Homeowner’s insurance policies are customized to the property they insure.
Items that increase the safety of your home like an alarm system can lower your premium but another lesser-known factor is how attractive nuisances can impact your coverage.
What is an attractive nuisance?
Attractive nuisances are generally items that you add to your home to improve the look or fun of your property, but at the same time can be dangerous.
They can include any items that might entice someone to use them or get near them and risk injury in the process. In many cases, they are particularly dangerous for children, who may not have the understanding needed to negate the risks these items pose. As such, they increase your liability, and increase the cost of your coverage.
Whenever you add an attractive nuisance to your home, you must inform your insurance provider. In fact, it is best that you speak with your insurance broker before you even purchase the item. This will give the insurance company a chance to determine if they will be willing to take on the additional risk, and if so, how much it will cost you.
Common attractive nuisances
- Swimming pools: Pools are fun but inherently risky. Adding things like slides and diving boards can increase your risk.
- Man-made water features: Man-made lakes, ponds and fountains pose dangers, especially to children. As such, you will need to pay extra for coverage and may need to take special steps to lower the risks they pose.
- Play equipment: Of course you want playground equipment for your children to enjoy. However, this equipment increases your liability. Items that can be considered attractive nuisances include skateboard ramps, trampolines and tree houses.
If you have any of these items on your property and have not yet informed your insurance company, do so as soon as possible. If you are considering adding one, speak with your broker to determine if the increased insurance costs will be worth it and what steps you can take to lower the risks and additional costs.
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