During summer, installing a pool might seem like a very tempting idea. However, you must consider how adding a pool will affect your insurance coverage. Make sure to understand all the risks and liabilities arising from the pool and added coverage you might need to cover them.
Here’s How Adding a Pool Affects Your Home Insurance
You must have sufficient homeowner insurance to cover the pool you intend to build. Building a pool is usually expensive, so it becomes prudent to ensure the insurance company covers the rebuilding or repairs if something happens.
You will have to check to see if the insurer considers the pool as part of the home or an external structure. This will impact your replacement cost value coverage or personal property limit.
Replacement Cost Value Coverage
It covers the cost to replace your house in today’s market value without considering depreciation. Your home’s value might increase if your homeowner insurance provider includes in-ground pools in the replacement cost value of your policy. Due to the higher maximum claim limit, this will subsequently raise the cost of your home insurance premium.
Personal Property Limit
Personal property coverage pays to repair or replace your belongings, not the home. If your home insurance company considers your pool an external structure, you will need to list the pool as such. You must determine if your current limit is sufficient to pay for pool damage. If not, you might need to increase your property coverage limit, which will also increase the cost.
How Does Pool Impact Liability Coverage?
Your insurance policy will need to cover liability — since your pool is considered an additional risk. A pool increases the risk of drowning or other injuries to guests, which puts a homeowner at risk of legal action from someone getting hurt while on their property. As a result, liability coverage premiums will go up. The liability part of your homeowner insurance covers medical expenses or litigation brought about by accidents involving injuries or fatalities in or around the pool.
Swimming Pool Insurance Requirements
Your swimming pool doesn’t often need to meet any particular specifications to be covered by insurance. However, some insurance providers will likely demand that your pool must have a fence or be constantly filled with water. Some other insurance providers could be reluctant to cover swimming pools with slides or diving boards because these can increase the risk of accidents.
Get Comprehensive Homeowner Insurance from EastEnd Insurance
You can reduce your premiums by knowing the variables influencing your homeowner insurance when a pool is factored inContact the agents at EastEnd Insurance Agencyto find out how you can get the best coverage on homeowner insurancefor your specific needs and risk exposures, such as swimming pools.