If you want to install a swimming pool on your property, this could impact how much you owe in monthly homeowners insurance premium payments. That’s because lenders assume a greater risk once the pool is installed. Here’s how a swimming pool affects insurance rates and how to adjust coverage accordingly.

Why Swimming Pools Increase Homeowners Insurance Premiums

You can’t guard the pool 24/7, which means neighborhood kids and other youngsters might try to sneak onto the property for a swim. Young children often don’t recognize the dangers of swimming in a pool without adult supervision, which is why the government considers swimming pools attractive nuisances. This means pool owners must put up fences, post signs, and take additional steps to ward off trespassers.

If a child is injured, the pool owner assumes legal responsibility. Due to the liability associated with owning a swimming pool, lenders assume a greater risk for insuring homeowners who install them. That’s why the terms of the policy could change to increase your monthly payments. 

How to Change the Policy After Pool Installation

As you assume responsibility for swimming pool-related accidents, the first step to take after installation is to increase the liability coverage in your homeowners insurance policy. A standard policy includes $100,000 of liability coverage, which should be upped to $500,000 to be on the safe side.

You can also add an umbrella policy to the current plan to extend the liability limits for pool injuries. This can include up to $1 million in coverage.

To protect your family from financial hardship if someone gets hurt in the swimming pool, contact the professionals at Fritch Insurance in Beatrice, NE. The independent agency is known for tailoring full-coverage policies to suit the needs of clients throughout Southeast Nebraska and Northeast Kansas. If you have questions about homeowners insurance options, call (402) 223-3312. See which insurers the agency works with online.