When you plan to buy your child a trampoline, you are probably thinking of the fun it can bring, and maybe the potential dangers.
But have you considered the financial strain it can create?
Anything in or around your home that heightens injury potential can have a negative impact on your insurance premiums, and even make it more difficult to obtain homeowners insurance.
Many home insurance providers consider trampolines to be “attractive nuisances.” In less jargonistic words, if any child enters your property due to the “attraction” of a trampoline (or swimming pool) and is harmed, the homeowner can be found liable. That’s right — as a homeowner, you can be considered at fault just for having the attraction on your property.
For this reason, some insurance providers will not consider writing a homeowners policy, while others will exclude the exposure to trampolines. That means they will allow you to keep the trampoline, but won’t cover you or a claim in the event of an injury. If your child’s friend is playing on your trampoline and gets injured, that child’s parent or guardian can file a claim. Depending on the injury, this can result in a hefty monetary loss exceeding your policy’s limit. Since the risks can be significant, a standard homeowners insurance policy may not protect you entirely from awarded damages, and you’ll be forced to pay the difference out of pocket.
This is where purchasing an umbrella policy comes into play. Umbrella covers bodily injury or property damage caused by you, your resident relatives, or hazards on your property for which you are legally liable, such as “attractive nuisances” like your trampoline.
If you already have a trampoline or you are looking to install one this summer, please contact us at 845-986-1177 and we will make sure you are covered PROPERLY.
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