Yes, the news of the moment is the new addition to the Duke and Duchess of Cambridge’s household, and we have seen a plethora of interest in all areas ‘baby’ from financial services firms. Information on everything from fund picks for a Royal baby’s Junior Isa right through to revisiting financial plans when a family grows have been flowing into the MMD office in the past week, and one company was even questioning the possibility of a Royal baby’s new arrival providing cheer for the financial markets…yes, right…
One of the more sobering and frankly realistic offerings was from Policy Expert, which explained how kids are responsible for causing an average of £3,150 worth of damage during their childhood. While Kensington Palace is likely to be fairly child-proof thanks to Prince George, anyone who has a newborn and has yet to get to grips with the havoc they can cause should take heed of these pearls of wisdom, which are based on claims that the company has dealt with over the years.
For example, it has had claims for everything from a full potty being dropped onto a laptop, right through to sick stains on a carpet after too many sweets. Nice! These are extremes, of course, but there is still the possibility of dealing with junior graffiti thanks to crayons on the walls, or even breaking the sofa while it is being used as a makeshift bouncy castle.
One thing is for sure, if you have not checked your home insurance policy – whether you live in a palace or not – you would be wise to do so when you have a new addition to the family. The kind of things to check for are that you have ‘new for old’ cover, and you should also check that you have accidental damage cover. Sounds crazy, right? But a number of policies do not have this as standard. So when you are comparing home insurance quotes, make sure you are comparing like-with-like, even down to the excess you are going to be paying.