The short answer is that if you add a pool to your home, you will need and should consider adding more liability coverage to the current homeowner’s insurance policy. The additional coverage will help cover medical and legal expenses if there is a pool-related accident. The increase in coverage will automatically raise your premiums.
The critical thing to remember is that homeowners insurance mainly covers your personal property, including your pool. However, if a guest is injured in possibly a pool-related incident, the home insurance may cover the medical bills and legal expenses that stem from the accident.
Suppose you add a pool to the list. In that case, that means having insurance cover one additional thing, which in many cases necessitates increasing the coverage amounts or at least adjusting it. It can especially be the case if the pool is labelled an “attractive nuisance.”
An attractive nuisance is an insurance term used for hazardous conditions or perhaps an object that may harm children. If your pool is labelled an attractive nuisance, you will have to consider additional liability protection to cover expensive medical and perhaps legal settlements if there is an accident.
What Do You need To Know About Homeowners Insurance With A Pool?
Your homeowner’s insurance will mainly cover damage to the pool against many of the same risks to your home or the garage, like weather-related and fire damage. You can also get liability coverage in the event someone using your pool gets hurt and then decides to sue.
Most people already know that having a poll raises their exposure to liability since there is always the chance that someone might get hurt.
Is Damage To The Pool Covered?
Yes! The insurance may cover damage to the pool. The insurer will pay for damage to the pool. Damages covered include ones caused by fire, hail, vandalism, explosions etc.
Keep in mind that your homeowners’ insurance will rarely cover earthquake or flood damage. However, you can always purchase insurance that protects your home against natural disasters.
Pool maintenance issues and general wear and tear aren’t covered under homeowners insurance. That’s why if the liner rips because you’ve been using it for years, that will not be covered.
The insurance will also not pay for damage to your pool if the water freezes up and damages it. You are also not covered if the weight from rainwater or the ice in the pool causes it to collapse. That’s why it is up to you to take care of your property, and often not draining the pool is considered negligence.
To sum all of this up, if you’re going to add a pool to your home, keep in mind that it will add to what you pay for insurance. How much more you pay is mainly down to the type and size of your pool. The more liability, the higher the premiums. That said, make sure that you know how the insurance company is classifying your pool and how much it will affect your premiums before getting one built.
Contact James Little Today if you have questions regarding your insurance policy.