Does having children affect your home insurance?
A baby is an an exciting but expensive addition to the family. All the way from diapers to college fees, parents are prepared for the additional cost that comes with welcoming a bundle of joy. But one thing you might not anticipate to increase in cost is your home insurance. Surprisingly, there are a few ways your home insurance can creep up once that little bundle of joy arrives in the home.
Content coverage may need to be reassessed
One way a new addition can affect your home insurance is with the increase in new possessions. A baby requires all kinds of things, from a crib to a stroller, state-of-the-art rocking cradle to an abundance of baby toys, the cost of which all adds up.
It is important to make sure that these belongings will not creep up above your current coverage limits. If they do then you should consider expanding your coverage and potentially invest in an additional rider. If you current contents insurance requires you to file an inventory with your insurer, you should be sure to make note of all of the new items and the sales price of each.
Outdoor additions could cost you
Children thrive on having fun, and there’s nothing they love more than a swimming pool to splash about in or a trampoline to bounce out their abundant energy on. While these items are certain to encourage laughter, they also are a suspect for a spike in insurance rates due to the potential risk they pose to insurers. If you do decide to invest in one, be sure to be honest about it with your insurer. If it boosts your insurance too high for your liking, you can always search the market and find the best rate to suit your needs.
Think about potential accidents
You don’t want to think about it, but preparing for the worst will certainly save you should your little one run into any trouble at home. Most basic insurance policies may cover accidental damage to basic electronics, but they might not consider other areas of your home. If you’ve ever met a cheeky toddler you might notice they have a penchant for markers and freshly painted white walls, or bumping into wobbly tables with expensive vases on them. Make sure your accidental damage coverage is all-encompassing, just incase your bundle of joy breaks a valuable items or causes a problem that goes beyond low-cost repairs.
Home insurance is on hand to help cover the costs that you can’t pull out of pocket. Save your attention for your little addition and let your insurer limit your worry by maximising your coverage.