Like many, you may be considering the addition of a pool to your backyard. While you might be thinking about lounging in the water on a hot summer day, you also should consider the impact on your home insurance. Many home insurance carriers require property owners who have a pool to notify the carrier about it. That's because there is additional risk associated to homeownership in this case. Before you invest in a pool (or before you face a claim for a pool-related loss), talk to your agent about it.
Does Home Insurance Cover Pools?
In most situations, home insurance policies do cover pools. However, most agents need to know about them to ensure you have enough coverage. It's also a good idea to look closely at your policy to ensure it doesn't list owning a pool as an exclusion to claims. There are two components of home insurance coverage for pools to consider.
In many cases, your policy may extend to your swimming pool if it is on your physical property. As a result, it may be covered under the policy for property-related claims. This could involve incidents like removing a tree that falls into the pool or to repairing pool components damaged during a storm. Property coverage is only available to the amount of your policy limit. It's necessary to consider adding more coverage if your pool is highly valuable and above the limit of your current plan.
Perhaps the most significant concern is liability coverage. Your home insurance plan needs to have ample liability coverage to protect against pool-related incidents. The risks of someone falling into or being hurt in a pool are quite common. You could face medical bills and even a lawsuit if that person pursues you in a court of law. Because pools increase your liability risk, you may need to amp up your coverage. The Insurance Information Institute recommends increasing liability coverage to $300,000, for example, if you typically would have $100,000.
Don't let your dreams of having a pool get pushed to the side. Most home insurance policies remain affordable even with pools on your property. However, it's essential to cover your potential losses extensively to protect your financial well-being.
Is your pool covered? Call Morehead Agency at 816-525-6159 for more information on Lee's Summit home insurance.