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Installing a pool can seem like an especially appealing project in the heat of the summer. However, it’s important to consider all of the details involved. Adding a pool to your home can impact your homeowners insurance in several ways. Here are a few of the things you should be aware of before diving in.

Does Homeowners Insurance Cover Pools?

In-Ground Pools

These are often covered by existing homeowners policies but can be classed in two different ways. First, the pool can be listed as part of the home. This means that pool damages are covered up to the total value of the policy. However, it will also increase the house’s replacement costs. This jump in value may cause homeowners insurance premiums to rise.

Some insurers classify pools as external structures, like a shed or gazebo. These structures must be listed out on the policy. The amount of money that can be claimed for an external structure is often limited to ten percent of the home’s insured value. Contact your insurance agent before installing a pool so they can clarify how the agency categorizes pools and add the necessary information to the policy.

Above-Ground Pools 

This type of swimming pool is covered by the personal property clause of homeowners insurance. Since above-ground pools are not fixed structures, they are legally treated similar to items like bicycles or sofas. Rather than paying the full replacement value, claims on these pools usually factor in depreciation, only paying out a percentage of its original cost.

Additional Factors Affecting Coverage

homeowners insuranceInsurance companies require pools to be in line with federal and local regulations. This might require building a fence around the pool or posting warning signs. Many companies will exclude pools with slides or diving boards from liability coverage.

While losses caused by natural disasters will be covered under a typical homeowners policy, damage due to neglect is excluded. In rare cases, an insurance provider may not cover any type of pool. If this is the case, you will need a separate policy from a different firm.

Do I Need to Increase My Insurance for a Pool?

According to the U.S. Consumer Product Safety Commission, children are involved in an average of 7,000 pool-related accidents each year. Many of these incidents lead to emergency room and medical treatment bills.

As the homeowner, you are liable for any costs incurred by such injuries. Most homeowners insurance only covers liability costs up to $100,000. Since pool-related injuries can easily exceed that amount, the Insurance Information Institute recommends that pool owners increase their liability insurance to at least $300,000

 

If you need help making sure your pool is covered, contact Ebert Agency in Foley, AL. They were founded in 1928 and have nearly one hundred years of experience helping customers acquire the best policy for their needs. Call (251)-943-2281 to receive a quote, or learn more about their family-owned business online

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