Before you put in a swimming pool or purchase a trampoline for your children, consider the additional cost to your home insurance rates. Coverage for a house that already has a pool is much higher than the rate for a similar house without the addition. Furthermore, bringing a trampoline into your yard will cause your rate to increase because of liability factors.
The reason that the additions will add to your monthly expense is liability. The leading cause of fatal accidents for toddlers is drowning, which makes a swimming pool a risky part of home ownership. Although companies will insure your house, you will need to comply with state and local safety regulations to obtain appropriate coverage. The state and local laws will vary, so talk to your local agent to find out the details regarding safety standards for your back yard before you apply for a new policy.
If you decide to purchase a trampoline for your children, then your insurance provider may increase your rate or add a clause to your policy that excludes injuries from the recreation. If children or visitors to your house are injured while playing in the yard, then the company with a clause placed on the policy will not pay for the cost of emergency care or hospital visits. If a clause is not placed on the account, then you will pay a much higher monthly expense to cover the expense of additional risks.
Although the general rule is that the company will either increase the rate or place a clause on the policy, you may find that different providers are willing to work with your situation and offer reasonable rates. Since state laws and local regulations will vary, discuss your situation with your local agent to find out if you comply. You can also see if the insurance provider is willing to give you discounts for safety fences around a pool or trampoline, which reduce the risk of accidents and major injuries.
Each company will have a different standard and method of determining the risk. By obtaining online quotes from this website and getting a local agent to inquire about your options with a variety of companies, you will have the opportunity to find the best coverage for your house and property.
Before making any adjustments to your yard or adding in recreational equipment, talk to your house coverage provider to find out whether it will cause your current rate to change. You can also discuss safety measures that can help keep your expense down with a local agent. By comparing your options and taking measures to reduce your risks, you can get the best rate available in your area.
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