How installing a pool affects your home insurance rates
Have you been thinking about installing a pool in your backyard? With summer now over, you might be pondering about what to do to ensure that you have an even better summer next year. After putting much thought into it, you feel like you’re ready to install a pool in the backyard. With the okay of your spouse, you’re ready to start searching for the best deal on a swimming pool.
Before you can start planning that first pool party, though, it’s a good idea to pay attention to how your cool new yard addition will affect your insurance rates.
A pool changes the odds of a liability claim
A swimming pool is an entirely new element to consider with your home. You now have something in your yard that could lead to a variety of liability issues. The insurer always looks at the worst-case scenario. They’ve been dealing with swimming pools and insurance claims for many years. They don’t want to have to be stuck with hefty expenses if a relative were to fall into your pool or if you were to miss work because you fell off the diving board. I’m sure that the insurer has heard of every possible insurance claim regarding an accident and a swimming pool. Even a neighborhood kid wandering into the pool without your knowledge can be a possibility when it comes to your pool.
As a result of the increase in risk of injury to you and those around you, your home insurance premium is likely to go up when you install a pool. Be prepared.
The value of your home changes
Adding a pool to your home could greatly increase the value of your property. This means that you’re not insuring the same amount of property any longer. You might need to spend more money on your premiums because you need additional coverage. Are you able to cover the increase in your insurance premium due to the increased coverage you need?
Your insurance company might add new conditions
As we’ve established, the insurance policy changes when you decide to add a pool to the mix. Your insurance company may make a few requests of you to help increase the safety of this pool. The insurance company doesn’t want to have to deal with local children sneaking into your pool or a relative falling into the pool. You may be asked to have a secure pool cover or add a fence and gate around the pool area to protect yourself and others. On the flip side, the insurance provider may also request that you don’t install a diving board or anything that would increase the chances of an accident.
Good luck with that new swimming pool. I know that you’re going to have some fun pool parties next summer. Just consider your insurance rates before you start the installation process.