Life changes dramatically when a new baby enters the family. Nursery preparation is the primary focus to make certain that Baby has everything necessary for comfort and safety. In the fray, parents forget the importance of updating the financial plans that must include provision for having the newest addition.
- Life insurance – Additional life insurance for each parent might be required since life’s dreams have expanded to include a new life. Opinions differ about buying a child life insurance.
- Homeowner’s coverage – In most cases, the existing coverage on the home is sufficient. Finishing a basement or making significant improvements prior to the baby’s birth might have increased the replacement value of the house.
- Health insurance – Most policyholders remember to add the baby to the health insurance policy on the first day. Hospital bills for the birth are paid once the child is added.
- Renters insurance – Anyone who rents a residence must consider the number of belongings that have been purchased for the baby. Increased renters insurance limits might be required to replace the nursery contents if the unthinkable happened.
For more information about homeowners and life insurance in California, contact Gateway Professional Insurance Services, today!
- Guardian designation – Remember to update wills to name a guardian of something were to happen to both parents.