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Having a Baby? Now What?

Welcoming a new child into your home and heart is a momentous, life-altering event — one that comes with great joy and great responsibility. Making sure you've got your finances in place is one of the most important things you can do to protect your growing family. Here are three things to add to that growing to-do list.

A couple together with their infant in the baby's room.

Assess your vehicle.

Is it time to trade in that two-seater sports car for a family-friendly sedan, SUV or minivan? Opting for a more practical and safe vehicle could have an impact on your auto policy. Ask your insurance agent for a cost comparison before you go car shopping so you know the financial impact before making a purchase. Also, consider the advantages of purchasing a gently used car instead of a new one and don't forget to ensure you have roadside assistance to help provide that 24/7 peace of mind.

Review your homeowners or renters insurance.

With all of the new baby-related equipment you're adding to your home, you want to be sure you're sufficiently protected. Parents magazine suggests you keep detailed records, complete with receipts, photos or videos, documenting items such as cribs, strollers, car seats, changing tables, and other furniture and equipment your new baby requires. Keep this up-to-date home inventory in a safe deposit box, so it's easily accessible in the case of a fire, flood or robbery.

Do you or your partner plan to work from home after the baby is born ? You might need additional coverage for office equipment.
Do you think you will need to move into a bigger home? Use an online calculator to get an estimate of your new monthly mortgage payments.
If you're adding a bedroom or bath to your current home, inform your insurance agent about the upcoming remodel, so you're adequately insured.

Beef up your emergency fund.

Life is full of unplanned, not-budgeted-for expenses, especially when you're a parent. Preparing to bring a new baby home is the perfect motivation for getting serious about creating a safety net for your family with a well-funded savings plan. Shoot for three months' worth of living expenses initially, and when you reach that goal, go for six months. Much like how your insurance needs change with other life events such as marriage or a new home, becoming parents is another one of life's milestones that warrants a conversation with your insurance agent prior to bringing home that bundle of joy.

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