29 Aug Starting Strong: The Essential Insurance Guide for Young Families

Congratulations! You’ve decided to officially start a family. You and your spouse have welcomed your first child, you now have a solid home base, and several vehicles, among other things. You have jobs, hobbies, and everything else that goes with adulthood. But do you have the insurance plans that you need, just in case?

Odds are, like most new families, you don’t. Thankfully, this guide to insurance policies will help get you up to speed.

Home Insurance

If you’ve recently purchased a home or have inherited one for your young family to live in, then you need to insure it. Homeowner’s insurance is designed to protect the exterior walls and roof of your home from things like storm damage, your belongings in case of a fire, flood, or other type of disaster, and your livelihood, should someone become hurt in your home or on your property.

Keep in mind that your home insurance should cover the repair or replacement costs of your house and property. Your insurance agent will be able to steer you in the right direction. You’ll have to ask them if you need any additional policies, like hurricane, high wind, or flood insurance, if you’re located in an area prone to large storms.

Renter’s Insurance

For those who’ve chosen not to buy a home just yet, there’s renter’s insurance. These policies provide coverage for the items that you own and have placed inside of your apartment, such as your furniture, electronics, clothing, and more. It doesn’t cover the windows, doors, or even the walls of the apartment. Your landlord should have property insurance in place to cover the structure itself, which those are considered a part of.

In addition, if you live in a condo, the insurance works in a very similar way, with only parts of the interior walls, like the plumbing, having coverage as well as your personal belongings.

Auto Insurance

Depending on where you live, you need to have a full coverage auto insurance policy on each of your vehicles in order to legally drive. However, even if you live in one of those rare places that allow you to just drive on liability insurance alone, you should consider purchasing a full-coverage policy. One will you provide with additional protection, such as covering any damage if you’re hit by an uninsurance motorist. Other things, like having rental vehicle coverage, as well as emergency towing, can make life easier should something happen to your car.

Life Insurance

Last but not least, there’s life insurance. Yes, it seems morbid discussing life insurance when you’re still young, but once you have a spouse and children, you’ll need to provide for them in case of your death. Your spouse should have a similar policy that names you and your children as beneficiaries as well. After all, you can never predict unexpected events, and the last thing you need is for your new family to have financial issues should the unimaginable occur. Better safe than sorry, as the saying goes.

Want to explore your insurance options and ensure your family is fully protected? Our knowledgeable team at Spivey Insurance can help review your current coverage or help you set up a new policy that meets your family’s needs. Contact us today.