Does Having a Swimming Pool Increase the Cost of Home Insurance?

Homeowner’s insurance protects you against potentially expensive financial liabilities related to your home and property. Insurance companies determine the cost of your insurance premiums according to the likliehood that you will need to file a claim. Some property components, however, may increase your risk factor.

For example, in New York, having a swimming pool can raise your homeowner’s insurance premium significantly. Whether or not a homeowner’s insurance policy will pay for repairs needed to your swimming pool depends on your insurer and the manner in which your pool becomes damaged. However, all New York insurance policies will pay for liability expenses related to injuries on your property – including those that occur in or around your swimming pool.

Having a swimming pool means that there is an increased likliehood that someone could become injured on your property. Your homeowner’s insurance will cover liability, but probably not the amount you would need to protect you from a lawsuit should someone become injured in your pool.

Instead, you’ll need to purchase additional liability coverage – either by raising the liability limits on your primary insurance policy or by purchasing an umbrella policy, which supplements your primary policy by $1 million or more. The additional coverage will cost you more in premiums, but could save you millions of dollars in the long run.

If the premiums are more than you would like to spend, there are ways you can lower them without affecting your coverage. For example, installing safety components, such as a fence around your swimming pool, a pool alarm or an electronic pool cover, could decrease the risk of a swimming pool accident. Ultimately, the best way to ensure you are getting the very best price for your New York homeowner’s insurance is by shopping and comparing the rates of various insurers in your state.

Will a Pool Make my Insurance Go Up

Will a Pool Make my Insurance Go UpHomeowners insurance is coverage that will protect not only the structure of your home, but also the contents and even out buildings and other structures. If you already have a pool on your property or if you are thinking about adding a swimming pool – this will probably raise the rate on your insurance.

You may wonder why adding a pool to your backyard would increase your insurance premium. The main reason is that it adds an additional liability to your property. You may also need to add a fence around the pool and other security features to make sure no one is hurt accidentally. Even though the pool is on your property – there is a possiblity that neighborhood children or other invited guests may go into the pool area and get hurt.

Another reason a swimming pool will increase your homeowners insurance is the possiblity that you, your family, or your guest may be injured in the pool. Accidents happen all the time and as the homeowner you will be responsible for the medical payments of someone injured on your property. No matter how careful you are, or how close you watch your children, there is a chance that a tragedy could occur in or around your swimming pool.

If you still want to install the pool – make sure you talk to your insurance provider and find out ways to earn discounts on your premium. Usually, if you install special security measures, your insurance company will reduce the amount you will have to pay on your premium. Another way to save money is to shop around and find a provider with a better rate. You can work with an independent insurance agent who can compare multiple quotes for homeowners insurance and find you a rate you can live with. Before you make any decisions about adding a pool, or purchasing a policy from your current provider, let an agent compare prices and save you money.