As the weather heats up, the idea of a backyard swimming pool filled with cool, clear water sounds pretty good. You could throw parties, stay cool, and have fun all summer long.
Before you put down a deposit on that new pool, make sure you know how it will impact your home insurance and your potential risk.
Your Premiums May Go Up
It’s possible that your Charlotte homeowners insurance may already include coverage for an installed pool. But it may not. You’ll need to talk to your independent insurance agent to make sure you’re covered in case your pool becomes damaged or causes any damage. If a pool is already included in your homeowner’s policy, the increase in premiums may be minimal. But if not, they could go up substantially.
You’ll Need More Liability Coverage
Pools are classified as an “attractive nuisance” which means that children are attracted to them and they pose a serious risk to any unsupervised child. Because the threat of injury or death is so great, it’s recommended that you increase your liability coverage to at least $500,000. Most homes have $100,000 in liability insurance but that won’t be enough if the worst happens in your pool. Yes, you can expect your premiums to increase for this, too.
The Type of Pool Matters
Whether your pool is in-ground or above-ground, you need to make sure you have insurance coverage for it. But for in-ground pools, the material it’s made of can determine your future possibility of a claim. Vinyl and fiberglass pools install quicker, but they’re easier to damage. Concrete pools take longer to install (four to six weeks) but don’t sustain damage as easily. This decreases the possibility of future claims for pool damage.
You are Responsible for Keeping Your Pool Safe
As the owner of the home and the pool, you’re responsible for maintaining your pool and keeping it safe to use. Any damage caused to your pool by negligence and lack of maintenance won’t be covered by your insurance policy. Make sure you have a high-quality circulation system and the knowledge (or the help) to keep the pool clean and maintained.
You Have to Think About Accident Prevention
Having a pool installed isn’t the only part of owning a pool. You also need to plan for accident prevention. Your overall cost needs to factor in these measure. Some prevention options include:
- Safety covers
- Pool alarms
- Fencing around your pool
- Locks for doors leading to the pool
- Rescue equipment
It’s also a good idea for everyone in your home to take a CPR class just in case of an accident. When it comes to drowning, seconds matter, and you might not have time to wait for an ambulance in order to save a life.
Owning a pool is a lot of fun, but it’s also a lot of responsibility. Before you commit to it, talk to your insurance agent and make sure you understand the risks you face and how a new pool will impact your home insurance. Before you get a swimming pool, contact Charlotte Insurance!