There are few finer pleasures in life than spending a nice, relaxing afternoon by the pool with a refreshing drink in hand. Whether you're spending time with friends and family members or are just enjoying a quiet time by yourself, it truly is an experience that is hard to top.
Having said that, if you want to enjoy the summer to the fullest, you should obviously be aware of some possible risks that come with owning a pool - and how to protect yourself along the way. By investing in swimming pool insurance, you won't just protect the investment that is your pool - you keep your family and everyone else who is using it safe at the exact same time.
Does My Homeowners Insurance Cover My Swimming Pool?
By far, one of the most common questions that people have after purchasing a pool has to do with whether their existing homeowner's insurance policy will actually cover it or if they need a separate policy.
The good news is that most policies do cover swimming pools in two distinct ways, although you'll obviously want to review said policy and contact your provider just to be sure. The first is that if your pool is damaged by a "covered peril" - meaning that some type of event occurs that is specifically listed in the policy - your homeowner's insurance policy will pay for repairs.
The second includes liability coverage that will pay for medical and other healthcare-related costs if guests are injured in or around the pool itself.
Of course, you can always increase your coverage levels to account for the pool if you want to remain absolutely sure that you're protected no matter what happens. Having someone file a liability claim that exceeds the "cap" or "ceiling" of the coverage stated in your policy is a situation that you do not want to find yourself in, no matter what.
What Does Pool Insurance Cover?
About purchasing a separate policy, pool insurance typically covers a few key things. A liability policy will help to cover medical expenses and legal fees that are associated with any bodily injury claim that someone might make. If someone gets hurt in the pool and sues you, for example, this type of policy will help protect you financially.
Keep in mind that when you add other structure coverage to your homeowners' policy, your swimming pool will be covered as well. This is true for all the same types of damage that your home insurance policy already covers. From that perspective, your swimming pool is treated no differently than your actual house.
Does Homeowners Insurance Cover Above-Ground or In-Ground Pools?
In the vast majority of all situations, a home insurance policy will cover both above-ground and in-ground pools. The only real difference between these two types of pools, from an insurance perspective, is which part of the policy protects the pool.
An in-ground pool is usually covered as a part of your dwelling coverage or, your other structures' coverage if you have it. So, if you want to know what you would be protected against in the event that some type of damage occurs, this is where you would want to check.
When talking about an above-ground pool, your policy may specifically categorize it as personal property. Therefore, you would want to check this part of your policy to see what you would be protected against and make any adjustments as needed. Some policies may cover above-ground pools as part of the other structures portion, too. Again, you should always contact your provider if you have any questions just to make certain you understand the situation before you need to make a claim.
How Does a Pool Impact Your Insurance Premium?
A swimming pool is an investment, the same as anything else. That investment deserves to be protected - but that protection will come at a cost.
Because a swimming pool is not just an additional investment into your property but also an additional risk on top of that, it will likely raise the cost of your homeowners' insurance premium.
From that perspective, it's no different from if you were to build a guest house in your backyard. This would be an additional investment, raising the value of your property, thus it would cost the insurance company more money in the event of something like a total loss. Or, if someone were to get injured in the guest house, they would have to pay out in terms of medical bills and/or liability-related issues. Both things would raise your insurance policy premium and a swimming pool is ultimately no different, at least on paper.
In the End
Overall, owning a swimming pool can be a terrific experience for homeowners everywhere. It's a great way to combat those hot summer days, and it gives you another outdoor space to spend time with friends, family members, and other loved ones.
It is, however, a decision that will come with some very specific homeowner's insurance implications, so you should always make sure you understand the situation you're entering.
You can also mitigate risk to that end and take full advantage of the remaining sunny days by the pool with a specific pool insurance policy. The pool itself will raise your rates no matter what, but the peace of mind that comes with taking care of the insurance side of the equation is more than worth it in the end.
If you'd like to find out more information about how to fully make sure that your swimming pool is protected from an insurance perspective, or if you just have any additional questions that you'd like to discuss with someone in a bit more detail, please don't delay - contact the team at Arnold Insurance today.
