MONDAY, FEBRUARY 20, 2023
As a homeowner, you must account for many risks and exposures. Some homeowners may need to consider additional issues that could lead to significant losses if their home includes features or attractive nuisances, such as swimming pools.
Insurance Needs for Pool Owners
Home insurance, also known as homeowners insurance, is an integral part of your insurance portfolio. This coverage generally includes financial protection for the structure of your home, additional structures on the property (e.g., detached garages, sheds, gazebos), personal possessions and loss-of-use expenses.
In addition to the aforementioned components, your home insurance policy provides coverage for liability-related incidents, such as bodily injury and property damage. This part of your home insurance must be considered when it comes to swimming pools.
While enjoyable and attractive, swimming pools also create significant risks and exposures for you, your family and any third parties. In addition to the potential for drowning, a swimming pool also may lead to wet and slippery surfaces, thereby increasing the risk of someone suffering injuries from a fall. In such situations, you may be held legally responsible for the affected party’s losses, which could lead to substantial out-of-pocket costs if you lack adequate insurance.
Although standard home insurance policies generally include liability coverage for incidents related to your swimming pool and may also help pay for repairs, your premiums may be noticeably affected. Insurance companies conduct comprehensive analyses of your home and circumstances before providing accurate quotes for coverage, and attractive nuisances like pools are a significant factor.
You may want to consider adding a personal umbrella insurance policy to your portfolio. This type of coverage acts as a form of secondary insurance that can provide additional financial assistance if the liability limits of other policies, such as home or auto, are exhausted. An incident involving your pool could easily result in losses and damages that exceed your home insurance limits. Without personal umbrella coverage, you would be responsible for paying the remaining costs out of pocket, which could have irreparable ramifications for your finances, family and future.
Get the Right Coverage
While a swimming pool may be an attractive and luxurious feature of your home, it also exposes you to significant liability risks. Fortunately, the agents at Hart Insurance Center have over 75 years of experience helping homeowners and their families protect themselves with optimal coverage solutions. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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