If you are considering getting a pool, you need to contact your insurance representative to discuss the added liabilities and additional coverage for having a pool in your yard. Having a pool presents additional risks that will increase your premium. A pool is considered to be an “attractive nuisance.”
Some items to think about include whether the pool will be above ground or built into the ground. Many communities require a fence when you have a pool. Even if it is not required, you may want to put one up anyway to help reduce risk and liability.
Most insurance companies offer extra liability insurance. Get it! The consequences of not having additional insurance in place could be severe in the event of an accident. The cost of paying per month is significantly less than what you would be paying if you did not have it in place.
Additionally, determine the overall value of your pool, and make sure that you fully understand the costs involved. If you have an in-ground pool, it is important to know the cost of installation, as well as any in-ground structure needed. You may want to discuss additional protection for the structure itself with your agent. Damage from a storm or natural disaster may force you to have a new structure put in place.
Having additional insurance coverage will allow you to enjoy your pool and know that you are protected from any unexpected event. Your premium may be quite higher, but if you do not have this extra coverage, you could be potentially liable for thousands of dollars or even more.