Adding a pool to your property is a great way to stay cool during the summer, but it also brings some important changes to your homeowners insurance. A swimming pool increases the chance of accidents, which means insurance companies will adjust your policy. Knowing the impact of these changes is important before you invest in a swimming pool for your home.
Here is how a pool impact will affect your homeowners insurance coverage.
Increased Liability Coverage
A pool adds a fun element to your home, but it also adds risk. If someone is injured in or around the pool, you could be held liable. Homeowners insurance typically includes liability coverage, but once a pool is installed, you may need to increase that limit to be on the safe side.
Standard liability coverage often ranges from $100,000 to $300,000, but raising that amount is usually recommended with a pool. Most experts suggest increasing your liability coverage to at least $500,000 if you have a pool. The additional coverage protects you from lawsuits and large medical bills if someone gets hurt while using your pool.
Pool Fencing and Safety Measures
Insurance companies may also require specific safety measures for pool owners. One common requirement is installing a fence around the pool area. Fencing prevents accidental drownings, especially if there are any children around. Some states and local laws already mandate pool fences, so adding one can help meet both legal and insurance requirements.
Other safety features, like pool covers, alarms, and locked gates, might also be necessary to keep your insurance company happy. Each added safety measure lowers the risk of accidents and can help prevent higher insurance costs. Make sure to check with your insurance provider to find out what they expect when it comes to pool safety.
Increased Premiums
Owning a pool will likely cause your insurance premiums to increase. Since pools are considered an “attractive nuisance,” insurers charge higher premiums. How much your premium will increase depends on the insurance company, the size and type of pool, and any added safety measures you put in place.
You should always expect your premiums to go up. However, keep in mind that other factors also play a role in determining the costs. For example, this can include the location of your home and your claims history. Shopping around for homeowners insurance may help you find a policy that balances coverage at an affordable rate.
Does a Pool Increase Property Value?
Installing a pool can also impact the value of your home. Some buyers love the idea of owning a home with a pool, while others see it as extra work and expense. Pools are often seen as a bonus in warm climates, while in cooler regions, they may not add as much value. In terms of insurance, a higher home value means more coverage is needed.
Pets and Homeowners Insurance
Owning certain pets can also affect your homeowners insurance as well. Dogs, in particular, are often part of an insurance company’s calculations. While most pets don’t cause concerns, some breeds are considered dangerous or aggressive, and having one may increase your premiums. Common breeds on this list include Pit Bulls, Rottweilers, Dobermans, and German Shepherds.
Exotic Pets
Exotic animals, such as snakes, large reptiles, or wild animals, can also cause insurance problems. Many insurance companies won’t cover homes with certain exotic pets due to the potential liability. If your exotic pet is deemed a threat to others, you could face denial of coverage or steep premium increases.
Trampolines and Homeowners Insurance
Trampolines can be fun for families, but they also carry a high risk of injury. Some homeowners insurance policies exclude coverage for injuries related to trampoline use. Be sure to ask your insurance company how a trampoline will impact your policy before setting one up in your yard.
What to Do Before Making Changes
Contact your insurance provider before making any changes to discuss how it might affect your coverage. Installing a pool or adopting a pet can have big implications on your policy. Your insurer will let you know if you need to raise your liability limits, make certain safety upgrades, or prepare for higher premiums.
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