What to Know about Having a Pool and Home Insurance

There are many things that can affect home insurance costs, but one of the main things that is important to speak with an agent at Paragon Independent Insurance Agency serving Plano, TX about is having a pool.

Typically, your home insurance will cover your in-ground pool, but there will be a fee added to your premium. It’s important to know if your homeowner policy considers the pool part of the home itself or if it’s part of any extraneous structures like a tool shed. It will either affect replacement cost value or your personal property limit, depending on what category it is in. Usually, in-ground pools aren’t damaged and claims aren’t common.

Above ground pools are usually considered personal property because they are considered portable. These are more susceptible to damage, so speak with your agent about how much is covered and if you would need to purchase additional coverage.

Having a pool affects your liability protection. Pools are considered an “attractive nuisance,” and the owner of the pool is responsible, whether or not others had permission to use the pool. Standard amounts of liability protection may not be enough, and many agents recommend that those with a pool purchase as much as $500,000 of coverage. If someone were to drown in your pool, a lawsuit could definitely exceed the normal $100,000 of protection. You can either increase your liability or have a separate umbrella policy.

If your pool has a slide or diving board, they may be excluded from the policy because these pose a great risk for injury and more medical expenses. It’s necessary to keep up with the maintenance of the pool. If the damage is due to neglect, you may be denied coverage.

Contact an agent at Paragon Independent Insurance Agency serving Plano, TX to get a quote on homeowner’s insurance.