Installing a swimming pool will have a big effect on your homeowner's insurance coverage. Here are some of the things you should know if you are planning to install one:
Coverage Isn't Automatic
The first thing you should know is that not all home insurance policies include swimming pool coverage. In some areas, particularly those where most homes have swimming pools, the coverage is included in standard home insurance policies. However, there are also areas where you have to add the coverage to your standard policy because it isn't included by default. Therefore, don't assume that your swimming pool is automatically covered; scrutinize the applicable coverage in each policy when shopping for insurance. Call various companies like Wolf Insurance Agency to learn what is covered.
Safety Measures May Be Required as Coverage Prerequisites
Even in cases where swimming pool coverage applies, you may have to meet a few requirements for the coverage to apply. Most insurers will want you to take safety measures to protect your pool and prevent others from getting injured in the pool. Here are some of the specific safety measures you may be required to take:
- Fencing the pool perimeter
- Covering up the pool when it's not in use
- Ensuring the pool always have adequate water
- Avoiding diving boards
The requirements may vary by insurer so do a good comparison when shopping for coverage to find something that suits your pool.
Leaks May or May Not Be Covered
One of the most common types of swimming pool damage is that of water leaks. Since pool leaks tend to be expensive to fix, many homeowners with leaking pools want their home insurance companies to foot the bill for the repair. Well, insurance may or may not pay the cost of fixing your swimming pool leaks depending on their cause. As a rule, leaks due to wear and tear or inadequate maintenance aren't covered; for your insurance company to pay your leak-related claim, you need to prove that the leak was caused by a covered peril, such as damage caused by a falling tree branch.
Your Coverage Rates May Hike
Lastly, you should know that having a swimming pool is likely to cause an increase in your home insurance rates, and there are two reasons for this. First, swimming pools are expensive to fix or replace so your insurance company has one more thing to worry about when you install a swimming pool. Secondly, having a swimming pool increases your liability exposure because pools are inherently dangerous things.