Does a Trampoline Increase Homeowners Insurance?
Find out how owning a trampoline affects your homeowners insurance. Understand the implications for your coverage and policy terms.
Owning a trampoline can influence homeowners insurance coverage and costs. Property owners should understand how such additions might impact their policy.
Impact on Homeowners Insurance Policies
Trampolines are considered a significant liability risk by insurance providers due to high injury rates. Insurers respond to their presence in several ways. Some policies may explicitly exclude coverage for trampoline-related injuries or damages, making the homeowner fully responsible for accidents.
Many insurers levy an additional fee or surcharge to the policy premium for increased risk. Other providers might require specific safety measures, such as a safety net or a fence, for coverage. Without these features, coverage may be limited or unavailable.
An insurer might limit liability coverage if a trampoline is present, which may not cover substantial medical costs or legal fees from severe injuries. In some cases, an insurer could decline to issue or renew a policy if a trampoline is on the property. The specific impact varies based on the insurance provider and policy terms.
Underwriting Considerations for Trampolines
Insurance companies view trampolines as a heightened risk due to common injuries sustained during their use. These include sprains, fractures, head injuries, and severe spinal cord injuries, leading to extensive medical expenses and long-term care needs. The potential severity of these injuries contributes to the financial risk underwriters assess.
Property owners can be held legally responsible for injuries to uninvited guests, particularly children, under “attractive nuisance” liability. This applies when a hazardous condition attracts children too young to understand risks. The potential cost of liability claims from trampoline accidents is a factor for underwriters.
A trampoline increases the likelihood of a homeowner facing a liability lawsuit. High potential payouts for severe injuries make trampolines a concern for insurance providers. Underwriters account for this elevated risk when determining policy terms, premiums, and coverage.
Notifying Your Insurance Provider
Inform your insurance company if you own or plan to acquire a trampoline. Failing to disclose it can lead to negative consequences. If an injury occurs and the insurer was unaware, they may deny the claim, citing material misrepresentation.
An undisclosed trampoline is an unassessed risk; upon discovery, the insurer might cancel the policy. This could leave the homeowner without coverage and make securing new insurance difficult. Proactive communication ensures proper coverage and helps avoid complications.
When you notify your insurer, they may request information on safety features like nets, padding, or fencing. They might also inquire about rules for use, such as supervision requirements. Providing this information allows the insurer to assess the risk and adjust your policy, ensuring valid coverage.