Installing a pool on your property will provide fun for the whole family. However, not only do pools demand a considerable amount of ongoing maintenance to remain inviting and safe, but they also affect your homeowners insurance coverage. Before taking the plunge and starting construction, make sure you consider how this feature will affect your homeowners policy. 

How Installing a Pool Will Affect Homeowners Insurance

In-Ground Pools

Some insurers classify in-ground pools as part of the residence. If this is the case, you’ll want to increase your coverage limits. This is because once the pool is installed, the home’s total replacement costs will increase. This will likely result in a higher monthly premium. 

If your insurance provider considers in-ground pools to be external structures, you’ll need to add yours to the policy as a separate entity. Should you fail to do so, you won’t be able to file a claim for repairs or replacements if the pool is damaged. Most insurers also cap claims for external structures to 10% of the home’s total replacement cost.

Above-Ground Pools

Carriers generally consider above-ground pools to be personal property because they’re not fixed structures. Because of this, an insurer will take depreciation into account if you ever file a claim. This means you won’t recover the total amount paid for the pool if it’s deemed a complete loss. Instead, you’ll likely receive a percentage of its original cost. 

How All Pools Affect Liability 

If you intend to install a pool, keep in mind that the property coverage needs aren’t the only thing that will change. Having a pool on your property exposes you to considerable liability. If someone were to get hurt while swimming, you could be financially responsible for the resulting medical bills. Consider increasing your liability coverage, as well, once the pool is finished.

If you’ve decided to move forward with a pool installation, turn to Siemers Insurance Agency to purchase a more adequate homeowners insurance policy. These agents have been in business since 1954 and are based in Cincinnati, OH. This family-owned and -operated agency serves clients across Ohio, Kentucky, Indiana, North Carolina, South Carolina, and Florida. They will help you find an affordable policy that perfectly fits all your needs. To request a quote, reach out online or call (513) 469-8877.