10 Replies Latest reply: Mar 15, 2017 2:21 PM by feibus RSS

    Insurance coverage for lake slide?

    New Member

      Hi - I rent out our lake house and I'm thinking about installing a water slide on the dock.  I see several others in the area who have these lake slides and they look like great fun.  However, it looks like insurance may be an issue.  I asked my current insurance company and they said "no way".  I know slides can be dangerous and that I'm exposing myself to additional liability risks....but...I'm wondering if anyone knows of an insurance company that would cover a rental property with a lake slide.  Any recommendations?  (other than not to do it!!)

        • Re: Insurance coverage for lake slide?
          feibus CommunityAmbassador

          You can also look at getting a separate liability policy.  We have a separate one for our VR homes, just in case, as well as an umbrella one to cover us personally in case we messed up the company liability protections.

            • Re: Insurance coverage for lake slide?
              New Member

              Just to be clear, are you saying I should consider a separate commercial liability or umbrella policy?  I see in this HA article here that makes the distinction between personal and commercial policies.  Right now I have commercial short-term rental insurance, which I believe is the appropriate type of insurance for the VR business, but it sounds like I may need more for some of my extra exposure (like the slide).

            • Re: Insurance coverage for lake slide?
              thaxterlane Premier Contributor

              Did your insurance company answer "no way" is the slide covered by your current policy, or "no way" will they write a rider to your policy to cover the slide?

               

              Many companies will write a rider for play/sport equipment which is not covered by a "regular" policy, such as trampolines, zip lines, etc.

                • Re: Insurance coverage for lake slide?
                  New Member

                  They said "no way" would they be able to insure the property with the slide.  They said their underwriters have at times approved slides that are built into the landscaping (on rocks, etc.) but never regular pool slides.  I didn't ask explicitly about a separate rider for the slide.  Although if it were an option, I wonder why they didn't mention it.

                   

                  I also told him I've seen many people with slides into the lake (people who rent out their houses), so I assume someone is willing to underwrite those?  And he replied that he thinks it's quite likely these people do not have the right insurance coverage.

                   

                  I also checked with CBIZ (the company that Homeaway recommends) for a quote and they pretty much said the same thing...in all caps, do not install a slide, they won't cover it!

                    • Re: Insurance coverage for lake slide?
                      thaxterlane Premier Contributor

                      Unfortunately, homeowners install all sorts of equipment without consulting their insurance company.  When my children were young there were several neighbors with trampolines in their backyards.  I didn't further friendships by asking if the homeowner had insurance for the trampoline . . . the frosty responses I received indicated they did not.

                       

                      You might ask your neighbors about their insurance, although you may receive the same frosty response I experienced years ago.

                       

                      I'm not certain how homeowners escape the notice of their insurance companies for these types of play/sport equipment.  My vacation home is inspected annually by our insurance agent in order to assure we are compliant with the terms of our company's policy.

                       

                      Inquire about a rider, and inquire about a specialized policy for the slide - if such a thing exists.  I haven't any professional insurance experience, just many years as a customer . . . .

                        • Re: Insurance coverage for lake slide?
                          New Member

                          Thanks. I agree, I think a lot of people don't have the right insurance, because it doesn't even occur to them to check with their insurance company. And I know insurance can't protect against everything. I just want to be careful that I am not knowingly (or unknowingly) under-insured in terms of liability...especially if we proceed with the slide.  I will inquire about the rider.  Thank you!

                    • Re: Insurance coverage for lake slide?
                      New Member

                      Just heard back from the insurance company to my question regarding a rider for the slide...is this really that unusual?

                       

                      I cannot insure a water slide.  I do not have a rider or waiver available for the slide.

                      The excess liability plan adds to the coverage amount, it does not widen what is covered.

                       

                      I’m sorry I can’t help you on this, I don’t even know who to send you to.

                      • Re: Insurance coverage for lake slide?
                        New Member

                        One more thing (sorry for all the posts!), has anyone worked with this Peers policy for "homesharing liability insurance"?

                         

                        http://www.peers.org/homesharing-liability-insurance-faq/

                         

                        http://www.homesharinginsurance.com

                         

                        It costs $39 per month (flat fee) and provides up to $1 million in liability insurance.  You can turn it on/off month-to-month so that you only cover peak rental months, for example.  I asked about the slide and they told me they have no water amusement related exclusions. Underwritten by United Specialty Insurance, so seems legit.