Pool Paradise or Premium Pain? The Splashing Truth About Pool Insurance
Thinking of transforming your backyard into a sparkling oasis? Hold on! While a pool can bring endless summer fun, it can also send your homeowners’ insurance rates on a one-way trip to Splash Mountain.
Here’s the deal: insurance companies see pools as “attractive nuisances.” This means they’re magnets for, well, anyone who wants to take a dip, including those unwelcome guests. Since you’re responsible for everyone’s safety in your pool, the liability risk goes up, and so do your premiums.
Fenced In and Covered Up: The Insurance Must-Haves
If you’re already picturing insurance agents fleeing at the sight of your pool, fear not! Most companies will cover homes with pools, but there are catches. First, a locked fence is practically mandatory. It’s your first line of defense against unauthorized swimming, and some companies might deny coverage altogether without one.
Another thing to consider is pool coverage itself. An in-ground pool can increase your home’s replacement cost, leading to higher premiums. Above-ground pools are treated differently – they’re considered “portable” like a jet ski, so they’re covered under your personal property coverage.
Liability Limits: Don’t Get Caught Shallow
Speaking of coverage, the standard $100,000 liability limit on most homeowners’ policies might not be enough with a pool. A pool-related injury lawsuit could leave you financially wading in deep water. Many pool-owning homeowners opt to increase their liability coverage to $500,000 or more for greater peace of mind.
The Bottom Line: Pool Perfect Insurance
So, can you have your pool paradise and affordable insurance too? Absolutely! Here’s a quick recap of why pools affect premiums:
- Attractive Nuisance: Increased liability risk means higher premiums.
- Replacement Value: Pools can add to your home’s value, raising coverage costs.
- Liability Limits: Many pool owners choose higher coverage for better protection.
The good news? Our independent insurance agents can be your pool party planning partners! They have access to multiple insurance companies, some of which might offer competitive rates for homes with pools.
Contact us today! Let’s help you find the perfect pool insurance coverage, so you can spend less time worrying about premiums and more time making poolside memories.
