurance, or you’ll want separate business insurance.
Check out our Work From Home Insurance Guide to figure out exactly the kind of insurance you need to keep your professional and personal life protected.
A new member of the family also means more liability. You probably have more people coming to your home, for example, like a babysitter or friends. They’re there to help, but if they get injured on your property (like falling on the stairs), you could be responsible for their medical bills. Even your child may be a liability if they do something naughty (accidentally, of course) like bite or kick another child at daycare. There are more incidents where something could go wrong and you would be liable, so you want to make sure you have enough insurance to cover every possible scenario.
You want enough liability insurance to cover all your assets. So, if you’re opening savings accounts or college funds for your baby, this will be part of your family’s “net worth.” If someone were to sue you for “everything you have,” they could come for your child’s college fund as well as your home, car, assets, and even future income.
You’ll want to adjust your home and auto liability coverage to cover all your assets. If the limits on these policies aren’t high enough, you’ll want to consider supplemental umbrella insurance.
Learn more about liability insurance with the following resources:
- Umbrella Insurance Resource Center
- Homeowners Liability Coverage
- Auto Bodily Injury Liability
- Auto Property Damage Liability
Life + health insurance
Although InsuraMatch doesn’t offer life or health insurance, we know just how important these policies are for new parents. Now that you’ve got a little one in your family, you want to make sure they’re covered if something were to happen to you and/or your partner. Learn more about life insurance for new parents with this Nerd Wallet guide and talk to your health insurance provider about adding your baby to your plan.
Talk to your agent
Make sure to notify your insurance agents that you’re having a baby. Your insurance agent can help you figure out how you’ll need to adjust your policies to account for your new little bundle of joy.
We know you’re busy. So calling every single one of your insurance agents for home, auto, umbrella, etc. can be way too time consuming. That’s why InsuraMatch exists! We help you find and bundle the right policies—at the right price—so we can be your point person for all your insurance needs.
Make it easy on yourself, new parent. You deserve to take this time to focus on your family. Let us handle the insurance for you.
Get expert insurance advice from a licensed insurance advisor today at (844) 300-3364!
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