There's something about the prospect of soaring high into the air on a backyard trampoline that sends kids into paroxysms of excitement. All it takes is one encounter with one of these oversized pieces of bouncing heaven to convert a kid into a firm supporter, whereupon the begging for their very own trampoline begins. As a parent, the dangerous nature of these contraptions is scary enough. As a homeowner with an insurance policy in good standing, however, they can be a nightmare. Before you relent and make a purchase of questionable safety, these are some of the factors you'll need to take into consideration where your insurance policy is concerned.
Make a Beeline for Your Insurance Agent
The first thing you'll need to do, whether you're considering the possibility of a trampoline purchase or are in the process of making one, is to speak with your insurance agent. Unless you're very well-versed in the jargon and terminology used in policy wording, you may not have a clear understanding of how the installation of a trampoline will affect your policy. Coverage will not only vary from one state to the next, but also between insurance carriers and individual policies. Some will have no exclusions, which means that there will be no restrictions placed upon trampoline owners. Others will provide coverage only with safety precautions, so you'll be covered if nets, spring padding and other safety measures are installed. Some policies will come with strict trampoline exclusions, meaning that the equipment and any injuries sustained as a result of using them are not covered and you could be held liable for damages in the event of an accident.
Cancellation is a Possibility
Should your property be inspected and your agent or inspector realizes that there is an undisclosed trampoline on the property, complete cancellation of your policy is a very real possibility. Because the injury rate relating to trampoline use is high enough to make them a risk for insurance companies, it's not unheard of for a company to completely wash their hands of the situation in order to avoid large payouts. Taking the tack of "forgetting" to disclose the presence of a trampoline may save a bit of money on your premiums, but can become quite a headache if your dishonesty is discovered.
Trampolines Are an "Attractive Nuisance"
Unless you have a very tall fence with a locking gate, in most cases, your insurance company will consider your trampoline an "attractive nuisance." In agent-speak, that means that every kid in the neighborhood without their own trampoline will be tempted to hop on yours, whether they're invited or not. Should a child come on to your property to use the trampoline and sustain an injury, you're liable for the expenses whether you condoned the activity or not. By extension, that means that your insurance company could be liable. As a result, most companies that will extend coverage to families owning a trampoline will insist that it's secured to prevent anxious little intruders from sneaking in and hurting themselves in the process.
You May Be Required to Obtain a Rider
In the world of insurance, extra coverage that extends beyond the scope of your existing policy is called a "rider," and you may be forced to obtain one if you own a trampoline. Depending on the policy of your insurance company, that rider will provide the supplementary coverage you need to protect your assets in the event of an injury sustained on your trampoline. In most cases, you will be required to fulfill certain safety and security conditions to procure a rider. Before you purchase that trampoline, be sure that you're also prepared to shell out the money for a net surrounding the structure, pads to cover the springs and a fence to ensure that no one wanders in to use the trampoline when you're not there to supervise or extend permission. These are only a sampling of the possible safety measures; your agent will be able to give you a more accurate picture of what your specific policy or rider will require.
Your Rates May Rise
You may be lucky enough to have an existing policy with company that holds a very lenient stance on trampolines, but it's not a safe assumption. In addition to the expense of purchasing a trampoline and securing it properly to ensure maximum safety, you should also budget for a hike in your homeowner's insurance premiums. Because your insurer will be assuming a potentially costly risk due to a recognized hazard on your property, they will almost certainly require that they be compensated accordingly.
In the end, the only way to know exactly how your homeowner's insurance policy will be affected by your potential purchase of a trampoline is to speak honestly and frankly with your agent to determine what, if any, changes that purchase will bring about. Be aware than any claim filed as a result of a trampoline-related injury might be covered if you haven't disclosed the presence of the equipment to your insurance company, but that your policy is in very real danger of cancellation after the payout is completed.
Resources:
http://www.netquote.com/home-insurance/trampolines-insurance-claims.aspx
http://www.allstate.com/tools-and-resources/home-insurance/trampolines-a...
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