Do I Need Extra Homeowner’s Insurance if I have a pool? A swimming pool is eligible for homeowners insurance coverage as a “scheduled structure” or under “other structures blanket coverage.” In other words, because it is a detached structure, like a shed, it’s not covered under your homeowner’s policy unless you specifically add coverage for the swimming pool.
Do I Need Extra Homeowner’s Insurance if I have a Pool or Does My Insurance Need to Know?
If you’re adding a pool to your home, you’ll need to let your insurance provider know, since they may not cover a claim if they aren’t aware of it. You’ll have liability coverage for injuries sustained because of the pool. Liability coverage helps cover bodily injury, medical expenses and legal fees. On the other hand, adding scheduled structure coverage to your homeowner’s policy provides extra peace of mind that you’ll have financial protection in place to repair or replace your pool if the unexpected were to occur.
When you add other structure coverage to your homeowner’s policy, your pool will be covered for the same types of damage that your home insurance policy covers. This includes things like weather or vandalism.
The cost to add swimming pool coverage to your home insurance policy is usually affordable. Your specific cost depends on a number of things, like your location, limits and insurance provider. Having insurance coverage for your pool is important to help protect you financially from the risks associated with it. Yes, homeowners insurance covers damage to in-ground swimming pools for a premium increase. Is the pool considered part of the home itself, or is it an external structure? The answer will impact what happens to your replacement cost value or personal property limit.
Replacement cost value: Your insurance policy may have replacement cost coverage, which pays to replace your home with the same or similar home in today’s market. If your home insurance company includes in-ground pools in the replacement cost value of your policy, then the value of your home would increase. That will consequently increase the cost of your home insurance premium because of the new maximum claim limit. This usually applies to in-ground pools.
Personal property limit: Personal property coverage pays to repair or replace your belongings, not the actual home. If your home insurance company considers your pool an external structure, which is typically the case for above-ground pools, then you’ll need to list the pool as an external structure. You’ll need to check whether your current limit is enough to cover damage to your pool. If not, then you may need to raise your personal property limit, which increases the cost as well.
In short, adding umbrella liability coverage for your pool is a really good idea. For homeowners with swimming pools, it’s highly recommended to get umbrella coverage, mainly because pools can pose bigger-than-usual risks compared to other places around the home. Adding umbrella liability insurance provides liability coverage in addition to your homeowner’s policy limits for injuries that occur in or near your pool. Your agent can help you determine if adding umbrella insurance for your pool is a good move for you.
Many insurance companies require your pool to be enclosed by a gate in order for it to be eligible for insurance coverage. Your agent can further explain exact requirements regarding fences for in-ground and above-ground pools. Keep in mind, most local laws generally require fences around pools, so you’ll need a fence regardless of insurance purposes.
Situations, where you’re legally responsible for injuries to other people, can be costly. Having liability insurance for your pool is a must if you don’t want to pay for related costs, like medical expenses or legal fees. If you install a pool, whether above ground or in-ground, let your insurance agent know.
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