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Does Owning a Trampoline Affect Home Insurance?

Does Owning a Trampoline Affect Home Insurance?

Many insurance companies throughout New York State region and Long Island have begun to take a hard look at the existence of trampolines in the backyard of homes that they insure. The industry has watched these backyard trampolines go from being a non-issue in underwriting to being a factor used to disqualify a risk, deny a claim or even cancel an existing policy.

 

According to the Consumer Product Safety Commission, trampoline injuries have tripled over the past ten years. Additionally, sales of trampolines have increased more than 350%, with an estimated 3.5 million trampolines in use.

As insurance companies react to this increase in exposure, homeowners are advised to review their home insurance policy with their agent/broker to make sure that they are properly covered. Some home insurance policies will contain a Trampoline Exclusion Clause which will exclude liability resulting from a trampoline related injury. This can be a huge financial insurance gap in coverage and may result in a devastating financial hardship should one be sued. It is therefore recommended that you obtain insurance from a carrier that does not exclude this type of liability exposure.

 

Our insurance agency, among others, is one company that will provide coverage for this. With some carriers the existence of such an exposure is an issue and they may ask you to remove the trampoline or have your insurance policy canceled. Also, in the event that an invited friend or guest is injured while jumping on your trampoline, and you are uncertain whether you have liability coverage for this, you may find out the hard way that you are responsible for some hefty medical bills and legal bills in defending a claim. It would be best to find out now, and not after the fact and take the necessary steps in order to be held financially responsible.

 

In summary, the important thing is to make sure that your home insurance policy has the necessary coverage to protect you and your family from liability that arises out of trampoline related injuries. If not, then it’s is time to start shopping again.  If you are wondering where to start, click here to obtain a free online insurance quote.

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Insurance is a highly competitive business and the price you pay for your home insurance can vary by hundreds of dollars, depending on the insurance company you buy your policy from. Companies offer several types of discounts, but they don’t offer the same discount or the same amount of discount in all states. For this reason, you should ask your insurance agent about any discounts available to you. Here are some things to consider when buying home insurance.

1. Raise your deductible.
Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay according to the terms of your policy. Deductibles on homeowners policies typically start at $500. By increasing your deductible to $1000 or greater, you could save a significant amount of money.

2. Buy your home and auto insurance policies from the same insurer.
Some companies that sell homeowners, auto and life insurance, such as State Farm Insurance, will take 5 to 15 percent off your premium if you buy two or more policies from them.

3. Consider these Factors when buying a Home
Consider how much insuring it will cost. Because a new home’s electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older house, insurers may offer you a discount if your house is new. Check its construction, too. Brick, because of its resistance to wind damage is better in the East; frame, because of its resistance to earthquake damage, better in the West. Choosing wisely could cut your premium by 5 to 15 percent. Avoiding areas that are prone to floods can save you money because you may not need a flood insurance policy. Home insurance does not cover flood-related damage. If you do buy a house in a flood-prone area, you’ll have to buy a flood insurance policy, too.

And is your house close to a hydrant or fire station? The closer your house is to firefighters and their equipment, the lower your premium will be.

4. Insure your house, not the land.
The land under you house isn’t at risk from theft, windstorm, fire and other perils covered in your homeowners policy. So don’t include its value in deciding how much home insurance to buy. If you do, you’ll pay a higher premium than you should.

5. Compare the limits in your policy and the value of your possessions at least once a year.
You want your policy to cover any major purchases or additions to your home. But you don’t want to spend money for coverage you don’t need. Check over your policy and make sure your home insurance policy and your personal articles policy are covering items that you actually still own, i.e.., watch, ring, fur coat.

6. Look for private insurance first and always ask questions.
If you live in a high-risk area — say, one that is especially vulnerable to coastal storms, and have been buying your home insurance through a government/state plan, you should check with an insurance agent. You may find that there are steps you can take that would allow you to buy insurance at a lower price in the private market.

If you have questions about insurance for any of your possessions, be sure to ask your agent when you’re shopping around for a policy. For example, if you have a small business in your home, be sure to discuss coverage for that business. Most home insurance policies cover business equipment/property in the home but only for a small amount and they offer no business liability insurance.

Although you want to lower your home insurance cost, you also want to make certain you have all the coverage you need. So don’t be afraid to ask questions, before you have a loss.

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