Home Insurance Articles
Will Having A Pool Affect Your Home Insurance Policy
2010-01-06
One of the most common questions asked by homeowners seeking home insurance coverage is whether having a swimming pool will affect their insurance rates. While most homeowner's insurance policies don't have a special "pool insurance" section, most cover them under the policy's liability coverage. However, this is not a given. If you own a pool, make sure that there isn't a pool exclusion on your policy.
Unfortunately since a pool makes it a greater possibility that there will be a claim filed against a policy - due to accident or injury - your home insurance rate will likely be higher than if you didn't own one. However, having this sort of coverage is essential to owning a pool, since there is a greater chance that you will have to pay someone's medical expenses or that someone may sue you for damages. This being the case, you may want to consider checking the amount of liability coverage and think about increasing it. If someone was to get injured while using your pool, they have a right to sue you for medical expenses. These can get very expensive very quickly. If you don't have adequate liability coverage, you may have to pay for some of those expenses out of pocket, which could easily put you in financial ruin. While raising this coverage will increase your home insurance, it will be worth the peace of mind.
There are ways, however, to reduce the amount you pay for your homeowner's insurance as a result of having a pool. First, make it less of a safety risk by having it installed by a skilled professional. Additionally, before you start any pool projects, it's best to contact your county's pool renovation department. This will help insure that the pool on your property is installed correctly and meets or exceeds all the local safety standards. This will prevent you from having to make a claim on your insurance policy because of an accident.
It's also a good idea to consult your insurance agent before you install a pool. Most people encounter difficulties - and more cost - because they fail to tell their agent that they have a pool. Then, when they file a claim as result of the pool, they find out that their coverage does not extend that far. A homeowner's insurance policy covers two basic things: damages to your house and other structures on your property (like a pool), and liability protection in case someone sues you. Know the type of policy you have and determine whether you need to increase your liability coverage. This will ensure that you are properly covered if the time comes to use your homeowner's insurance policy.