Home insurance advised for new parents

New parents and those expecting a visit from the stork have been advised to take out home insurance policies to ensure that the expensive items they are likely to purchase are covered.

According to Halifax, home insurance policies that offer an unlimited level of cover should be considered, as they will circumvent the risk of invalidation caused by possessing too many gifts and other baby-related items.

Indeed, research from the home insurance provider reveals that British parents spend a collective £1.8 billion when their child arrives to turn a room into a nursery for the tot.

On average, £2,628 is splashed out for this purpose - potentially meaning that parents could be severely out of pocket if they do not have adequate home insurance protection.

Vicky Emmott, senior manager of underwriting at Halifax Home Insurance, said: Parents are spending almost half the price of a new car on their children’s home nurseries. Many expectant parents are unaware how the costs of cribs, Moses baskets, baby monitors and toys soon mount up.

Parents who wish to secure a sound financial future for their youngster may wish to make regular contributions to child trust fund savings accounts, which accrue interest and are only accessible when the youngster turns 18.