A pool is an exciting addition to have in the house.
When you think of a pool in the house, you think of pools parties, a dip in the height of the warm season and just general relaxation.
But before you pay that contractor and begin to construct a pool, think of its impact on your insurance policy.
Are you adequately covered to have a pool? You need to consult your agent even before you install a pool.
Most people have encountered difficulties because they did not tell their agent that they have a pool in the house.
When they need insurance coverage as result of the pool, they find out that their coverage does not extend to their pool.
A home owner's insurance policy generally covers two basic things (a) damages to your house and other structures on your property (like a pool, gazebo, sheds etc)(b)liability protection in case someone sues you.
For those who have a pool in their house, the likelihood that you will need the services of your insurer is higher.
Your pool is part of the "other structure" part of your home that is covered by your home owner's insurance policy.
The standard coverage for such "other structures" is 10% of the total amount written for your home.
Some insurance companies have policies that provide 20% of the amount written for your home for those other structures.
Depending on the number of "other structures" that you have and how much you spent on the new pool, you may need extra coverage because the 10% would not be adequate to cover you.
The type of home owner's policy you have, would determine the kind of coverage you'll have.
It would cover all the perils that are associated with pools(about 17 of them)except those that are clearly stated in the exclusion list.
There is no insurance policy that would protect you from events like damage to your pool caused by freezing, thawing, weight or pressure of water or ice.
So if you live in the colder regions, it is your responsibility to ensure that your pool is properly "winterized" Consult with your agent and ensure that you understand all that your policy covers and what is excluded.
Know the type of policy you have and if you need to increase your liability coverage, please do so!