Swimming Pools and Homeowners Insurance Rates

Swimming pools add immediate real estate and entertainment value to your home unlike any home improvement. With the endless pool parties and priceless memories comes significant safety and financial risks. Every year in the U.S., roughly 43,000 people are injured in and around swimming pools, with nearly 300 drowning cases reported. These statistics equate to a greater liability for insurance companies and higher homeowners insurance rates for those who own swimming pools.

Compare Rates Before Diving In

When shopping for better homeowners insurance rates or updating an existing policy, be aware that not all pools cost the same to insure. Insurance companies take into consideration whether the pool is in-ground or above-ground, if there are any slides or diving boards, and if the pool is supported with any safety features like a fence and locking gate. In some instances, the location of the pool is also taken into underwriting consideration. (e.g. whether your pool is visible from outside your home).

Believe it or not, if somebody uses your swimming pool without your permission, you can still be held responsible for any corresponding liability. For that reason, it is important that you consider increasing your homeowners liability coverage to a higher level when owning a pool.

Adjust Your Homeowners Insurance Accordingly

If somebody uses your swimming pool without your permission, you can still be held responsible for any corresponding liability.

Homeowners insurance policies generally recognize swimming pools as a structure that is separate from the home, similar to a detached garage. The Insurance Information Institute indicates that coverage for these types of structures is usually 10% of the home's insured value. Depending on the elaborate construction and value of your pool, you may be able to adjust your coverage amounts accordingly.

Purchase Only the Amount Of Homeowners Insurance Coverage you Need

Adequately insuring a home with a swimming pool is a common oversight by many homeowners. Some try to save money by omitting the information from the application, and others simply neglect to report a new pool since they're already committed to an affordable policy. Don't be foolish, the only decision you can make is to disclose the pool to your homeowners insurance company since any claim will most likely be denied if you don't. Failing to disclose relevant liabilities to your insurance company constitutes grounds for policy cancellation which is certainly not in your financial interests.

You may find that adding a pool to your homeowners policy will be negligible to your premium, however, if the opposite is true, shop around for new coverage. Homeowners insurance rates can vary by hundreds of dollars between carriers, and extra charges for swimming pools can also differ dramatically from company to company.