For some homeowners, the ultimate dream is to put in a backyard pool. A pool can be a great addition to your home and can provide years of fun and relaxation during the summer heat. But along with a pool comes more responsibility and more expenses. A built-in pool can also be a source of potential personal and financial disaster.
Before you commit to dig up your back your there are financial considerations such as installation costs which can normally cost upwards of $20,000. Then there are increased cost in insurance, electricity and water which will be ongoing.
Once you have decided to put in that pool make sure your covered for liability. Make sure your insurance agent is in the loop. If your insurance company doesn’t know about it, it won’t be covered.
In most cases, your insurance policy can be adjusted to cover property damage to the pool. A general figure is that the pool is covered for 10% of the amount of insurance you have on your home. For example, if your home is covered for $400,000, your pool should be covered for $40,000.
With a swimming pool, liability coverage is crucial. With most homeowners’ policies, a minimum $100,000 in liability protection is included. For most homeowners an increase of at least $500,000 is highly recommended.
In addition, you should consider a few things to reduce your risk, and your insurance rates. Here are some things you can do to accomplish that.
Surround your pool with a fence that is at least four feet tall, and make sure all gates have locks and are self-closing with latches that are at least 54 inches off the ground. Diving boards and slides are not considered safe anymore and should be removed. A pool cover can make a pool a lot safer when not in use and as an extra benefit helps keep it clean.
If you want a pool go for it! Just make sure you’re prepared.