Now that summer is finally here, families everywhere are opening up their backyard swimming pools to beat the heat. But while taking a dip in the pool to cool off is great for family fun, have you ever stopped to wonder what kind of effect having a pool has on your homeowner’s insurance policy? Read on to find out more!
Owning a Pool & Building a Homeowner’s Insurance Policy
If you own a swimming pool or are having a pool built this summer, you may need to make some changes to your homeowner’s insurance policy to ensure that any associated risks are covered. A pool, for instance, is a high-risk site for injuries. People could slip and fall on a wet surface surrounding the pool and sprain their ankle, and without the proper insurance coverage, you may be liable for their medical expenses. Swimming pools create additional risks and expenses; for example, you may have to build a fence around your pool or a gate. Building this will add to the value of your home, and subsequently necessitate a change in your homeowner’s insurance policy to reflect this additional value.
Fencing and other security measures are not the only home value-adding expenses associated with swimming pools. In addition to these things, you may have different equipment, furniture, and accessories you use in and around your pool that also constitute a large investment. The investment you put into these things needs to be protected by the proper homeowner’s insurance policy. (more…)