Water safety and homeowner’s insurance: Three things to know if you are considering a swimming pool

The temperatures are climbing and due to the coronavirus (COVID-19) pandemic, many of us are choosing to stay home. That has led to people wondering if a swimming pool is a good investment. But what about your homeowner’s insurance?

It’s a valid question.

Getting a swimming pool can impact your homeowner’s insurance. But how? Here are three things to know about your homeowner’s insurance if you are considering a swimming pool. Read on:

Homeowner’s insurance coverage issues

Homeowner’s insurance for a swimming pool works in two ways. If your pool is damaged, your insurance might help pay for the repairs or replacement. It also covers you for liability insurance, meaning if someone is injured or dies in your pool.

Let’s talk about damage. A policy usually covers damage from things like a tree falling on or in your pool or a fire. It usually will NOT cover something like damage caused by frozen water, so you will need to prevent that on your own – or pay for it.

For liability insurance, you’ll need to consider if an increase in your coverage is necessary. Your insurance agent can talk you through the pros and cons. However, many policies require fencing and/or covers for the pool, if the policy is to cover liability to others.

Cost

Most homeowner’s insurance policies provide $100,000 in liability coverage. However, you can buy additional coverage, and the premium/cost is usually pretty minimal. Most insurance agents would recommend significantly increasing your coverage if you have a backyard pool because, let’s face it, accidents happen.

Most agents would also advise you to consider an umbrella insurance policy to protect your assets if something were to happen, and the price is usually less than $1 a day and adds additional coverage for other policies as well.

Type of pool

Your coverage might also look differently depending on what type of pool you have. If you have a permanently installed above ground pool or in-ground pool, you are generally covered by your homeowner’s policy. A temporary pool, or portable pool, usually requires a different policy, like personal property insurance.

If you have a deck, diving board or slide, you could also require additional coverage.

Skip Ivery Agency

At the Skip Ivery Agency, we hope you and your loved ones have a great summer. Be happy and be well!