A couple of weeks after being a new mom, I sat down with my partner to discuss our personal finances. We finally had a grasp on different recurring expenses, from diapers to formula, and knew that we needed to update our monthly budget.
While we were figuring out how to adjust our spending and saving goals for the year, we also realized that we might have to update other aspects of our family planning. Besides looking into life insurance policies, we also decided it would be best to update current insurance coverage we have, including our renters insurance plan.
For the past four years that we’ve lived together in our current apartment, we had a renters insurance plan that cost us $18 a month and included low coverage amounts and a low deductible of $250 a year. I decided to review the details of our plan. I realized that now that we have a baby at home, we need to upgrade our insurance policy.
