Homeowners 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.