When contemplating installing a swimming pool on your property, you’re likely thinking about hosting summer parties, taking a relaxing dip after work, and giving your kids an incentive to put down their tablets. However, in exchange for these invaluable memories, you will need to make active efforts to maintain and repair it. Also, be aware that it can affect your home insurance rates in the following ways.

Liability Coverage

A swimming pool is considered an "attractive nuisance." This means that it can be tempting to those who don’t inherently know the dangers—like neighborhood kids, who might sneak in to use it while you are away. This can be dangerous; pool decks are slippery when wet and any roughhousing in the pool area could lead to tragedy for which you could be held responsible. You should, therefore, consider raising your liability coverage in case someone is injured. To limit this possibility and lower your rates, your provider might also recommend installing a pool fence, pool alarm, and a safety cover. Keep rescue equipment—life jackets and life preservers—on hand.

Dwelling Coverage

Home insurance contains dwelling coverage, which pays for damages to the dwelling and other structures, including sheds, fences, and inground pools. However, many policies limit the payout amount of external structures to a percentage (often 10%) of the total coverage amount. Swimming pools are often quite expensive to repair, so check with your agent to see what your maximum payout for pool damages would be.

Personal Property Coverage

Above-ground pools, on the other hand, are often covered under the personal property clause of your home insurance policy. It covers furniture, firearms, appliances, and pools of the type that you can disassemble and take with you. Similar to the above, insurers put limits on individual losses, so you should check with an agent about the maximum amount you could receive for a claim due to pool damage. You don't want to be left paying out-of-pocket for part of the repairs.

For invaluable guidance selecting the right home insurance policy, contact Kirk Insurance Agency in Spearman, TX. They have served individuals and businesses in and around Hansford County since 1978 and have a reputation for exceptional service and professionalism. They specialize in auto, home, business, life, and farm insurance. Call them at (806) 659-2794 with questions or send them a message from their website to request an insurance quote.