The “It” gift of the 2015 holiday season has been steadily losing popularity. Reports of hoverboards – also referred to as smart boards or balance boards – catching fire or exploding have led to dwindling sales of the device.
The device is dangerous. How much so? All major U.S. airlines have banned it from their planes. Even Amazon – which previously halted the sale of hoverboards on its site – is now offering full refunds for those who purchased the devices from the company.
Let’s take a look at the obvious – and not-so-obvious – risks of owning and riding a hoverboard.
Charging and riding a hoverboard
According to the U.S. Consumer Product Safety Commission (CPSC), there have been reports of about 40 fires in 19 states, caused by the device’s highly flammable lithium-ion batteries.
Even the government is weighing in. Elliot Kaye, chairman of the CPSC, issued a statement in December 2015, telling owners to have a fire extinguisher nearby when charging or using a hoverboard and to wear protective head gear and knee/elbow pads when riding one.
Hoverboards are unpredictable and put you, your family, any house guests and your home at risk of incurring injuries and/or damage.
Will home insurance cover hoverboard fires or explosions?
Because the device’s batteries can unexpectedly burst into flames or explode, many businesses have banned the use of hoverboards in the office. But what about use in your home or on your property? In that case, it’s ride – or charge – at your own risk.
Damage caused by fires is typically covered by home insurance policies. However, fires caused by willingly bringing a device that’s been reported to ignite or explode into your home may be a different story.
You may not know that explosions can also be among perils typically covered by home insurance policies. But explosion coverage usually refers to damage caused by explosions in war zones, so you may be out of luck if you’ve electively brought a device at risk of exploding into your home.
Home insurance coverage varies widely by carrier and policy, and since this is such a new and specific type of peril, it’s important to speak to an agent if you own or plan on purchasing a hoverboard. If your policy would cover damage from a hoverboard fire or explosion, ensure that you have plenty of coverage to repair or rebuild your home. And if you have high-value possessions in your home, such as jewelry or rare works of art, you may also want to consider adding a floater policy to replace them if disaster strikes.
What about liability and bodily injury coverage?
Even if you’re covered for hoverboard fires and explosions, there’s a whole other genre of risk associated with the devices: liability.
If a friend is injured while riding a hoverboard on your property, liability may not cover you. And if you happen to injure someone else riding your hoverboard off your premises, there’s little to no chance that insurance will cover resulting medical bills or legal fees if the injured party decides to sue. Injuries that occur on your property are typically covered by home insurance policies – up to your policy’s maximum limits – but with so much risk and controversy surrounding this product, carriers may elect to decline providing insurance protection for these claims, likely meaning out-of-pocket expenses for hoverboard owners.
Speak with a licensed insurance agent before you take your hoverboard around the block or offer to let someone else use it.
Hover at your own risk
Chances are that no matter what scenario creeps up due to a hoverboard fire, explosion or injury, you’ll likely be on the hook for the resulting expenses. The question to ask yourself before purchasing one – or riding/charging it if you’re already a proud owner – is, is it really worth the risks?
Erin Phipps writes for SafecoInsurance.com and HomeownersInsurance.com, an online resource for homeowners and drivers across the country. Offering comparative automobile and home insurance quotes, consumers rely on HomeownersInsurance.com for the most competitive rates from the top-rated insurance carriers in the country. The HomeownersInsurance.com blog provides fresh tips and advice on a range of financial topics to help homeowners and homebuyers make educated decisions about their insurance purchases.
Comments (3)Subscribe to CommentsComment