Are you one of these lucky people who has the luxury of having their own swimming pool? If so then you need to understand the practicalities of swimming pools and your home insurance. Even if you are only thinking of having a swimming pool built, you should understand the implications with your insurance.
Firstly, you ought to understand what a basic home insurance policy covers. Basically it will cover your home (also referred to as a dwelling), adjacent structures such as a garage or shed, the contents of your home and also liability.
When we talk about insuring your swimming pool, it will be covered under both the "structures" and "liability" sections.
Typically the cover you get for the structures on your property is a percentage of your dwelling. This will cover you for any damages however there are limits. It might be that the percentage of cover isn't enough for your swimming pool too as you may have a number of structures such as a tree house or greenhouse. Contacting your insurance company will give you a better idea of what you need to ensure your swimming pool is adequately covered.
Perhaps the biggest concern with regards to insurance for your swimming pool is in relation to liability cover. This type of coverage will give your financial protection in the event that someone injures themselves due to your pool. If someone slips or drowns you could have a court case on your hands which is a very costly matter indeed.
You might even want to take out a separate umbrella policy which is specifically set up to cover your for liability issues. This can help if your regular home policy isn't quite adequate and you need something that will cover the short-fall. You can expect to pay about $30 a month for this umbrella insurance however better deals might be given from your existing insurer.
Of course, trying to prevent injuries in the first place is always a good idea. There are a number of things that you can do. First of all, if there are kids playing in the pool, you should make sure that there is adult supervision at all times. A fence and gate should also be installed so that young kids can't accidentally stumble into the pool. Basic floatation devices should also be at easy reach such as Styrofoam boards and inflatable arm bands.
There are many risks involved in having a swimming pool on your property but this doesn't mean you should be scared off from the idea. Just make sure you have taken all the appropriate safety measures and take out good insurance. Don't forget to shop around for the best deals because the prices and cover can very a great deal.
It might sound a little odd to some people but you need to be very careful when it comes to home insurance and owning a trampoline. The thing is that in the US, there are about 3 million trampolines which in turn cause all sorts of injuries and a staggering $280 million is spent every year by insurance companies as a result. So naturally, insurance firms are very wary of insuring anyone with a trampoline on their property.
Roughly 40% of injuries caused by trampolines are in the lower body and there are a number of accidents that can cause paralysis, which of course requires a lifetime of medical assistance. A trampoline can seem like a fun toy for your kids but all too often it can end in tears. If you are buying a trampoline then you need to make sure you set up some rules in terms of only allowing x number of people on at one time and also installing a safety net.
In terms of home insurance, you should look at your policy to see if there is a trampoline exclusion clause. Normally if someone suffers an injury in your home your insurance policy will cover the costs. However if there is a trampoline exclusion policy then you will not be covered for any injuries. Many people don't realize this when they buy a trampoline so if you have bought one, please make sure you are covered.
When you contact your home insurance company to inform them that you now have a trampoline they may well ask you to remove it or they will cancel your policy. So it's well worth finding out ASAP rather than finding out when it's too late. There is also the issue of people going on your trampoline without permission. If they were to have an accident they might actually be able to take you to court. I know that this is very unfair but that's the truth.
So although having a trampoline might be something your kids have been badgering your about for ages, make sure you don't rush out to buy one without thinking of the insurance implications.
If you are a musician of any sort then you need to realize the importance of getting insurance. Of course, as with other types of insurance policies, there are different ones to choose from depending on your individual circumstances. Even if you aren’t a professional musician, you should really look at getting insurance for your instruments because you might have spent a lot of money on them.
Studio Liability - If you own a recording studio or rehearsal space there are many things that might go wrong when there are musicians in. For instance, equipment might fall over and even blow up. If this were ever to happen to you it is important that you have liability insurance to cover any legal fees that you could face. It simply isn’t worth ignoring this sort of insurance because anything could happen at any time and you could face financial ruin if you don’t have adequate cover.
So often people think that nothing will ever happen to them and that bad things only occur with other people. This is simply daft and when you are dealing with members of the public lawsuits are something that you have to be prepared for.
If you are rehearsing or recording in your own home you might think that you’ll be covered under your regular homeowners insurance. Unfortunately this isn’t automatically the case. Of course, you can always contact your home insurance provider to find out if you can take out further cover. However, often you will probably need to take out separate cover designed for this specific purpose.
The size of your studio/rehearsal room has a big impact on how much your policy will cost along with the value of your equipment. The amount of money you make in fees each year is also taken into consideration. Furthermore, find out if there are any deductibles. Ideally you should find a policy where there aren’t any however you have to weigh this up with other factors.
Tour Insurance - If you’re going on the road, then having insurance for when you are on tour is important. These days venues often require that musicians have insurance. If any of your equipment were to cause injury then you will find that having insurance can save you a considerable amount of money. There are basic plans that you require however you might also feel the need to take out some extra coverage for things like musical instrument, crime and cancellation coverage.
Musical Instrument Coverage - Musical instruments can be very costly and unfortunately can be a real target for thieves. Also, instruments can easily be broken in transit if they aren’t being treated as well as they should. To illustrate this point you should watch the video on YouTube called “United Breaks Guitars” and you’ll realize how important insurance is. However if your instruments have simply got a little scuffed through wear and tear then you are highly unlikely to be covered. If you have classical instruments then you should look to get insurance that is specifically for this purpose.
Music Tutor Coverage - Again, when you are dealing with the public anything can go wrong. Equipment can fall over and such like. So if anything happens you can be sure that you have insurance to help you out with any legal or medical expenses. A lot of people who are teaching a musical instrument at home don’t even consider the importance of insurance but please don’t be one of them. It’s not worth the risk.
Spend time look at all your options and make sure you act quickly however you should also be thorough in terms of choosing the best policy for you. You don’t want to end up finding out that you are underinsured. An insurance agent can help you a lot with this. If you are a member of a musicians union you should find out if they can offer you low rates of insurance.
