Homeowners Insurance and Trampolines
Insurance companies consider trampolines to be an Extreme Risk, People are often injured (sometimes seriously) on them. The claims paid on trampoline related accidents are some of the highest an Insurer can ever encounter. The injuries sustained can be far reaching and last a lifetime. Injuries such as Lifelong Paralysis can require medical care and assisted living expenses that far exceed most policy limits. Insurance companies are writing policies with many stipulations in them due to the high rate of injury claims.
Here is more input:
Usually if you own a trampoline an insurance company will not issue you a homeowners policy. It is a liability loss exposure that is above normal risk. trampolines attract neighbor children and causes very serious injuries when children fall off them. The next thing that happens is the parents of this child sue you and your insurance company has to defend you in court as well as pay damages.
yes
What do you mean "private company" If you have HO insurance the bank can not canel it. Only you can.
No, it is not illegal for a homeowners insurance company to drop you. But they have to follow the rules for cancellations and non-renewals for the state they are operating in. For example, in Louisiana, if you have been with your homeowners insurance company for 3 years, they can't drop you. In Florida your homeowners insurance company can drop or cancel you but they must meet the minimum notification timeframes.
Bear in mind that most companies strictly prohibit coverage for homeowners who have a Trampoline. Generally when the Home Insurance Company discovers that you own a Trampoline they cancel your policy. whether an injury has occurred or not. If you have homeowners liability coverage, and you do not have a trampoline exclusion, then yes, liability would cover non-household members. Be prepared though to have your insurance cancelled.
Yes, If the condition of your home or any of it's pertinent structures does not meet the Insurance Company's underwriting guidelines they can deny or cancel a policy.
As long as the contract itself has no specifically stated agreement that shows coverage is unconditional, then, as long as they give proper notice, an insurance company can cancel ANY insurance policy for ANY reason. Of course, if you disagree with the decision, you can always consult an attorney and go from there
Yes, if you cancel your home insurance policy mid term you would be entitled to the unearned portion of your premium payments.
Yes, The terms of our Homeowners Insurance Policy state that we must notify the insurance company if there is a change in residence of the home. Failure to comply with the terms of the insuring contract are grounds for cancellation or non-renewal of the policy.
I found out that homeowners policies do not cover water trampolines on the lake, because they are not "on" your property. The insurance company also will not cancel your policy, like they will if you have a backyard trampoline, as it represents no liability to them (again, its not "on" your property). However, you will be with no coverage on the water trampoline (umbrella policies do not cover as an umbrella is additional coverage to your insured/insurable property). So if anyone gets hurt at your house on your water trampoline, you are on your own to foot the bills!
By Law,, Your Coverage, ceases automatically when you sell your home. The Insurance company however will not know your home has been sold right away unless you notify them right away. Should they find at a later date that the sale ocurred they will cancel the policy or non-renew it.
If you ask your insurance company to cancel your policy, they will.
Generally one would cancel a home insurance policy whenever one decides they no longer need it, such as sold the home or the home no longer exists, etc.