Holiday Gifts That Could Raise Your Insurance Rate

There are plenty of toys you’re likely considering for your child right now. We found some toys could even raise your homeowner’s insurance rate or get you dropped from your insurance altogether.

Take the new hover board for example. It’s one of the hottest new tech toys this year. There have been several reports of injuries, even fires and explosions.

Insurance experts say you should consider increasing your insurance coverage if you buy this toy. Not to protect your family, but someone a family member invites over.

“If the guest especially is injured on that hover board, then I’m responsible for those injuries and ultimately, if it’s a big injury, then I’m going to have to file an insurance claim,” said Christopher Cook, of Alliance Insurance Services.

An umbrella liability policy will increase your coverage. It will provide up to $1 million more than a standard policy. It’ll cost you about $150 more per year, or just over $10 per month.

A second gift that could raise your rate: a pet. A dangerous breed of dog, a horse, potbellied pig or any exotic animal. You’ll likely need more liability insurance or a new insurance provider.

A third gift that could cost you more, a trampoline. Some insurance companies will even drop you for owning one. Other companies will make you sign a trampoline exclusion stating it won’t cover any injuries while using one.

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