Will My Homeowners Insurance Increase if I have a trampoline?
Are you thinking about getting a trampoline for your yard?
Before you buy that trampoline, here are some things to do and think about in regards to how it will affect your homeowners insurance policy.
The statistics show that having a trampoline increases the likelihood that someone will be injured on your property. Therefore, it increases your chances of having a liability or medical payments claim by your homeowners insurance company.
But, because you have a trampoline does that mean that your homeowners insurance will cost more? Well it, depends. Different insurance companies look at trampolines differently. Before, you purchase a trampoline talk with your insurance professional to determine how your insurance company will respond to this increase in risk.
Each insurance company may look at trampolines differently, for example:
- No Restrictions: An insurance company may not care and there might not be any restrictions or difference in cost if you have or do not have a trampoline.
- Netting: An insurance company may require that it be netted in order to be eligible for coverage.
- Surcharge: A company may surcharge the policy for having a trampoline - a charge of $25-50 a year depending on the insurance company.
- Ineligible for coverage: A company may not allow you to own a trampoline, whether it is netted or not. They will usually cancel or non renew the homeowners insurance policy as soon as they know that the trampoline is on the property.
- Exclusion: A company may have a trampoline liability exclusion on the policy, meaning that if there is a claim involving a trampoline there is no liability coverage.
These are great reasons why it is important to read your homeowners insurance policy carefully and not to assume that all policies are the same.
A trampoline is considered an attractive nuisance by the insurance companies, similar to having a pool or a playground. These types of items are very attractive to kids in the neighborhood to want to come visit your home. The more kids or people on your property the greater the likelihood that someone could be injured on the property. This increase in risk is what could result in higher home insurance premiums.
When it comes to trampolines, broken bones are the most common injuries. But head injuries and concussions are not uncommon. Generally trampolines are used by children, so if they have a life altering injury, the longer duration that the insurance company will have to provide benefits.
If you do have a trampoline it is important that you discuss safety with your family in it’s use. The following safety precautions will help reduce the chance of someone getting injured on your trampoline
- Having a net on the trampoline will reduce the risk of someone being bounced off onto the ground.
- Limiting the number of people on the trampoline at one time. Generally the most serious injuries occur when there are multiple people on the device and one falls on top of the other or they bump heads while jumping up and down.
- Having adult supervision during the use of the trampoline.
- Having a fence around your yard with a locking gate will help prevent the neighborhood kids from using the trampoline when you are not home.
If you are considering a trampoline then you need to review your homeowner’s insurance policy with your insurance agent to be sure that do not have an exclusion and that the insurance company will continue to provide coverage and that there is no increase in premium.
In addition, you want to review the current limit of liability coverage and talk with your agent about the addition of a personal umbrella insurance policy to increase your liability insurance coverage should there be an injury on your property.
Using a trampoline is fun and great exercise but you need to understand that it does increase your risk of a liability claim and you need to be sure that you have the appropriate insurance coverage in place. Give us a call at 410-647-1111 to make sure you have the right coverage.
Nancy Nicklow is the owner President of Huff Insurance, a full service Independent Insurance Agent . We have been dedicated to Protecting Lifestyles™ since 1960. We offer a full array of Personal Insurance, Commercial Insurance and Life Insurance products. Call us at 410-647-1111