The neighbor’s pool is sparkling and heated. Before you start the concrete mixer make sure you know what happens to your home insurance.
The splashing, the laughing, the smell of grilled hamburgers coming from your neighbor’s Saturday afternoon pool party; it’s enough to make anybody jealous. With a pool heating system in Florida, a pool can be used year round. But aside from fun, exercise and refreshing summer moments, keep in mind that a pool will affect your home insurance rate.
Depending on the type of pool, you will need one of two kinds of coverage. If you do as most Floridians and install a pool that is attached to your house (generally in a screen enclosed patio) then you will need to add the pool value to your property coverage as if it was an addition to your house.
Sometimes, owners of larger properties prefer to make the center of their yard a pool oasis which requires a walking path from the back door to the pool. Your home insurance company should consider this a detached structure which will have to be added to your policy accordingly.
Detached structures include sheds, gazebos and pools that are not connected to your house. With most home insurance companies, the price increase for the additional coverage should be the same for either an attached or detached pool. You should talk to your insurance agent to get more details.
The other side of a swimming pool is liability. Your liability coverage should be increased to a dollar amount advised by your agent. This will depend on several factors from the pool to extras like slides and diving boards. In fact, some insurance companies in the state of Florida will forbid slides and diving boards so the addition of such things may result in switching to a new home insurance company.
Keep in mind that when your friends, children’s friends, neighbors and relatives are in your pool, you are liable for any harm or injury that may be inflicted upon them. Going cheap on liability coverage is not advised if you are going to invest in a splashing addition to your home.
To make sure your budget is in order, you should first contact your home insurance agent to see what is to be expected before hiring the pool contractor. They will be able to give you an idea of what to expect on your home insurance policy after the addition of a pool.