Many people grow up dreaming of having a pool in their backyards. However, as many Amityville, NY homeowners learn, having a pool increases personal risk and may cause a spike in home insurance premiums. So, before you have a pool installed on your property, here are a few things you may want to take into consideration.
Why Does a Swimming Pool Result in a Higher Insurance Premium?
Your homeowner’s insurance policy is designed to protect your house and personal property, as well as protect you from costly liability lawsuits. In the event that a guest is injured while at your home, an insurance company will take care of the medical expenses, cover their lost wages, and even pay for non-economic damages.
Swimming pools increase the chances of a slip and fall or a drowning incident, which your insurance company could be held responsible for. To cover these risks, your insurer is likely to charge a higher premium on a monthly basis.
Does It Matter What Type of Swimming Pool You Have?
Your homeowner’s insurance will likely cover any damage that occurs to the pool, but the level of the protection could vary depending on the exact kind of pool you have. For instance, above-ground pools are portable and typically considered personal property. If it suffers damage by lightning, in a fire, or by another covered event, repairs or a replacement is likely to be paid for by your insurer.
However, in-ground swimming pools may be considered personal property, part of your swelling, or a completely separate structure. The coverage limit for this will be based on the home value. Of course, an additional rider can always be purchased for additional protection. For more clarification on this, speak to one of our agents at Acme Insurance Brokerage.
Is It Possible to Reduce Your Premiums?
You should be able to reduce your insurance premiums by taking steps to protect others. For instance, you can reduce the risk of young children coming onto your property and entering your pool without your permission by building a fence with a locking gate around your pool. You can also help prevent nighttime slips and falls by installing lights around the swimming pool. A mesh or solid cover can be used to cover the pool and reduce the risk of someone accidentally falling into the water and drowning.
If you have questions about how a swimming pool can affect the premiums of your homeowner’s insurance in Amityville, NY, reach out to our insurance agency at Acme Insurance Brokerage.