Home Insurance with a Skateramp, Pool, Trampoline

Enjoying Southern California Weather is easy all year long!

Fortunately, we can enjoy our outdoors well and often. It’s not uncommon for our homes to have pools and slides, jungle gyms and swing sets, skate ramps and trampolines, all getting plenty of use throughout the year. We certainly get our monies worth out of them! But, do you ever stop to consider the great deal of financial exposure behind these fun recreations? They are risks meant to be taken. Never the less, we need to protect ourselves from their potential exposures. It is important to be aware that you could be held liable for an accident or mishap on your property such as a slip and fall, an injury on a jungle gym or in a pool, your dog getting a little unfriendly with someone, and so on. Fortunately, there are easy and affordable ways of accomplishing this financial protection.

The easiest and most obvious example is your  homeowners insurance policy. Most homeowners policy products automatically include a liability insurance endorsement, which protects your financial security. Your homeowners insurance includes a limit on this coverage, usually $300,000 per incident.

At a glance, you might be comfortable with that limit, however, a lot of expense can go into a liability claim, all of which accumulate  towards that limit including attorney fees, medical expenses,  punitive damages, and settlements. If your limits don’t cover the claim, your assets and equities  may be liquefied, and wages  garnished from your own pocket. As an advocate for peace of mind, you may want to consider raising your limit to $1,000,000 or more, depending on your net worth and wages, which can cost as little as $250 per year. Now, that’s some easy relief to relax with this summer!

Source: Jennifer Stanford, Stanford Insurance Agency. Ca license #E334471072