Whether you already own a pool or are thinking of adding one to your backyard property, having a swimming pool is an exciting idea. However, your pool is more than just a fun toy; it is also a significant investment that deserves proper care throughout the year.
Some pool insurances include homeowners’ premium coverage. However, this is not always the case. Make sure to review your insurance policy to find out whether this coverage is included.
It is important to understand the relationship between your pool and your homeowner’s insurance. You should know how your insurance is affected by your pool and if you are covered in the event of an unfortunate accident in or around your pool.
Most insurance policies can extend coverage to your pool, but you will likely have to increase your premiums. To determine exactly how your pool coverage works, you must first consider whether your swimming pool is part of your home or an external structure. This distinction will determine how your pool affects your replacement cost value or personal property limit.
How much does an inground pool increase homeowners insurance? Generally, you will pay an extra $50 on your annual insurance premium to ensure that your insurance policy covers potential damage to your pool.
Owning a pool makes you responsible for any pool-related accidents. For instance, a child who wishes to play in the pool may be in danger of drowning. If this happens, you, the homeowner, would be liable for the accident.
The good news is that homeowner’s insurance covers medical bills or lawsuits for any accidents in the pool. Indeed, most standard homeowner insurance policies have a minimum liability protection of $100,000, but you can buy coverage of up to $500,000. You can also consider purchasing an umbrella policy to increase your liability coverage.
An umbrella policy supplements your homeowner insurance policy, and you can use it once you have exhausted your liability limit. However, getting the policy is a personal choice. If you own a pool, you may want to add an umbrella policy because it will add approximately $1,000,000 or more to your liability protection.
This type of policy could help you pay, for instance, for the funeral or medical costs of someone who dies or is injured in your pool. The policy will cover the following:
It’s advisable to consider getting an umbrella policy if your standard homeowner policy cannot cover additional costs caused by bodily injuries from your pool.
You may have no control over pool accidents or environmental damage, but that does not mean you don’t have to set some pool regulations, do regular maintenance, and take other actions that mitigate risks. Some of the steps you may take include:
Protecting your pool from intruders is the first step of risk mitigation. The second is protecting the pool from winter hazards. While you have no control over the weather, you should protect the pool as best you can against hazards such as inground pool ice damage. A winter pool cover is a great investment to protect pools through the harsh weather. You may also want to install a winter pool cover for inground safety as it can prevent unforeseen injuries.
Before owning an inground pool, ensure your homeowners’ insurance covers it. If your liability limit is below the potential pool damage, consider supplementing it with umbrella coverage. But relying on insurance premiums is not enough. Protecting your pool against intrusion and sudden weather changes is the best way to avoid unexpected costs.