If you have never had a pool on your property before, you should understand how this will affect your insurance rates. Perhaps you are buying your first home or are looking to buy your first home with a pool. Or maybe you already have a home and are thinking about installing a pool. In any case, the cost of having a pool is not only maintenance and repairs. The cost of homeowners insurance can be significantly higher with a pool. The following are a few things to understand about swimming pools and insurance.
Your existing policy will likely cover a new pool
If you are building an inground backyard swimming pool, your policy may already cover a certain amount of damage to the pool. It usually will be accidents that are beyond your control such as those due to the environment. However, there are exceptions. Pool water that freezes and causes damage is usually not covered because you should have taken preventive measures. The problem you may have will in the area of liability. This coverage is usually too low, and it will need to be increased.
You will need increased liability coverage if you have children
If you are thinking about installing a pool and you have children, you will have a dramatic increase in risk for injuries related to the pool. Children can be hurt or drown in pools; therefore, your liability portion of your homeowners insurance needs to reflect this. And not only due to the risk to your children, but your children will also have friends over to swim in the pool, and this adds additional risk. You will need to speak to an insurance agent about the specifics of the liability for the size of pool you are installing, including extra pool accessories such as a diving board or slide.
Insurance for above ground pools is different
Above ground pools are easy to install, and they are often easier to maintain. But the insurance is handled differently. An inground pool is considered a part of your property like your house is, but an above ground pool is considered personal property. Although many homeowners insurance policies have coverage for personal property, it is usually low and not enough to cover the personal property you already have. Getting an above ground pool is a good time to review how much coverage you currently have, then factor in the value of your above ground pool.
Regardless of whether you are buying a house with a pool or installing a new pool, you need to consider your insurance requirements along with the maintenance costs.