Every kid loves the thought of having a big outdoor playset, swing set, or even a tree house. Many parents want to give these items to kids. They can fuel imagination and stimulate physical health. Yet, they also come with risks. These risks apply to your kids and your children's friends who use them.
Will home insurance cover these risks? Here is what you need to know.
Always Disclose What You Own
Most home insurance policies require disclosure. That means if you add a high-risk feature to your home, you need to let your Fulton Agency representative know about it. A swimming pool is one of the most common high-risk investments. Others may include trampolines, tree houses and any type of backyard play set. They create an increased level of risk, so your insurer needs to include them in the policy. If it does not, and an accident occurs, you may be unable to secure the claim coverage you need.
Is It Excluded?
Some policies add exclusions to the details. These are specific types of risks not covered by the policy. In some cases, pools, swing sets and trampolines may be specifically on the policy. Some policies restrict you from adding these types of features to your home, however. Be sure you read the details of your contract. Most homeowners should know these exclusions are present.
Minimizing The Risk
Let's say you do have a play yard installed. You let your insurer know it is there. However, it causes your rates to jump. That is not uncommon due to the added risk. However, it is still important for you to take steps to minimize risks. For example, using the proper material under these structures to minimize the risk of broken bones is important.
Who Has Coverage?
Let's revisit that scenario where you add a playset and let your insurance agent know about it. You think nothing of it until someone falls. If your child falls or any other person living in the home suffers an injury, your home insurance does not cover the loss. But, if you have health insurance, you can still have help.
That said, if a visiting neighbor suffers an injury, coverage might apply. Policies might include medical payments insurance and/or bodily injury liability insurance.
Also, note that you can insure the actual structure in some cases. Large tree houses, for example, may benefit from their own structure insurance. Work with your Fulton Agency representative to get these details just right to protect your investment.