What type of insurance does your child require?
There are so many things to arrange when having a baby. And you’ll obviously want the best for your little one. But sometimes it can be difficult to see the wood for the trees. What about all those insurance policies, for example? Such as civil liability insurance, hospitalisation insurance and home insurance ...What new insurance policies should you take out, and which ones should you cancel? We’ve done the hard work for you.
Your baby has been born: which insurance policies are now indispensable?
1. Health insurance
Health insurance is mandatory. Supply your health insurance fund with your baby’s birth certificate as quickly as possible. That way they can arrange immediate cover. You’ll receive this certificate upon registering your child at the civil registry. Did you know that many health insurance funds treat you to a baby gift or even an additional premium upon the birth of your little one?
2. Hospitalisation insurance
What is it?
Hospitalisation insurance isn’t mandatory, but it is indispensable. It protects you from having to pay high hospital costs. Hospital bills are often extremely expensive. Read how much a typical delivery costs here. If you’re already insured, then your insurer will usually provide your child with immediate cover, without the need for a medical examination.
Personal insurance
If you already have hospitalisation insurance, then you can easily arrange additional cover for your child under the same policy. Please inform your insurer in plenty of time. This can usually be arranged prior to the birth of your little one.
Employee insurance
Your employer will notify your insurer in the event that you receive hospitalisation insurance via your work.
3. Civil liability insurance
What is it?
Civil liability insurance covers the costs that you incur if you run over a pedestrian with your bicycle, for example. Or if your child knocks over a cup of coffee onto your babysitter's tablet. This type of insurance isn’t mandatory, but can be useful with small children in the home. Don't forget that your premium will increase in the event of a claim.
Family rate
Insurers typically offer two rates: a single rate and a family rate. So don’t forget to notify your insurer about the birth of your first child. Once you fall under this family rate, it no longer matters how many children you have. You needn’t therefore declare any additional children. So long as your child continues living under your roof, they’ll remain covered by your insurance.
4. Home insurance
What is it?
Home insurance insures your home against storm, water and fire damage. This type of insurance is a legal requirement for tenants living in Wallonia and Flanders, but not (yet) the Brussels-Capital Region. Whilst it’s not mandatory for home owners, it’s often a condition for concluding a mortgage agreement with the bank.
Do I need to notify my insurer?
Having a child doesn’t usually affect your insurance, regardless of whether you currently live alone or not. Your home insurance policy remains completely the same. Home insurance covers your house and its contents, not the people who live in it.
Neither does a new baby affect your car insurance or legal expenses insurance. These insurance policies cover all members of your household.
Tip: Not sure what to arrange first? We’ve prepared a handy checklist to ensure that you don't forget anything upon the birth of your baby.
How can you save money on your insurance?
- Part of a newly-formed, blended family? Then make a list, together with your partner, detailing which insurance policies you have. Are some policies surplus to requirements? You needn’t both have separate civil liability insurance, for example. One policy is also sufficient for legal expenses insurance. Only cancel an insurance policy if you’re completely certain that it’s no longer required. And always check the cancellation policy first.
- It’s worth re-evaluating what types of insurance you do and don’t require at each new stage in your life. Make a list of what your insurance policy covers. Cancel any duplicate policies or insurance cover that’s no longer required. We’ve listed some examples below:
- Additional travel insurance isn’t always necessary: your car insurance or hospitalisation insurance may already provide sufficient cover. You may even be covered for travel insurance via your credit cards. So check the conditions of your existing insurance policies carefully. It can be cheaper to take out annual insurance.
- Accident insurance covers the damage that you may incur in the event of an accident. It isn’t mandatory, and typically comes with numerous conditions. This type of insurance often only covers genuine accidents, and not those caused due to drunkenness or participation in dangerous sporting activities. Neither does this type of insurance cover car accidents. Fortunately, your car insurance does cover damage to passengers, because they’re considered vulnerable road users. Thus you can safely transport your children and their friends without requiring additional insurance.
- Have you got the cheapest insurance? You can compare various insurance policies on spaargids.be. Remember to check what the insurance policy covers as well as the premium
- Worried that your children might damage expensive equipment during play? Note: insuring these devices isn’t necessarily cost-effective. Check whether the insurance is worth the money. Insuring a smartphone, for example, is extremely expensive. Most premiums amount to approximately 20 per cent of the purchase price. And you’ll never be refunded the full amount of the damage. Insurers always charge an exemption and numerous conditions typically apply.
Make sure that you’re properly insured. You shouldn’t insure a home that’s worth 300,000 euros for only 150,000 euros, for example. If the insured amount is less than the actual value of your home, then you are underinsured. Your premium may be lower, but your insurer will only pay the amount that you’ve insured in the event of a claim. That’s why it’s important to inform your insurer about any home renovations or valuable new items of furniture in plenty of time.
Please note: If you wish to cancel an insurance policy, you’ll normally need to do this at least three months prior to the expiration date.
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Did you know that if you receive KidsLife child benefits you do not miss a thing!
