A swimming pool is an attractive luxury and may in many ways enhance the sales value of your home, but your insurance company factors it as a possible risk. Homes are insured based on reconstruction value and relative risk to the insuring carrier. A swimming pool can pose a threat to the carrier since there lies the possibility of danger and a personal liability.
It is more likely that a child or impaired adult may become injured in or by the pool rather than your home being destroyed by fire. In most cities around the country, there is an ordinance in force requiring homeowners to have swimming pools within a fenced yard protected by a latched gate so not to invite strangers to the use of the pool without the owner's permission and knowledge; insurance companies all impose the condition that a swimming pool is in a fenced and gated area without public access.
Even though the swimming pool poses a greater liability risk, most insurance carriers do not assess an increase in premium; however, they will always ask if you have a diving board and/or slide. The diving board and slide pose a much greater risk than the swimming pool itself. Some insurance carriers will not insure a home with a pool if there is a diving board, slide or a trampoline in the yard.
For homeowners with a swimming pool, it is highly recommended to carry the highest available personal liability insurance limit; most likely $500,000, in most States, there is no deductible applicable to the liability portion of the policy and the premium is unlikely to cost more than $40 - $80 per year for the additional liability insurance coverage. If this topic is of greater concern, you may purchase a Personal Umbrella Policy which in most cases will provide an Excess Form of liability up to $5 Million of coverage for a separate premium.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Most home insurance companies do not charge extra for a swimming pool. They do underwrite the home more closely and are particularly interested in fences, gates, slides, and diving boards. The pool itself does not pose a risk for property damage as it is not subject to loss from the normal list of perils. However, it certainly is a liability problem.
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It is more likely that a child or impaired adult may become injured in or by the pool rather than your home being destroyed by fire. In most cities around the country, there is an ordinance in force requiring homeowners to have swimming pools within a fenced yard protected by a latched gate so not to invite strangers to the use of the pool without the owner's permission and knowledge; insurance companies all impose the condition that a swimming pool is in a fenced and gated area without public access.
Even though the swimming pool poses a greater liability risk, most insurance carriers do not assess an increase in premium; however, they will always ask if you have a diving board and/or slide. The diving board and slide pose a much greater risk than the swimming pool itself. Some insurance carriers will not insure a home with a pool if there is a diving board, slide or a trampoline in the yard.
For homeowners with a swimming pool, it is highly recommended to carry the highest available personal liability insurance limit; most likely $500,000, in most States, there is no deductible applicable to the liability portion of the policy and the premium is unlikely to cost more than $40 - $80 per year for the additional liability insurance coverage. If this topic is of greater concern, you may purchase a Personal Umbrella Policy which in most cases will provide an Excess Form of liability up to $5 Million of coverage for a separate premium.