When the temperature rises to an uncomfortably high level, the luxury, convenience, and solitude of having your pool can become an ideal refuge. But whether you’ve been daydreaming of a new in-ground or above-ground pool, adding up the expense can have you envision your lagoon.
Have you ever wondered how much adding a new swimming pool might affect your homeowners insurance beyond the building costs and annual maintenance? Here is the information you need about home insurance with a pool before you commit.
Your home is shielded from loss or damage by fire, wind, and floods thanks to homeowners insurance. When you have a pool on your property, it’s considered an “add-on” to your home insurance policy.
The cost of a homeowners’ policy varies depending on the coverage you need and where you live. The most common types of coverage include:
The cost of adding a pool to your policy will depend on the coverage you need and the location of the pool.
Your homeowners insurance rates may rise if you build a pool since it raises the value of your home.
The cost of adding a pool also depends on the type of coverage you have and where it is located. For example, personal injury liability (PIL) coverage may be more expensive if the pool is in an area prone to flooding.
If you’re considering adding a pool to your home, talk to your insurance agent about the costs and coverage options.
Since every home, pool, insurer, and policy is unique, there isn’t one solution that applies to everyone. If you have a pool, increasing your liability coverage is unquestionably advised. Depending on your range, this will affect how much your homeowners insurance prices climb. In general, a variety of variables influence home insurance prices, such as:
Here are a few tips to help you stay safe while in the pool:
While the cost of homeowners insurance goes up with any added features to a home, including a pool, it’s essential to know what components will affect the price and consider your coverage options.