Pools Affect Home Insurance

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How a Pool can Influence Home Insurance

A pool is the perfect remedy for any boiling temperature. Not only can one cool off, but it is a perfect opportunity to host parties and relax when the weekend arrives. While this sounds like a perk, many individuals do not realize that insurance is necessary for such a luxurious backyard accessory. But how exactly do pools affect home insurance policies?

Before purchasing a pool, it is imperative to look at the insurance policy you already have. Does your home insurance mention such an item? In most cases, it is covered under "other structures." Still, additional insurance will most likely need to be obtained. Pools are expensive items and will need to be insured.

If you think it is easier to avoid the insurance company at all costs - think again. You should always notify them if you have a pool installed. Unfortunately, this may cost you money in the long run. Seeing as you are increasing your risk, your insurance premium will be higher. Nevertheless, you should make sure you have substantial coverage. Let's say that your pool got damaged. Since it is not part of your actual home, most policies ask for additional protection. In many cases, freezes and pressure are not even looked upon, because they can be prevented. Live in a colder climate? Make sure your pool can handle the freezing temperatures.

Every year we hear about people drowning in their own backyard. This creates a liability issue. With over 45,000 people injured from pools every year, it is not a shock why many are obtaining additional insurance. In order to increase your liability coverage, it is imperative to purchase higher limits on your existing policy. By doing so, you will undoubtedly be able to save thousands of dollars. Seeing as it is already on your current insurance policy, it is a much easier process. Another alternative is buying a separate liability policy. Often referred to as "umbrella liability," this will allow you to get a maximum of $1 million coverage for claims.