Don’t commit to a pool until you talk with your insurance agent: Imperial Pool Builders explain

Before you get too excited about owning a swimming pool and signing any contracts you should take a step back and talk with your insurance agent first. What?! This may seem like an odd conversation to have, but there are some insurance companies that won’t provide coverage for homes with swimming pools becase of the increased liability. Others may require you to purchase “umbrella” insurance which would provide coverage well above and beyond your current homeowner’s liability coverage.

You certainly don’t want to get a swimming pool only to find out that your homeowner’s insurance won’t cover you and that in fact, might cancel your policy. Talk with your insurance agent and talk with your potential swimming pool contractor to ask him for information on insurance for pool owners.

It is necessary to have insurance coverage — in fact, if you have a mortgage your bank will demand it — that adequately covers the pool and potential liability issues.

Talk to your insurance agent if you’re getting a pool

You also need to be prepared for a potential increase in your insurance premiums once you become a swimming pool owner. Ask your insurance agent for an estimate on potential increases in the premium.

What does a homeowner’s insurance policy cover?

  • When you buy insurance you are paying for coverage to potential damage to the home, its contents and any outbuildings. You are also paying for liability coverage to protect you in case someone gets hurt on your property and sues you.
  • The pool would be considered a “separate structure” on your policy. Ask your insurance agent how much coverage you will have for the pool and what is included and excluded from coverage. You may not be covered for damage to frozen pipes or if something falls into the pool — you need to know what’s included as well as what’s excluded.
  • Purchase additional liability coverage in case someone gets hurt in the pool.

Your budget for a swimming pool project should include:

  1. Potential insurance increases.
  2. Increases to your utility bills
  3. The money needed to pay for the cost of the pool
  4. Budget for swimming pool maintenance and upkeep

Becoming a swimming pool owner is an exciting time, but it can be fraught with decisions you had not thought of. Talk with us to gain a complete understanding of all that is involved.