Homeowners insurance is a collection of several types of coverage, each designed to protect you against different events. A standard policy typically covers losses to the house, personal property, and liability due to injury or property damage to someone else. If you install a swimming pool in your home, your homeowners insurance rate will likely rise. If you’re considering building a pool, here’s a brief guide to how this will affect your premiums and what to do about it. 

Why Do Swimming Pools Affect Homeowners Insurance Rates?

Property Damage Risk

A swimming pool creates additional risks for your insurance company. First, they must cover damages to the structure itself. In-ground pools are normally covered under dwelling coverage as an additional structure, while above-ground pools are considered personal property and hence also covered. This means that if your unit sustains damage from a storm or another covered event, your home insurance policy will have to cover expenses.

Maximum losses are established by your limits for each type of coverage. Note that damage caused by earth movement is rarely covered by a standard home insurance policy. For that, you need additional earthquake coverage.

Increased Liability

Insurance companies also take on additional liability risk when you install a pool. Pools are legally considered an attractive nuisance, meaning that they tend to attract neighborhood children. This means that if someone gets injured in your pool, even if you’re away and haven’t given them permission to use it, you’ll be liable for any damages.

How to Decrease Your Premiums With a Pool

Depending on your insurer, you may be able to reduce your premiums by taking safety precautions. For instance, installing a perimeter fence to keep out unauthorized users and children reduces the risk of injuries. A cover also adds a second layer of security. Trampolines may attract kids, so skipping this addition may also bring down your monthly costs. 

For help designing a homeowners insurance policy that protects your home and swimming pool, contact Pella Mutual Insurance Company in Marion, WI. They have served clients in and around Shawano County since 1876, providing multiple types of property coverage. Visit their website to learn more about their services or call (715) 754-5039 to request a free quote.