Summer is winding down and it may be a good time to look into adding a pool while costs are lower.
While a swimming pool can provide lots of fun for your family and guests, and can increase the value of your home, it can also bring on higher homeowner’s insurance rates.
Before you dive in and add a pool to your property or buy a home that already has one, here are three important things to keep in mind:
1. You may need to increase your insurance coverage
A pool increases your exposure to risk. You could be on the line for medical bills and other damages if people get hurt in or around your pool, even if they weren’t invited over for a swim.
At the same time, a pool increases the value of your property.
Your homeowner’s insurance needs to reflect both the increased value and risk of a pool, and you may want the added protection of an umbrella policy.
2. Safety measures may be required
Your town, municipality or even your insurance company may require a fence and locked gate for your pool, and even have specific guidelines on the height of that fence.
If your house opens directly onto the pool area, you may also consider a door alarm and safety cover to keep pets, children and other non-swimmers safe.
3. Pool equipment, furniture and accessories increase the value of your belongings
Make sure to include any pool- or patio-related items of value when you add up how much your personal belongings are worth, and ensure you have enough coverage on your homeowner’s insurance policy.
That said, many insurers have per-item price limits, meaning they will only pay out a certain amount for a specific item.
If, for example, you have an expensive outdoor sound system, you may want to check the per-item limit for electronics. Expanded coverage is often available for high-value items.
Above all, if you are concerned, just ask us! We have the answers to all of your insurance questions regarding a new pool. We can tell you for which risks damage to your pool is covered and if the pump is also covered too and under what circumstances.
We understand your property and the local zoning laws. We can help you find the right balance of coverages for your situation and ensure your relaxing oasis is a unmanageable risk.