A swimming pool on your property offers plenty of fun, relaxation, and exercise. But it is also a potential safety hazard, which means it impacts home insurance rates and coverage. Here, learn about how a pool can affect insurance premiums and how to adjust a policy to lower premiums without sacrificing protection.

Premiums

In most cases, a homeowner's insurance premiums will increase when they install a pool. Pools are categorized as an attractive nuisance, a type of homeowner liability that states the owner can be held legally responsible if a child is injured because of the pool. Attractive nuisance rules come into effect whether the child was invited as a guest onto the property or whether they trespassed onto it. This increases the risk for both the homeowner and the insurer, and more risk generally equals higher premiums.

Protections against pool damage can also be included in some home insurance policies, which will also increase the premium rate. Depending on the insurer, you may need to declare and list the pool as personal property on the policy itself to ensure proper coverage. The insurer then considers the pool as an extraneous structure, separate from the home itself but still on the premises as a covered item, in the same way they would insure a detached garage or shed.

Policies

Consult your insurance agent to see if your existing home insurance policy includes pools. For extra protection, you might want to consider increasing your liability coverage limits. While this will almost certainly result in higher premiums, there are steps you may be able to take to offset the cost. Some insurers will offer discounts if certain safety precautions are in place, such as a pool alarm or an automatic pool cover. And remember that Missouri law requires all residential pools to be enclosed by a fence of at least 48 inches in height.

To explore your home insurance coverage options for a new pool, contact Texas County Mutual Insurance. Since 1904, they have served customers throughout the Texas County, MO, region. They offer a wide range of home, mobile home, and farm insurance solutions to protect people and property. Call (573) 674-3125 with questions, or visit them online for more coverage information.