A pool, unless specifically excluded, is covered by a standard homeowner’s policy since it, just like a shed, gazebo, or detached garage, falls under the category of “other structures.” If you own a pool, and have an existing homeowner’s insurance policy, review your policy closely to be sure that damage to your home as a result of the pool isn’t excluded.
If you are considering building a pool with the hopes that doing so will increase your property’s value, be aware that some buyers are willing to pay more for a home with a pool, while others will see it as an unnecessary, even dangerous amenity, especially if they have small children. Potential buyers may elect to pass on a home with a pool with plans to add a pool to home they are able to purchase for a lesser amount.
If you own or are considering building a pool, there are several factors that can affect the cost of your premium. Insurance companies will consider the potential for injuries you or your guests may sustain when using your pool. Regardless of whether you own a pool or not, it’s important to have some kind of liability coverage, which protects against claims and lawsuits that result from you being liable for another personís injuries or property damage. You’ll want to imagine a worst case scenario where a guest or stranger accidentally drowns in your pool. Some companies will require you install a fence around the pool to decrease the potential for accidents.
Insurance companies will also consider the potential for damage to your home by a pool, especially if it’s not properly installed. A ground pool that sits 50 feet or less from your home may pose a threat of water damage. If you’re planning to build a pool, consult your insurance agent as well as a reputable local pool renovator for advice on proper installation and how to meet all local safety standards. Make sure the pool is installed by a skilled professional. Proper installation and taking steps to ensure the safety of people using the pool may help reduce the amount of your premium.