Installing a pool can increase the overall value of a property considerably. However, it can also open you up to considerable liability. As such, it’s wise to review your homeowners insurance policy before breaking ground. Since a pool is a major upgrade—and a major investment—you should confirm the extent of your existing coverage regarding both structural damage and bodily injury. Here are two of the most important questions to ask when reviewing the policy. 

What Does My Current Policy Cover?

Your current coverage depends on the terms of the existing policy. Generally speaking, homeowners insurance covers losses due to wind, hail, vandalism, theft, fire, and lightning. If your pool is damaged by one of these covered perils, the insurer will likely cover the cost of repairs—up to the policy limits. However, the standard policy does not cover pools damaged by scenarios like shifting earth and freezing water. 

Your existing policy should also cover liability if someone gets hurt on your property. This includes accidents that happen in the pool; however, you may have to meet certain requirements before such coverage will apply to pool accidents. For example, the insurer may require you to install a fence around the entire pool and remove any slides or diving boards to reduce liability. 

What Kind of Additional Coverage Do I Need?

If you’re putting up a temporary, above-ground pool, your existing personal property insurance may provide enough protection in the event of a covered peril. If you’re installing a permanent above-ground pool or large in-ground pool, though, you should consider purchasing additional coverage to protect your investment. Your existing policy may be enough to repair your home should a disaster strike, but it may not be enough to repair damage to the pool area, as well. Fortunately, some insurers offer add-ons for property enhancements like pools. 

You should also consider purchasing more liability coverage and a personal umbrella policy. Having a pool increases potential liability significantly. If someone gets hurt while swimming and ends up suing, it could seriously threaten your financial security. 

If you’re installing a pool this summer, the knowledgeable team at Mitchell Insurance Agency LLC in Houston, MO, will be happy to help you update your coverage. Since 1949, this family-owned company has been showing individuals and businesses throughout Texas County and surrounding areas how to plan for eventualities. To explore the products and services they assist with, visit their website. To request a quote for additional homeowners insurance, call (417) 967-2140.