How Do Trampolines Impact Home Insurance in South Carolina and Myrtle Beach?
Trampolines are a staple of American family fun. They are entertaining and great for exercise. It’s a wonderful way to get kids to put down the game controllers and play outside. Although, most insurance companies consider them an attractive nuisance that often leads to accidents and injuries. Even if an uninvited child gets hurt on your trampoline you could be held liable. About one million people went to the emergency room due to trampoline related incidents between 2002 -2011, with nearly 300,000 of those injuries involving broken bones. In 2012, the American Academy of Pediatrics issued a warning against home trampoline usage. Trampolines also have a significant impact on Homeowners Insurance. So, before you go out to make a purchase it is a good idea to read over your Home Insurance Policy; as well as contact your insurance agent to confirm if you have the correct coverage for a trampoline.
Many Homeowners Insurance Policies, Rental Dwelling Policies (landlord policies) and Renters Insurance Policies will completely exclude coverage for trampolines. If this is the case, then the insurer will deny any trampoline related claim and will not pay for any damage or liability associated with the trampoline. They may also cancel your Homeowners Insurance Policy or refuse to renew your policy if a trampoline is present on the property. These insurance carriers do not want to run the risk of any trampoline exposure. Remember insurance is all about risk, the riskier something is the more premium you will pay, or they may choose to avoid the risk all together. Since trampoline injuries and claims can be so costly is if difficult for insurance companies to adequately price their policy for this risk. In most cases, declining to insure homes with trampolines is the smarter business decision and it helps to keep premiums down. The best bet is to not have a trampoline, or don’t allow a tenant to have one.
If by chance a trampoline is not excluded from your Homeowners Policy, the coverage for the trampoline property damage would fall under "Personal Property" coverage. This means that if your trampoline itself is damaged then the damage may be covered, subject to your deductible and not to exceed the limit set forth for coverage. If your Home Insurance Policy does not exclude trampoline liability, then Medical or Liability for non household residents may be covered for trampoline related incidents. You would need to check your policy to find out the limit of liability coverage that was set. If your Homeowners Insurance company does offer coverage for your trampoline, don't be surprised if they require you to take certain safety measures (netting around the trampoline or even fencing around your yard). To know if damage to your trampoline or liability is covered talk to your agent. Better yet, READ YOUR POLICY.
It is always important that your insurance agent knows if you have a trampoline on your property. This is crucial because if you file a claim for any reason related to the trampoline and the insurance carrier was not aware of it being on the property, then they may have the right to deny your claim. Once you have told your insurance agent that you have a trampoline, they are usually obligated to notify the insurance company. The company may have the right to non-renew or even sometimes cancel your policy when they become aware.
How much will your Homeowners Insurance go up with a trampoline?
It is not really how much your home insurance premium will up, but will you have to change your insurance carrier. If you have a trampoline when you purchase a new home insurance policy, your agent should take precautions that it will be allowed according to the insurance carriers guidelines. The same goes if you purchase a trampoline after you purchase a policy. The company has the right to perform an inspection, and mentioned above, may non-renew your policy if they find a trampoline. Also note that just because a trampoline is allowed by an insurance company, does not mean it is covered.
Maybe the best way to explain this is: A client gets a home insurance policy with no trampoline with a premium of $1000, the same client has a trampoline and gets a home insurance policy to include coverage with a premium of $1500. It is not that the premium went up, but the insurance agent had to use a different carrier for client number two. This is a reasonable example, but since there are many carrier options with different guidelines, it is best to discuss your situation with a local and experienced insurance agent. There are simply too many factors involved to give a premium amount of how much a trampoline may cost you.
Davis Insurance Associates is your local independent Myrtle Beach Homeowners Insurance agent. Give us a call at (843)213-0000 or visit us at thinkdavisinsurance.com to schedule a time to review your coverages to make sure you are properly insured. We'll give you the peace of mind at a price that's right for you.
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