We are often asked, “If I have a swimming pool or trampoline in my back yard will homeowners insurance cover it?”
Because of both the high rate of drowning and the severity of water-related injuries, insurance companies consider swimming pools one of their biggest liabilities. Consider the possibility of a neighborhood kid accidentally falling into your pool and sustaining an injury. You could be held liable for the high cost of their hospital bills, and if they choose to sue, you could also rack up considerable lawyer fees and other court expenses.
Most standard homeowners insurance policies include a minimum liability coverage limit of $100,000 in order to help protect you financially in the event of such a lawsuit. However, if your home includes a swimming pool, the Insurance Information Institute recommends increasing your limit to at least $300,000 or even investing in an umbrella policy to increase your liability coverage.
Your insurer will also likely require you to build and maintain a self-locking fence around the pool to keep others – especially children – out. Additionally, if the pool itself is expensive, you may need to increase coverage limits on your policy in the event it’s damaged by a storm or other covered peril.
Nearly 100,000 trampoline-related incidents are reported every year, according to a survey by the US Consumer Product Safety Commission’s National Electronic Injury Surveillance System. While the kids may love it, a new trampoline almost certainly won’t play well with your insurance company. Depending on your state and your specific carrier, trampoline-related claims may be excluded from your policy. That means if someone is injured on a trampoline on your property and decides to sue, you might be paying the legal costs out of your own pocket.
Even if there are no specific exclusions from your carrier or in your state, it’s still important to notify your agent any time you introduce a “high-risk” item – such as a trampoline, tree house or a swimming pool – to your property to make sure you’ll be properly covered in the event of an accident.
The Andrew Agency
If you need help insuring a home with a pool, trampoline, tree house or any other “high-risk” item contact The Andrew Agency at (804) 320-2886. The Andrew Agency represents several insurance companies and will help you obtain the right insurance policy at an affordable rate.