There is nothing more relaxing than spending some time in your pool. It is fun to have one at home. Swimming is a great exercise, and you can always make it a hobby. However, swimming pools require quite a lot of maintenance as well as other things. That includes ensuring safety if you have kids at home and having adequate insurance coverage if things go wrong. There is a lot of confusion about whether swimming pools are covered under the home insurance policy or not? Do they increase the premium rates? These and many other questions are asked. So if you have a pool at home, here is all you should know about swimming pool and home insurance;
Does Home Insurance Cover a Swimming Pool?
This is a very commonly asked question. The answer to it is yes; a home insurance policy can cover your swimming pool. However, it depends on the individual insurance provider. This is the reason why you should inform your provider if you have a pool at home. Upon telling them, you can decide the amount of coverage you want. Usually, the coverage provided is not enough, so you might have to get it added. Secondly, if you have a pool and do not inform your provider about it, you might be rejected or dropped out of the policy. So make sure that you do not get into all this mess.
Also, because the pool has its own risk, some insurers will ask you to take all the safety precautions like installing fences or alarms around the pool.
What Does Home Insurance for the Pool Cover?
Under the home insurance policy for the pool, you will be given liability coverage. This coverage will be offered when anyone gets injured. However, the amount of coverage is not enough to cover the medical costs or financial costs of filing a lawsuit. So you might have to get it increased or get an additional policy. Your home insurance policy usually provides you coverage from damage due to vandalism, theft, or some natural disasters such as wind or hurricane; however, these things are not concerned with the pool. What affects a pool is an earthquake or similar disasters. But your home insurance policy doesn't cover any damage caused by an earthquake, so you will need to get an additional policy such as hazard insurance for the coverage.
What Affects the Eligibility for the Insurance?
Anything that increases the risk of damage or safety of lives will always affect your insurance policy's eligibility. In the case of the pool, home insurance policy providers are very particular about the safety measure taken to ensure the least amount of risk. So installing a fence around the pool, alarms, or other safety measures will help you get a better policy. However, if you fail to take all these measures and also have things like a diving board or slides, there are high chances that the insurance provider will reject you due to the high level of risks involved. Ensure that you are all prepared for safety precautions when applying for a home insurance policy for your swimming pool.
Does a Pool Affect the Rates of Premiums?
As mentioned previously, pools involve a lot of risks. This means that you need to have more liability coverage. The coverage provided by the home insurance policy for the pool is generally not enough, so you have to increase it. This is the reason why swimming pools contribute to increasing the rates of premiums.
Swimming pools are all fun but a bit risky at times. So make sure that if you have one at home, then you are taking all the precautions. Also, get it covered under your home insurance policy for adequate coverage!