At the risk of sounding like a Grinch, there are a few Christmas gifts that will land you on the insurance naughty list!
Trampolines
Backyard Zip Lines
Diving Boards
But what could possibly be the problem with these good-time gifts?!
Insurance policies, particularly homeowners and liability insurance, may exclude coverage for certain activities or features that are higher risk. There are several reasons for this exclusion:
Increased Risk of Injury: These items can introduce an elevated risk of injury compared to typical property features. Accidents on any of these can lead to falls and injuries, which may result in significant medical expenses and potential liability claims.
Safety Concerns: Insurance providers are concerned about the safety risks associated. Improper use, lack of supervision, or poorly maintained equipment can contribute to accidents, making insurers hesitant to provide coverage for such liabilities.
Legal Liability: These items can increase the property owner's legal liability. If someone is injured while using one of them on the insured property, the property owner may be held legally responsible, leading to liability claims.
Maintenance and Compliance: Insurance companies may be concerned about the maintenance and compliance standards of these items. Poorly maintained or non-compliant items increase the likelihood of accidents, and insurers may be reluctant to cover the associated risks.
Actuarial Considerations: Insurance companies base their coverage decisions on actuarial data, which includes statistics on the frequency and severity of claims. If these items are associated with a higher number of claims or more severe injuries, insurers may exclude coverage or charge higher premiums for properties with such features.
If you're concerned that a gift may land you on the insurance naughty list, call our office to check!
Stay tuned for a list of items that are perfectly fine by insurance standards on our next blog!
And as always, we are happy to compare your coverage and see if we can save you some money.
Call us today or visit our website for a customized quote.
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