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Trampolines, Swimming Pools and Homeowners Insurance Rates

Trampolines, Swimming Pools, and Homeowners Insurance Rates

You may think that it’s hard to get coverage for swimming pools however it can be easily purchased from most insurance companies. The only thing you need to know though is that it’s a bit more expensive to get and you’re going to have to do a bit more research until you find a company that offers a premium you are comfortable with.

Trampolines and swimming pools are a bit of nuisance for insurers and that’s because the risk of accidents and injury is high. For instance, if you have a swimming pool or a trampoline installed in your backyard, then there is a good chance your neighbor’s kids may decide to use it and eventually get injured. In this case, the owner is liable to pay for the damages. If you do decide to file a claim with your insurer, then the damages may be covered by the policy, but expect your premium’s price to increase considerably.

Swimming pools

When they’re not used, swimming pools are usually covered by their owner in order to prevent accidents and injury. As you can imagine, your premium is always going to be higher compared to that of a home with no swimming pool. In terms of price, this can vary quite a bit based on multiple factors. So before an insurer can give you a quote for your policy, they’ll look at your home’s safety features, diving board, the pool’s location, place of residence and zip code among others.

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Based on information from the Insurance Information Institute, it’s recommended that you increase your liability protection if you have a pool in your backyard. Better yet, you should also consider buying an umbrella liability policy, especially if your current policy fails to cover the total cost of accidents or injuries near or in the pool. In terms of coverage, this policy offers up to $1M of liability protection. In some cases, a pool accident may be fatal and if you’re not properly insured, then there’s a good chance you may easily find yourself in a lot of debt.

Plenty of insurers recommend people to install a wide range of safety features around their pool, including a pool alarm or a locking safety mechanism to reduce the possibility of accidents from occurring.

On the other hand, there are people who don’t even inform their insurer about the fact that they have a pool. While this may initially save you money on your policy, in the event of an injury or accident, you’re going to pay a lot more since the insurance company won’t cover you.In conclusion: If you have a pool, then be sure to get adequate coverage for it. Always get as many quotes as possible, compare them properly and then make a decision.

Trampolines

As a parent, you want to do everything you can in order to make your child happy and buying a trampoline is oftentimes a great way to achieve that. However, trampolines can be both fun and dangerous. In fact, in 2014 alone, approximately 105 thousand people had to visit the ER in order to be treated for trampoline-related injuries, with the most common ones including dislocated joints and broken bones.



Since having a trampoline in your backyard represents a high risk for insurers, they don’t usually include them in a standard homeowner’s policy. Some may do it, but always at an extra cost.

To better protect your kids from injury, it’s best that you ensure the trampoline is properly mounted on the ground and also include a safety net around it. By doing so, you’ll greatly reduce the possibility of injury.

Not rare are the cases where one of your neighbor’s kids comes to play with your kids, jumps on the trampoline and gets injured. Under these circumstances, his parents can sue you, resulting in a huge financial hit for you and your family.

To avoid such situations altogether, it’s recommended that you buy an umbrella policy. Sure, no one denies that the monthly premiums are a bit pricey, but they can save you good money in the long term.

Depending on the insurer, some may be okay with you keeping the trampoline. On the other hand, if you still install a trampoline even after being refused by the insurer, then they may eventually choose not to renew your policy or simply cancel it. Because of that, it’s not worth taking the risk, since the costs outweigh the benefits.

Shop for competitive rates on any type of insurance!

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View the Coastal Insurance Video Library  to find helpful video’s explaining everything from, how to save money on Homeowners Insurance to an easy explanation of Flood Insurance. Call today (631-782-3175) to speak with one of our underwriting experts.  Fast Quotes, A.M. Best Rates & Free Advice.


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