Young Families

Last updated: December 8, 2015

What You Need To Know About Insurance

Auto Insurance

  • Consider raising your liability insurance

  • Consider an umbrella policy

  • Check premiums on potential cars before buying one

  • Combine policies with your spouse

Home Insurance

  • If making major (< $5,000) home improvements notify insurance company to update your insurance policy

  • Inform your insurance company when putting in activity items (play sets, swimming pools, trampolines): you may need to increase your umbrella policy

  • Raising your deductible lowers premium costs

Health Insurance

  • Compare policies to see which one works best (Employee, employee + spouse, employee + family)

  • Know the Copay options and amounts well (for parents and for children)

  • See if your employer offers a flexible spending account.

  • Register your newborn with your insurance before their deadline

  • Consider Disability Insurance

Life Insurance

  • Consider covering both parents

  • Estimate carefully your childcare costs

  • Consider term life vs permanent policies

  • Include your children as beneficiaries

    • Name a trustee for the children

  • Consider buying it for your infants

  • Ask about discounts especially health related ones

  • Higher Premiums come from poor health habits (such as tobacco use and excessive drinking); marks on your driving record (accidents, DUIs, tickets); dangerous hobbies (such as skydiving)

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