If you own a house, apartment, or condo, you probably know that homeowners insurance can be a lifesaver. It can be the difference between you feeling truly comfortable and secure in your home, and feeling on edge all the time, permanently terrified that something bad will happen to the place you live.
But one of the less fun aspects of homeowners insurance is figuring out what it’s covered and what isn’t. On the surface, homeowners insurance is extremely straightforward. But once you dig in a little bit deeper it can be confusing to find out what your specific policy covers, and to what extent.
That brings us to trampolines. There aren’t many items that cause more questions about homeowners insurance policies than trampolines. So, how exactly do these fun and exciting children’s toys impact a homeowners insurance policy? Read on to find out.
Why do trampolines affect homeowners insurance?
The simple and unfortunate reality is that trampolines are dangerous. Kids can get hurt on trampolines easily, and that’s a liability, whether it’s a kid who lives in your house or a kid who doesn’t.
Even if you’re exceptionally cautious with your trampoline, and go through all measures to make it a safe toy, an insurance company usually doesn’t have any way of knowing that.
For an insurance company, determining homeowners insurance is an equation where they have to figure out how much risk they’re covering. Trampolines add to that risk, and therefore factor into the equation.
How are trampolines listed?
Trampolines can be listed on a homeowners insurance policy in a few different ways. The most common is as an attractive nuisance. An attractive nuisance is a term that some insurance companies use to describe an object that is attractive to children who are unaware of the danger it poses. Other times trampolines are just listed as their own item.
Trampolines can raise your premiums
Oftentimes trampolines will raise your premiums. As mentioned earlier, adding a dangerous element changes the equation for an insurance company. There’s more risk at your home, which means the company issuing your homeowners insurance is assuming more financial risk. One of the ways to make up for that is to charge more money on your premiums.
This is the approach that many insurance companies take when it comes to trampolines and homeowners insurance rates. They simply raise the price of your premiums until their equation suggests that they’re making enough money on the premiums to make it worth the risk.
Trampolines can void your insurance
A less happy possibility is having your insurance voided. Some insurance companies will not issue a homeowners insurance policy if you own a trampoline. These companies will likely void your insurance policy if you purchase a trampoline after purchasing an insurance policy.
This can be disastrous if your insurance is voided and you didn’t realize it. As such, always make sure that you discuss a trampoline with your insurance agent before purchasing one.
They can have no effect at all, especially with the right precautions
Many insurance companies won’t let a trampoline impact your homeowners insurance policy much as long as you take the right precautions. Often these precautions mean putting up a protective barrier (such as a soft fence) around your trampoline, and making sure that it is placed on top of grass or pads instead of concrete or wood.
Other times these precautions might mean limiting the amount of kids on the trampoline at one time, restricting the age of the trampoline users, and not allowing the trampoline to be used without adult supervision. As long as you can prove that you’re taking these necessary precautions, you’ll often be able to keep your homeowners insurance policy without increasing the premiums, or at least without increasing them too much.
When in doubt, ask your insurance agent about how a trampoline might impact your policy. It’s always better to be safe and do your research than take any unnecessary risks.