How Much Does An Above Ground Pool Raise Your Insurance

How Swimming Pools May Be Covered Under Homeowners Insurance

Homeowners insurance may cover your swimming pool against damage resulting from the covered perils listed in your policy, which often include fire, lightning strikes, hail, vandalism, and even explosions. If a major hailstorm damages the pool liner or other components of the pool, your homeowners insurance policy’s dwelling, personal property, or other structures coverage may pay to repair the damage, minus your deductible and up to your policy’s coverage limits.

The actual coverage under your homeowners policy that protects your pool may vary by insurer and the type of pool you own:

• Personal property coverage. An above-ground pool will typically be considered personal property by insurance companies if it’s portable. Personal property coverage on a homeowners policy typically covers personal property at 50% of your dwelling coverage. For example, if your home is insured for $300,000, you’ll have up to $150,000 in coverage to protect against damage to your personal property, including your above-ground pool.
• Other structures coverage. An above-ground pool that is permanently installed may be considered as an “other structure”. Other structures coverage is typically 10% of your dwelling coverage, so if you’re carrying $300,000 in dwelling coverage, your pool may be covered up to $30,000.
• Dwelling coverage. Some insurance companies may cover your in-ground pool, up to the limits of your policy’s dwelling coverage.

Water Damage From Above Ground Swimming Pools

With one noteworthy exception: flood, most forms of water damage are normally covered by homeowners insurance. However, if youre not sure , give your insurance agent a call to ensure whether your current homeowners insurance covers water damage from your pool or not. Every insurance policy is unique on its own, and its better to be safe than sorry.

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The Cost Of Having An Above

Your homeowners insurance price will go up when you have an above-ground pool.

The cost of above-ground pool insurance mainly depends on the size, type, and value of the pool you own and how your insurer classifies the insurance.

Generally, budget about $25-$75 or even more per month to insure your pool, especially if youre in the US.

Raising the liability coverage will increase your premiums. The protection is needed because of the extra risk of owning an above-ground pool.

Be sure to enquire how the insurer or the insurance company classifies your pool since it affects the amount of coverage youd pay.

If your swimming pool is considered personal property, you may want to raise your personal property coverage limit.

Not minding the increase in cost, homeowners insurance is important as it protects your above-ground pool in the case of any unforeseen circumstances.

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Insurance Considerations With A Pool

All properties are unique. Having the right amount of protection for your property is essential to minimize risk factors. When you have a pool, its important to make sure you have enough coverage. You need to protect yourself from liability claims and ensure it is covered if damaged. Here are some options to consider :

• Increase liability : Liability is a standard part of your policy. Since it adds a layer of risk, its recommended you increase your limits. You could be liable if someone is hurt using it.
• Get umbrella coverage : This provides you with an extra layer of protection once you exceed your liability amount.

Speak with your insurer to assess your needs.

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How A Pool Can Affect Your Homeowners Liability Insurance

Owning a pool makes you responsible for any pool-related accidents. For instance, a child who wishes to play in the pool may be in danger of drowning. If this happens, you, the homeowner, would be liable for the accident.

The good news is that homeowners insurance covers medical bills or lawsuits for any accidents in the pool. Indeed, most standard homeowner insurance policies have a minimum liability protection of $100,000, but you can buy coverage of up to $500,000. You can also consider purchasing an umbrella policy to increase your liability coverage.

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Does Home Insurance Cover Damage To A Swimming Pool

The short answer is probably. This is assuming your carrier knows the pool is there, AND assuming the damage was caused by a covered peril like fire or wind. Insurance would NOT cover damage caused by shoddy pool maintenance or neglect.

In order to confirm you do indeed have coverage and have it in the proper amount, you need to understand how your company classifies the pool. Some insurance companies consider the pool to be a part of your house itself. Other companies consider a pool to be an external structure, much like a shed or a gazebo. In the case of above-ground pools, your insurer might consider the pool to be a type of personal propertylike a boat or a jet ski.

If your pool is considered a part of your homes structure, make sure your agent addresses its worth in calculating your homes replacement cost value . If your pool is considered a detached structure, youll need to list it expressly on your policy in order to have coverage. Ditto for hot tubs and the decks around them. You should also look at how much coverage you have for detached structures or personal property these limits are often set as a percentage of your homes RCV. They may be insufficient.

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Dont Overestimate Your Pools Return On Investment

Lastly, its important to be realistic about expectations on the financial return of a pool. As Borges cautions: A house value does not increase with a pool, especially not to the cost of the pool.

However, most pool owners agree the work and expense are usually worth the summers of outdoor enjoyment and exercise in your own backyard.

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What Safety Features Can You Add To Your Pool Insurance Cost

While they may be a hassle, installing simple safety precautions can help offset almost all the extra premium costs associated with your pool.

One way to reduce your premium is by installing a pool alarm. This device detects movement in the pool and sounds an alarm if someone falls in the water. It also alerts the authorities and your family members if something goes wrong. The device can be installed for less than $100, and it could lower your insurance premiums.

Another way to reduce your premium is by having a fence around the pool or patio area. A fence keeps people out of the pool and prevents animals from getting in.

These cost-saving safety features include:

All of the above help limit your liability exposure and reduce your likelihood of insurance claims. This means home insurance companies are less likely to see you as a massive risk.

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Home Insurance For Above

The section of your policy that your pool is covered under can vary depending on the insurer you have andDepending on whether your pool is in- or above-ground, it will be covered by one of three parts of your policy:

Let’s take a look at an example.

Allstate classifies above-ground pools as personal property because they’re an impermanent structure that’s assembled and ultimately portable, like bikes or computers.

But other insurance companies consider in-ground or permanent above-ground pools as their own separate structure, which means it’s covered under the other structures coverage of your policy.

And still other insurers consider in-ground pools to be a part of your home’s structure making it covered by your policy’s dwelling coverage.

What Is Liability Coverage

Homeowners expect insurance companies to cover a physical disaster. Many may not realize that homeowners insurance covers certain kinds of financial disasters. Specifically, most standard home insurance policy includes something called liability insurance.

You may be liable for their medical expenses if someone is injured on your property. If another party sues you for causing them bodily injury, physically or emotionally, liability insurance protects you from these costs.

Standard liability insurance coverage is usually set at a payout of $100,000, but it can be raised or lowered depending on your risk and plan.

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Swimming Pools And Unacceptable Insurance Risks

The best insurance companies cover swimming pools and the liability associated with them, but the coverage comes with stipulations.

Policyholders also must keep up with the maintenance and drain the pool in the winter to prevent damage. Any damage as a result of neglect on the part of the policyholder will not be covered.

Does Homeowners Insurance Cover Pool Leaks In Ontario

Generally, pool leaks that are the result of wear and tear will not be covered by your insurance policy. However, there are certain situations where a pool leak may be covered by your home insurance. If your pool has been damaged from extreme weather, or if a tree has fallen into your pool during the most recent storm, your insurance company may cover you for this mishap. Make sure to speak with your Ontario insurance broker about the kind of coverage that is offered in your policy regarding pool leaks.

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Does Homeowners’ Insurance Cover Pool Damage From Freezing

Unfortunately, most homeowners’ insurance policies do not provide coverage for damage from the pool freezing or from ice damage, although as each home insurance policy is different, it will be important to speak with your Ontario insurance broker to clarify.

Now that you have some more information about how having a pool can affect your home insurance policy, you can make the right decisions for your family’s protection and your home insurance needs.

Does Homeowners Insurance Cover Damage To A Pool Liner In Ontario

Leaks in a pool liner typically fall under the regular maintenance category, however, as with pool leaks, the coverage of your pool will depend on the event in which the damage has been done. If your pool liner is damaged from an event that is covered under your policy as a peril, such as a storm or fire, then the costs to repair the damage may be covered. If the pool liner is damaged from a lack of routine maintenance, this cost may not be covered.

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Create A Barrier Around The Pool

What Is The Average Rate For Homeowners Insurance With A Pool

The total cost of your homeowners insurance premiums will depend on a number of factors, including where you live and where the pool is located in relation to the house. It also depends on the level of coverage you have purchased, as well as the type of pool you have built. Typically, you will be expected to pay more to cover an inground swimming pool.

To find out how much your homeowners insurance will rise after building a pool, contact your insurer. Before you phone, you should establish the type of pool you are building, its location and whether you intend to purchase extended liability coverage.

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How A Pool Can Impact Your Home Insurance Policy

Posted Jun 17th, 2022 in Did You Know?, General, Home Insurance, In the News, Insurance Tips, Life Insurance, Media

Is your home insurance policy providing the right amount of coverage for your pool?

Whether you own or rent a home with a pool, or are interested in installing one on your property, it is important to know exactly what your home insurance policy covers in terms of pools and to be aware of the requirements for pools when it comes to insurance. Continue reading below to find the answers to all your pool insurance-related questions!

How Does Having A Swimming Pool Affect Your Homeowners Insurance

As any homeowners insurance guide will explain, homeowners need complete protection against loss. That means property owners purchasing homeowners insurance with a pool must take into account a couple of factors associated with owning a swimming pool.

Specifically, homeowners need to make sure their dwelling coverage or their “other structures” coverage protects their pool if something happens to it. Homeowners need insurance that will pay to repair or replace the pool in case of covered damage. There are a few types of insurance that could offer protection.

• Dwelling coverage pays for the home itself. Some insurers consider the pool part of the home and cover it under dwelling coverage.
• “Other structures” coverage protects structures detached from the home. This could include a pool or a shed.
• For homeowners with an above-ground pool, some insurers classify the pool as personal property. This would mean personal property coverage provides the pool insurance for home.

Property owners buying home insurance with a pool also need to take into account the added liability associated with a swimming pool. This means buying more liability homeowners insurance pool coverage in case someone is injured in the pool.

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What Do I Need To Know Before Looking At Swimming Pool Insurance

According to the Texas Department of Insurance, many homeowners policies provide minimal coverage to swimming pools. Here is what to think about when you review your insurance:

• Is your pool value included in the replacement value of your home?
• What are the limits that your policy will cover?
• Does your coverage include landscaping and additional structures ?
• Is your pool up to standard to be covered?
• If you have a diving board or slide, do you have liability coverage?

Navigating the world of homeowners policies can be a headache. Every policy is unique and you can customize it to fit your insurance needs. Its important to know what your policy covers in the unfortunate chance you need to file a claim. Making sure your pool is adequately secured can prevent major financial upsets and frustration. Have our team at TGS review your current policy to ensure it meets the specifics you need at the best price.

Where Can I Buy Swimming Pool Insurance

You dont need to buy swimming pool insurance specifically most often a pool is covered under the terms of your homeowners policy.

If your home insurance carrier is willing to write your policy, knowing that you have a swimming pool on the property , then your policy will automatically include coverage for 1.) damage to the pool, AND 2.) any personal liability that could result from a guest injury.

But there are important questions to ask about both types of coveragemainly, are my coverage limits high enough? Heres a closer look at both.

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Does Homeowners Insurance Cover An Above Ground Pool

Like many questions about insurance coverage, the answer to the question Does homeowners insurance cover an above ground pool? is all about the details. The answer to this question depends upon your personal homeowners insurance policy and what that specific policy includes and excludes. Generally, a homeowners insurance policy should cover most damage to and losses from an above ground pool, however, there are some notable exceptions to be aware of when it comes to above ground pools and insurance cover.

The best resource for questions about your specific insurance coverage is your insurance agent. Since youll need to call your agent anyway to notify them and your home insurer about the pool, make sure to ask about the coverage your policy will offer. Some of the information here may not apply to your situation, but as a general guide to help you ask your agent the right questions, here are some points to consider when assessing insurance coverage for your above ground pool.

Does My Pool Impact Liability Coverage

Liability coverage is the element of your homeowners insurance that covers medical bills or lawsuits that result from an incident sustained in or around your pool.

Most homeowner insurance policies include up to $100,000 of liability insurance for pools. This may seem sufficient, but most pool owners are advised to increase their coverage to $500,000 by either paying higher premiums or taking a separate umbrella policy. The increased coverage typically costs $50-$75 but may be lower in warmer areas where homes are expected to have pools.

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What Are The Requirements For Pool Insurance

Speak with your insurer directly to find out the specific requirements needed for coverage. Almost every insurer will provide coverage if your pool meets their safety requirements. Typically, these requirements say:

• It must not have diving boards or slides
• It must have a minimum four-foot fence around the perimeter of the pool or the backyard
• The pool must never be empty but always filled with water.