Pool Ownership And Its Effect On Your Homeowners Insurance Premium

Posted on: 8 August 2014

There's no doubt that owning a pool can be a nice luxury, especially when it comes to relaxing and cooling off on the hottest days of the year. However, one thing to consider if you're thinking about buying a home with a pool or having a pool installed on your existing property is the effect that doing so can have on your homeowners insurance premiums. Read on to learn about how a pool can impact your premiums and what you can do to lessen that impact as a means of saving money.

Pools as a Liability

While a pool may add value to your home and provide you with hours of fun in the sun, they're expensive not only in terms of maintenance but in terms of your home insurance rates as well. Unfortunately, swimming pools are considered to be a liability due to the inherent risk of injury and drowning that comes with having one. Therefore, in the event that somebody is hurt while in your pool (even if they're swimming in your pool without your permission), you can be held liable.

As such, homeowners insurance companies, such as Advantage Insurance Agency Inc,  typically require these policyholders to carry a higher amount of liability coverage. The subsequent impact on your monthly home insurance premium can vary depending on where you live and the company with which you're insured, but you'll pay a higher premium overall as a pool owner.

Lessening the Impact

Even though pool ownership comes with its inherent insurance liabilities, the good news is that there are steps you can take to lessen the impact on your insurance rates. For example, your insurance company may charge you less if your pool is not visible from the front of your home and if you have a fence (with a gate that locks) around the entire perimeter of your pool. Furthermore, your liability risk can be lessened if you remove any diving boards or water slides from your swimming pool, as these are generally viewed by insurance companies to make your pool more dangerous. Be sure to notify your insurance company of any changes to your pool.

As you can see, owning a pool does come with its inherent costs. If you decide that the extra cost and liability is worth it, be sure to keep the above tips in mind for reducing the impact your pool may otherwise have on your homeowners insurance premiums.