How does having a pool affect homeowner’s insurance?
UPDATED: Jun 22, 2010
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Asked June 22, 2010
Owning a pool may increase the property value, but it also creates a whole new realm of risks for insurance companies. The simple answer to your question is that yes, having a pool will affect your insurance rates. But there are a number of factors that will determine how much that increase will be, and some actions you can take to keep the increases as low as possible. Talk to your insurance company about their procedures regarding pools, and ask about any discounts you may be able to qualify for, such as installing a fence to prevent uninvited exposure to the pool.
For example, if you have an above ground pool that sits within 50 feet of your home, it may pose a threat of water damage. If the pool were to split or rupture, the sudden flow of water could damage drywall, furniture, carpeting and other household items as well as creating an increased risk for fire. This risk is minimized with an in-ground pool, and can be eliminated by mocking the above ground pool farther away from the home and down slope from the home itself.
One factor that you can correct yourself is to install a fence around the pool. Fencing is now required in many locales, and is intended to prevent accidental drownings of children and pets which accidentally fall into the water. By installing a pool, you will still face an increase in your insurance premiums, but they will be much lower than if no fence is installed at all. Even if you have not planned on putting up a fence around the pool, check your local ordinances to make sure that one is not required.
Answered June 22, 2010 by Anonymous