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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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Frozen Pipes

Frozen Pipes

Protect Your House: Avoid Damage From Frozen Pipes:

 

In New York, the winter weather can change dramatically. The temperature can fluctuate from a balmy 55 degrees one day and then plummet to sub-freezing temperatures the next day. Vulnerable pipes can burst if water in them freezes and expands. This can lead to thousands of dollars in property damage to the home and its contents. According to the Insurance Information Institute, winter storms are the third largest cause of loss, resulting in over 23 billion in insured losses over the past decade.

To prepare for the onset of cold weather BEFORE the freeze, homeowners should:

  1. Cover any vents around your home’s foundation
  2. Add extra insulation to attics, basements and crawl spaces
  3. Drain water sprinkler supply lines
  4. Protect faucets, outdoor pipes, and pipes in unheated areas
  5. Learn how to shut the water off and know where your pipes are located.    In the event of a burst pipe you need to be able to locate the shut off valve and stop further damage.
  6. Set your thermostat at a minimum temperature of 55 degrees, especially when you’re gone for the day or for an extended period.
  7. Let indoor faucets drip if they are connected to pipes that run through unheated or unprotected space.

If You Have a Loss:  

Mitigate the damage by turning off the water supply and moving personal property out of harms way. At this point you should contact your insurance agent or insurance broker and he/she will advise you whether to make temporary repairs to prevent further damage. Keep all damaged property and any receipts that you have so that they are available for inspection by the adjuster.

 

Most standard home insurance  policies cover this water damage to your home and its contents, subject to your deductible. Also, most home insurance  policies will cover the cost to obtain access to the pipe.  What is not covered is the actual repair of the pipe itself-this will usually be excluded.  For more information on this important coverage you should contact your insurance agent or broker to review coverages before a loss occurs.

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