Trampoline Ownership- The Unexpected Impact on Home Insurance Premiums
Does having a trampoline raise your insurance?
Trampolines have long been a popular feature in many homes, providing both entertainment and exercise. However, with their popularity comes the potential for increased risk and liability. One of the most common questions people have regarding trampolines is whether owning one will raise their insurance premiums. In this article, we will explore the factors that can influence insurance rates when it comes to trampolines and provide some tips on how to manage these costs.
Understanding the Risks
Insurance companies consider trampolines to be a high-risk activity, mainly due to the potential for injury. According to the American Academy of Pediatrics, trampoline injuries send approximately 100,000 children to the emergency room each year. This high risk of injury is a primary reason why having a trampoline may raise your insurance premiums.
Impact on Insurance Premiums
The impact of owning a trampoline on your insurance premiums can vary depending on several factors:
1. Type of Insurance: The type of insurance you have can affect how much your premiums may increase. For example, homeowners insurance is more likely to be affected than renter’s insurance.
2. Insurance Company: Different insurance companies have varying policies regarding trampolines. Some may increase premiums significantly, while others may not raise them at all.
3. Location: The location of your home can also play a role. In areas where trampoline-related injuries are more common, insurance companies may be more likely to raise premiums.
4. Age and Experience: If you have children or have experience with trampolines, your insurance company may take this into account when determining your premiums.
How to Manage Insurance Costs
If you are concerned about the potential increase in insurance premiums due to owning a trampoline, consider the following tips:
1. Consult Your Insurance Agent: Before purchasing a trampoline, discuss your plans with your insurance agent. They can provide you with information on how it may affect your premiums and suggest ways to mitigate the costs.
2. Install Safety Measures: Investing in safety features, such as a safety net, can help reduce the risk of injury and may lead to lower insurance premiums.
3. Review Your Coverage: Periodically review your insurance policy to ensure that it meets your needs. If you find that your premiums are too high, consider shopping around for a better rate.
4. Consider a Trampoline Exclusion: Some insurance companies offer trampoline exclusions, which can lower your premiums but may leave you without coverage in the event of an injury.
In conclusion, owning a trampoline can raise your insurance premiums due to the increased risk of injury. However, by understanding the factors that influence insurance rates and taking appropriate precautions, you can manage these costs effectively. Always consult with your insurance agent to ensure that you have the right coverage for your needs.
