Posted by The American Academy Of Pediatrics reported that over 100,000 children and adults mostly athletes have frequented the ER (Emergency room) due to trampoline accidents. Which leaves a huge financial impact on the affected if they are not under insurance coverage. This sad reality has prompted the popular question “How much does trampoline insurance cost?”.
Studies have shown that the cost of trampoline insurance ranges from $50-$100 monthly. However, it is often incorporated into your existing homeowner insurance but this significantly increases your premium cost from $50-$220 or even more.
This blog post will guide you and help you understand how insurance works for trampolines and its estimated cost by exploring factors like: What influences trampoline insurance cost?, how to minimize trampoline insurance cost etc.
Hold on and keep reading as we navigate the topic and get the maximum knowledge on trampoline insurance for the safety of our children and loved ones.
Table of Contents
How Much Does Trampoline Insurance Cost?
The cost of trampoline insurance on an average scale is about $1,680 annually and $140 monthly, but this entirely depends on factors like your insurance company, your existing coverage, the trampoline itself, your location, and safety measures.
Does Insurance Cover Trampolines?
Excitingly, Yes. Trampolines are covered under your insurance. However, this coverage mechanism undoubtedly increases your insurance premium cost because of its incorporation into your homeowner insurance account.
See if you really need insurance for Trampoline.
Understanding How Trampoline Insurance Works:
By understanding how your trampoline insurance works you’ll be able to make the right informed decisions.
- Insurance companies automatically cover your trampoline gear under your standard homeowners policy, as long as it meets basic safety standards and falls within their property value thresholds.
- More common Trampolines require an additional endorsement added to your policy for coverage. This endorsement comes with an increased premium, but it protects you from liability and damage caused by trampoline-related incidents.
- Most insurance companies explicitly remove trampoline coverage in their policies. This means any trampoline-related accidents or damage won’t be covered, thereby leaving you potentially liable for your financial aid.
- No matter your trampoline situation, contact your insurance provider and review your policy wording.
See 10 ways to avoid paying homeowners insurance deductibles
Exclusions To Consider On The Cost Of Trampoline Insurance
In some cases, adding a trampoline with proper safety measures might not affect your premium at all. Let’s consider these exclusions:
• Moderate Increase: This is common as you might see a $50-$100 annual increase due to the trampoline.
• In high-risk areas or with less-than-ideal trampoline setups, the increase could jump to $200 or even more.
10 Estimated Coverage Cost For On Trampoline Insurance
- In some cases, your existing policy might already cover basic trampolines.
- With the proper safety measures, adding a trampoline might only increase your premium by $20-$40 annually.
- More common scenarios see premiums rise by $50-$100 for trampoline coverage.
- In areas with high trampoline injury rates or less-than-ideal setups, costs could jump to $100-$150 or more.
- Larger trampolines and trampolines with lots of features, and coverage might cost $150-$200 or more.
- Depending on your location, trampoline-related risks differ, thereby impacting your cost.
- Previous unsafe insurance claims, even unrelated to trampolines, can affect your premium.
- Endorsement Add-On: The “add-on” for trampoline coverage itself comes with a cost that factors into the total price.
- Safety Discounts: Implementing safety measures like nets, enclosures, and limiting jumpers can potentially lower your premium.
- Explore more insurance policies that offer broader liability coverage. Depending on your needs, this might be a more budget-friendly option.
10 Factors Affecting Trampoline Insurance Cost
Here are 10 factors affecting trampoline insurance costs:
- Location
- Coverage
- Trampoline Features
- Personal history
- Insurance company
- Age of the trampoline
- Number of trampolines
- How the trampoline is used
- Pool Considerations
- Your deductible
#1. Location:
State laws and regional claim rates can influence trampoline insurance costs. For example, states with higher trampoline injury rates may have higher insurance premiums for trampoline coverage.
2. Coverage:
Liability, property damage, medical expenses, etc. The type and amount of coverage you choose will affect your premium. For example, if you choose a policy with higher limits of liability, you will pay more than if you choose a policy with lower limits.
#3. Trampoline Features:
The size, safety netting, enclosure, etc. The features of your trampoline can affect your premium. For example, a larger trampoline with more safety features is likely to be more expensive to insure than a smaller trampoline with fewer safety features.
#4. Personal history:
Claim history and risk factors can affect premiums. Your personal claim history and other risk factors, such as your credit score and driving record, can also affect your premium.
#5. Insurance company:
Different companies have varying policies and rates. It is important to shop around and compare rates from different insurance companies before you buy a policy.
#6. Age of the trampoline:
Newer trampolines are generally more expensive to insure than older trampolines.
#7. Number of trampolines:
If you have more than one trampoline, you will likely pay more for insurance.
#8. How the trampoline is used:
If you use your trampoline for commercial purposes, you will need to purchase a different type of insurance than if you use it for personal use.
#9. Pool Considerations
If you have a pool on your property, you will likely pay more for insurance, regardless of whether you have a trampoline.
#10. Your deductible:
The amount of your deductible will also affect your premium. A higher deductible will mean a lower premium, but you will be responsible for paying more out of pocket if you make a claim.
10 Effects Of Trampoline Insurance To Homeowners:
Here are some effects trampoline insurance has on homeowners:
- Coverage Exclusion: Some insurance companies completely exclude trampolines, thereby leaving you liable for any accidents. This can be a major financial risk.
- Premium Increase: Adding a trampoline often leads to a premium increase ranging from minimal to significant depending on factors like location, safety features, and claim history.
- Endorsement Requirement: Frequently, trampolines require an additional endorsement added to the policy, further increasing the cost.
- Limited Coverage: Even with coverage, trampoline policies might have limitations on liability, medical expenses, or property damage, leaving you exposed to additional costs.
- Claim Impact: Trampoline-related claims can impact your future premiums negatively, even if they weren’t covered initially.
- Renewal Issues: In some cases, having a trampoline might lead to difficulty renewing your homeowner’s insurance altogether.
- Risk Perception: Insurers see trampolines as high-risk equipment, increasing your overall risk profile and potentially affecting other coverage costs.
- Trampolines can be considered attractive nuisances, meaning even injuries sustained by unauthorized users might fall under your liability.
- Safety Scrutiny: Adding a trampoline might trigger increased scrutiny from your insurer, requiring safety inspections or specific safety measures for coverage.
- The impact of trampolines on your insurance varies greatly depending on your location, insurer, and market trends. Researching local regulations and comparing policies is crucial.
10 Types Of Trampolines and How They Affect Insurance Cost
Trampolines are recreational devices used by kids and adults to get exercise and enjoy the outdoors. However, they can also be dangerous, and many homeowners insurance policies exclude coverage for injuries sustained while using them.
If you’re thinking about getting a trampoline, here are important things to understand how it might affect your homeowner’s insurance and whether you need additional coverage:
- In-ground trampolines: These trampolines are buried in the ground, leaving only the jumping mat exposed. They are generally considered the safest type of trampoline because there is no risk of falling off the edge. However, they are also the most expensive and require professional installation.
- Above-ground trampolines: These trampolines are supported by a metal frame and netting. They are less expensive than in-ground trampolines, but they are also more dangerous. Children can fall off the edge and sustain serious injuries.
- Spring-based trampolines: These trampolines use springs to provide bounce. They are the most common type of trampoline, but they are also the most dangerous. The springs can break, and users can fall through the mat.
- Net-enclosed trampolines: These trampolines have a net enclosure that helps to prevent users from falling off. They are safer than traditional trampolines, but they can still be dangerous if users jump too high or collide with the net.
- Square trampolines: These trampolines are square-shaped, which can make them more challenging to control than round trampolines. They are also more likely to tip over.
- Rectangular trampolines: These trampolines are rectangular-shaped, which can make them more suitable for performing tricks. However, they are also more dangerous than round trampolines because users can land on the hard frame at the edges.
- Mini trampolines: These trampolines are small and lightweight, making them suitable for young children. However, they can still be dangerous if used incorrectly.
- Water trampolines: These trampolines are used on water, such as in a pool or lake. They can be fun, but they are also very dangerous. Users can drown if they fall off or become entangled in the netting.
- Commercial trampolines: These trampolines are used in trampoline parks and other commercial settings. They are typically larger and more powerful than home trampolines, and they are also more dangerous.
- Olympic trampolines: These trampolines are used in competitive gymnastics. They are the largest and most powerful type of trampoline, and they are also the most dangerous.
How Trampoline Types Affect Insurance Cost
While different insurance companies have varying policies regarding trampolines, generally, the safer the trampoline, the lower the impact on your insurance cost.
Here’s a breakdown by type:
- Lower Impact
- Moderate Impact
- Higher Impact
#1. Lower Impact:
- In-ground trampolines: Due to their minimum fall risks, these might not affect your premium at all, or just slightly. However, their high cost and professional installation can be factors.
- Net-enclosed trampolines: The presence of a net reduces the risk of falls, potentially leading to a smaller premium increase compared to unenclosed models.
- Mini trampolines: Their smaller size and intended use for young children might result in a lower impact on insurance costs compared to larger models.
#2. Moderate Impact:
- Above-ground trampolines: These pose a higher fall risk than in-ground models, potentially leading to a moderate premium increase.
#3. Higher Impact:
- Spring-based trampolines: The risk of broken springs and falls while using the mat can significantly increase insurance costs.
- Square and rectangular trampolines: Their shape can make them more challenging to control and prone to tipping, potentially leading to higher premiums.
- Water trampolines: The dangers of water activities combined with trampoline use can significantly impact insurance costs, and this makes some companies refuse insurance coverage.
- Commercial and Olympic trampolines: Their size, power, and inherent risk level often lead to exclusions from homeowners insurance or extremely high premiums.
Additional Factors:
- Safety features: Trampolines with additional safety features like padding, ladder enclosures, and weight limits might see slightly lower insurance costs.
- Your claims history: Having previous trampoline-related claims could significantly increase your premiums.
10 Alternatives to Trampoline Insurance
Here are some alternatives to trampoline insurance if you can’t meet up with the cost:
- Self-insure: If you have a good financial broker and mediator, and you rarely have claims, you can choose to self-insure the risk of trampoline-related injuries. However, ensure you have enough savings to cover medical and legal bills.
- Increase your deductible: Opting for a higher deductible on your homeowner’s insurance lowers your premium but increases your out-of-pocket cost in case of a claim. Analyze your risk tolerance and finances before choosing this option.
- Exclude trampoline coverage: Some insurers allow excluding trampoline coverage from your policy, thereby significantly reducing your premium. However, remember you’ll be fully responsible for any trampoline-related incidents.
- Form a trampoline safety group: Collaborate with neighbors who also have trampolines and agree to share liability in case of an accident. This requires trust and clear legal agreements.
- Hire professional supervision: If you host frequent trampoline gatherings, consider hiring a certified supervisor to manage safety and reduce your liability.
- Limit trampoline use: Restrict trampoline use to specific times, users, and activities to minimize risk and potential claims.
- Offer alternative activities: Provide safer alternatives like swing sets, climbing structures, or organized sports to reduce reliance on the trampoline.
- Educate and enforce safety rules: Implement strict safety rules like one jumper at a time, adult supervision, and no flips/somersaults, and educate all users on how to use them.
- Invest in safety features: Enhance your trampoline’s safety by adding enclosures, padding, ladder enclosures, and weight limits to minimize injury risk.
- Compare quotes from various insurance companies as rates and trampoline policies can differ significantly.
10 Steps On How To Get Affordable Trampoline Insurance:
Trampolines can be a source of fun, but they are also potential risk carriers. While not all homeowners insurance policies exclude trampoline coverage, it’s crucial to understand your options and find affordable insurance if needed.
Here are 10 steps to get affordable trampoline insurance:
- Check your Existing Homeowner’s Insurance Policy
- Research Specialized Trampoline Insurance
- Compare Quotes From Multiple Insurers
- Increase your Homeowners’ Insurance Deductible
- Bundle Your Policies
- Improve Your Home’s Safety Features
- Ask About Discounts
- Negotiate Your Premium
- Consider Alternative Activities
- Regularly Review Your Coverage
1. Check your Existing Homeowner’s Insurance Policy:
Thoroughly review your current homeowner’s insurance policy before seeking additional insurance coverage. Some policies might already cover trampoline-related injuries under liability insurance, although exclusions or limitations might exist. Contact your insurer directly to clarify coverage details and potential costs associated with adding trampoline coverage.
2. Research Specialized Trampoline Insurance:
If your homeowners’ policy excludes trampolines, explore specialized trampoline insurance providers. These providers often cater specifically to the unique risks associated with trampolines and might offer competitive rates.
3. Compare Quotes From Multiple Insurers:
Obtain quotes from several different homeowners insurance companies and specialized trampoline insurers to compare coverage options and pricing.
Examples:
4. Increase your Homeowners’ Insurance Deductible:
Raising your deductible can lower your overall premium cost. However, weigh the potential savings against the increased financial burden you’ll shoulder if a claim arises.
5. Bundle Your Policies:
Consider bundling your homeowner’s insurance with other policies like auto insurance from the same provider. Bundling often leads to discounts on both premiums.
6. Improve Your Home’s Safety Features:
Implementing safety measures around your trampoline, like enclosure netting and proper padding, can demonstrate proactive risk management to insurers, potentially leading to lower premiums.
7. Ask About Discounts:
Many insurers offer discounts for various factors, such as having security systems, being claim-free for a certain period, or completing safety courses. Inquire about available discounts that might apply to your situation.
8. Negotiate Your Premium:
Negotiate your premium with your chosen insurer. Explain your efforts to mitigate risks and compare quotes you received from other providers to see if they can offer a more competitive rate.
9. Consider Alternative Activities:
If finding affordable trampoline insurance proves challenging, explore alternative backyard activities with lower inherent risks. This might involve installing safer play equipment or focusing on activities that don’t require specialized insurance.
10. Regularly Review Your Coverage:
As your circumstances and risk profile change, it’s essential to periodically review your insurance coverage. This ensures you maintain adequate protection at an affordable price.
10 Steps to Minimize Trampoline Insurance Cost
Here’s what to do to reduce trampoline insurance costs:
- Choose a safer trampoline type: Opt for the in-ground, net-enclosed, or mini trampolines as they typically lead to lower insurance costs due to reduced risk.
- Install safety features: Add padding, enclosures, and weight limits to your trampoline to demonstrate proactive safety measures to your insurer.
- Maintain the trampoline: Regularly inspect and maintain your trampoline, by replacing worn parts and addressing any damage promptly.
- Improve your claims history: Address previous trampoline-related claims with your insurer and take steps to prevent future incidents.
- Increase your security deposit: Offering a higher security deposit to your insurer might mitigate their concerns about potential trampoline-related claims.
- Bundle your insurance: Combining your homeowners and other insurance policies with the same company can sometimes lead to insurance discounts.
- Negotiate your premium: Discuss your trampoline safety measures and responsible ownership approach with your insurer to negotiate a potentially lower premium.
- Seek discounts: Explore potential discounts offered by your insurer for safety certifications, security systems, or alarm systems installed in your home.
- Consider seasonal coverage: If you only use the trampoline during specific seasons, inquire about the possibility of seasonal coverage to reduce your premium.
- Review your policy regularly: As your situation and trampoline usage evolve, re-evaluate your insurance coverage and discuss adjustments with your insurer to maintain optimal cost and protection.
Frequently Asked Questions
[sc_fs_multi_faq headline-0=”h3″ question-0=”How much does trampoline insurance cost?” answer-0=”Many insurance policies cover trampolines with no additional charge. Some might require increased liability limits or an endorsement (add-on) for a fee, ranging from $45-$100+ annually. But this depends on your location, your insurance company, your claim history, and your trampoline features.” image-0=”” headline-1=”h3″ question-1=”Does homeowners insurance even cover trampolines?” answer-1=”Truthfully, Not always. Some companies explicitly exclude them, while others require specific safety measures or charge extra. It’s crucial to check your policy details and talk to your agent before bouncing away.” image-1=”” headline-2=”h3″ question-2=”Is there such a thing as separate trampoline insurance?” answer-2=”No, not really. Trampoline coverage usually comes as an add-on to your existing homeowner’s insurance.” image-2=”” headline-3=”h3″ question-3=”Are there ways to lower trampoline insurance costs?” answer-3=”Absolutely! Firstly, you’ll need to compare different insurance quotes from different insurance companies. Make use of your deductibles, limit trampoline use, and install safety features on your trampoline.” image-3=”” headline-4=”h3″ question-4=”Are there alternatives to insurance if my company excludes trampolines?” answer-4=”Unfortunately, not really. If your insurer strictly forbids trampolines, owning one might violate your policy terms. Consider safer backyard fun alternatives or discuss possible solutions with your agent.” image-4=”” count=”5″ html=”true” css_class=””]
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Conclusion
The cost of trampoline insurance ranges from $45-$100 per year in additional premiums. However, this depends largely on your homeowner’s insurance.
While trampoline insurance can offer financial protection, carefully consider the potential financial implications before purchasing and largely prioritize safety measures to minimize risks and potential costs.
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