Is there extra insurance cost for a swimming pool?

Having a swimming pool is indeed a luxury. But it can become costly. It’s not only the chemicals, water and electricity that are going to cost you money. There is also an extra insurance cost for the swimming pool that you have to pay so you are covered adequately when something totally unexpected happens.

Implications of a pool at home

Your homeowners insurance will provide cover for the buildings and detached structures that are on your property including a pool. Depending on your insurer, you might need a separate cover and hence, will incur an extra insurance cost for a swimming pool in your premises. The cost will depend on the type of pool you install such as in or above ground, indoors or outdoors. What is true is that premiums do go up when you are going to install a pool at home.

  • What is covered by insurance

Your home insurance covers the structure as well as any fitting you may have including a swimming pool. It is considered as a detached part of the house pretty much like your garage, gazebo or lanai. It will cover for the cost of building a new pool if there is extensive damage. However, it is important to consider increasing your liability insurance in the event that injury occurs by someone using your pool. Also, if someone accidentally slips and falls into the water and is hurt, then you are liable for medical and emergency fees.

  • Terms of the insurer

The insurance company can also set out the terms at which it will insure a swimming pool. For instance, a fence or some type of closure might be required before insuring your pool. The insurer can even refuse you on the basis of this. Your insurance company will also not cover your pool if a slide or diving board is fitted. The main reason given is that these structures are considered great liabilities.

How much extra do you expect to pay?

To make sure you are adequately covered in case of accidents caused by your swimming pool, increasing your liability would be the obvious answer. Extra insurance cost for the pool would range from £160 to £200 a year which is reasonable considering that you will be sleeping better at night knowing that your backs are covered from medical bills and litigation that could even bring you to bankruptcy.

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