It’s been a long, hot summer, which has meant lots of sunshine and hopefully some pool time. This year, more than ever, we have seen an uptick in the number of families looking to build swimming pools in their backyards to create their own private oases. At Morris & Templeton Insurance, we’re here to help make the process easy and enjoyable for everyone!
Pool
A very important question that we are frequently asked is, “Does our homeowners insurance policy cover our pool?” Well let’s dive into the details! There are two ways in which your homeowners insurance can protect you if the unexpected happens.
First, if your pool is damaged by a covered peril, homeowners insurance is there to help you pay for the repairs. Typically, covered risks will include a fire or falling objects (such as a tree). Keep in mind, however, that your homeowners insurance will only pay for repairs up to the limits stated in your policy. Also note, anything outside of your covered risks will not be covered by your insurance.
Secondly, your homeowners insurance policy also includes liability coverage. This would address expenses should a guest get injured at your pool. It would help pay for their medical costs and your legal protection. As you already know, liability protection is a standard part of your homeowners insurance policy, but having a pool increases your liability risk, so the Insurance Information Institute (III) suggests increasing your coverage to protect yourself from excessive costs should a mishap occur. They suggest purchasing a personal umbrella policy, which provides liability coverage above the limits of your homeowners insurance. A homeowners policy typically provides $100,000 in base liability coverage. When a tragic accident happens, sometimes this isn’t enough.
As you would assume, pools can attract uninvited guests. But you may not have known that even if a person is trespassing, they can still sue you if they get hurt while using your pool. It is suggested that if you have a pool, you need the maximum amount of liability protection you can reasonably afford.
There are also safety precautions you can take to help prevent injuries by securing your backyard and keeping those who use it safe. Installing a fence is a must. Becoming CPR certified is strongly suggested. And setting ground rules like “no swimming alone” and “no swimming during a thunderstorm” will also help you avoid accidents.
So will your new backyard addition impact your homeowner's insurance policy? The short answer is “Yes.” A pool will increase your home’s ‘build price,’ or the cost it would take to rebuild everything on your property should a crisis occur. So in exchange, you will see a rise in your premium with the installation of a pool.
The III says it’s important to let your insurer know when you’re planning to build a swimming pool so that you can review your coverage and make sure you have the right amount of protection in place. Ready to make a splash? Make a call to Morris & Templeton Insurance so you can be poolside with peace of mind.give Morris and Templeton Insurance a call and they will handle all of those complex risks. You can reach an agent at 912.355.4549 or visit their website at morristempleton.com.
