Careful Coverage: Five Insurance Musts for a Large Family
When you have a large family, making sure your family members and assets are protected is an important consideration. One of the ways you protect yourself and your things is with good insurance. Here are five must-have insurance coverages you need if you have a large family.
Homeowners or Renters Insurance
Whether you own your own home or live in a rented house or apartment, you need insurance to protect what you own. Homeowners insurance covers your home against catastrophes that might damage or destroy it, such as fires and weather events, and it also protects your personal possessions. Renters insurance covers your personal possessions, something your landlord’s insurance is not likely to do. Both types of coverage offer personal liability protection to cover you for things such as someone getting injured while in your home.
Anyone who drives in the home from yourself, a spouse, or a teenager– needs to have at least liability coverage, even if you don’t own a car. Whether you need additional coverage depends on what kind of car you have. If you have a newer car that is worth a significant amount of money or that has a loan on it, you also should carry collision and comprehensive coverage to protect your car.
The Affordable Care Act has made it easier and cheaper for many people to get health insurance, and it’s something any large family should have. If you have two or three kids, medical bills can easily start to pile up, even for simple things like doctor and dentist checkups. The good thing about health insurance for a large family is that the premiums usually are the same whether you have one kid or five.
If you have a large family with lots of children, you definitely need to plan for what could happen to them if you aren’t around. That’s where life insurance comes in. You can get a relatively inexpensive term policy that will provide for your family should you die unexpectedly.
Disability insurance will replace some of your income if you injure yourself or become too sick to work. If you have a big family to support, this type of insurance is very important to have. Disability insurance often is offered through your employer as well.
Protecting your large family with insurance is one of the best things you can do for them and their future. Don’t forget to ask your local health providers and supply stores for things like warranties and temporary insurance on items you buy a lot. If you and your kids need new glasses each year ask places like All About Eyes if they offer warranties on frames for a year. You can save a lot and keep your family and things protected when you know where to look.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas,New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information contact Brooke via Twitter @BrookeChaplan