Does Having a Pool Increase Home Insurance?

A backyard pool is a perfect way to relax, exercise and enjoy your free time, especially in the summer. However, it can be a liability, especially where insurance is involved. Categorized as an attractive nuisance, a swimming pool is an avenue for accidents. For instance, people and even animals can drown. Others may slip and fall, causing fatal injuries. As such, the increased risk will cause a rise in the cost of your home insurance. For instance, you can see what type of quote you could get for home insurance in Ottawa or home insurance in PEI. 

How does having a swimming pool impact your home insurance?

Swimming pools are significant causes of accidents that can result in injuries and even death. To protect themselves against these risks, insurance companies will raise the cost of your home insurance, ultimately leading to higher premiums. The increase, however, is determined by several factors such as your location, the type of swimming pool and the location of the pool within the home. In most cases, insurers add approximately $50 to $75 to your premium. However, this cost can go even higher depending on the liability coverage. 

What are the types of coverage available for my swimming pool?

Indoor pool insurance

An indoor pool is considered a part of your home. Your insurance provider may allow it to be listed on the standard homeowners’ insurance coverage. If you make a claim, it will be treated like any other part of your house, requiring you to remit the agreed deductible amount. 

Inground pool insurance coverage

An inground pool that is not attached to your house is covered under the other structures’ category. Other structures are covered at 10% of the personal property in most insurance companies. These also include fences, sheds and fountains. For instance, if you have a $500,000 dwelling coverage, your insurance company will provide coverage for the swimming pool up to a max of $50,000. An outdoor pool attached to the house is categorized under the dwelling policy and is covered similarly as the house. 

Above-Ground outdoor pool policy

This falls under personal property. In most insurance providers, the above-ground outdoor pool policy has 50-75% dwelling coverage limits. Once you make a claim, the deductible amount will be deducted from the claim payment. 

Umbrella pool insurance

Umbrella pool insurance will cater for claims made once the homeowners’ liability limit is reached. If you have a pool with a high liability risk profile, having Umbrella pool insurance offers more protection against perils. This, however, does not provide coverage for accidents resulting from poor maintenance or negligence. 

What factors will your insurer consider while setting the premiums?

Are there any safety measures around the pool?

While this can be costly, installing safety measures around your swimming pool will not only prevent accidents from occurring but also reduce your insurance premiums. For instance, having a perimeter fence, a pool cover, a non-slip surface, proper signage, and a safety railing will bring the cost of your premiums down. Most homeowners, however, consider a fence or a gate visually unappealing, hence end up ignoring this safety measure. If you are concerned about the aesthetics (which most people are), consider aesthetically pleasing walls or gates. This will deter animals, children and other individuals from accessing the pool inappropriately and even saving lives. 

Is your swimming pool constructed under the recommended pool safety measures?

Safety precautions should not only be undertaken after the completion of the construction. During the construction phase, ensure that your contractor adheres to the set pool safety guidelines. For instance, some materials and products are considered unsafe. This could ultimately increase the cost of your insurance. 

The style and size of your pool

All pools are not created equally. The style and size of your pool can affect the pricing of your pool insurance. For instance, if you have a modern infinity pool that stretches close to your bar, be assured of remitting higher premiums compared to those who have a smaller pool. 

Is your swimming pool categorized as a luxury pool?

Luxury pools are a great sight to behold. And with the expensive materials used as well as finishing, the cost of replacing or repairing this is higher than ordinary swimming pools. Be ready to pay higher premiums, given the modern styles and world-class upgrades.

Risky features

Some features pose more risks for swimmers. For instance, dramatic drop-offs, steep steps and waterfalls can result in slips. Also, if your swimming pool was constructed using depths over the recommended swimming pool depths for your area, you might remit higher premiums given the risks involved.  

Your location

If you live in areas where the majority of the population do not know how to swim, your premiums will be higher. On the contrary, swimming pools located in communities with proximity to oceans and lakes may be charged fewer premiums as the risks of drowning are less. 

What measures can you take to reduce your swimming pool insurance cost? 

• Ensure children are supervised when around the swimming pool- Ensuring children or people who do not know how to swim are supervised is a clever way to prevent accidents from occurring. As with any insurance, fewer or no claims warrant better rates and can even be used to request discounts. 

• Create rules around the swimming pool- A pool party is a perfect plan to catch up with friends and family. However, accidents such as slips and even drowning are more prevalent in pool parties. To counter this, set up rules that must be observed around the pool. For instance, if you notice that people have become rowdy and unruly, move the party inside and close off access to the pool area. 

• Carry out regular maintenance- Just like any other part of your home, your swimming pool requires regular maintenance. For example, getting rid of debris in the water during summer prevents pool blockages. Also, ensure you check for cracks as well as get a professional to open and close the pool. 

While a pool is a great investment that can lead to many fantastic memories, it can be a source of accidents. Most accidents can be averted. But they still occur, regardless of the measures taken. As such, you should ensure you safeguard yourself with appropriate insurance coverage that will protect you in case these accidents occur. 

Now that you know a little bit more, maybe it’s time to start a home insurance quote.