Insurance rates, upon which premiums are based, depend not only upon the amount of coverage (the "coverage limits") but more, the nature of the risk. Homeowners insurers therefore will consider the presence of a pool in the risk calculation. Further, from the standpoint of physical damage coverage, you will want to include damage to the pool from an adverse event, so you may choose to increase the dollar amount of coverage. Those two factors may, and probably will, lead to an increase in premium.
- The simple answer: It depends. Many factors will vary the answer: the situation of the house; how common pools are in the area; above-ground vs in-ground; is there a fence; is there a diving board or slide; and other similar questions. Generally speaking, in Northern climates, where pools are not very common, the rates will be higher. In Southern or hotter climates, where pools are more common, the rates will be negligible. Calling around for informal quotes is your best bet.
- I just bought a home with an in-ground pool & a diving board. I was told by one insurance broker that a number of companies will not insure pools with diving boards. I did find a company that would do so, but the rates were higher.
- I used to work for a major insurance company and wrote homeowners policies. Our main concern was that the pool access was restricted, viz., a gate around the yard or a gate around the pool. Can the pool be seen from the street, in which case a child may be "lured" into the yard by the looks of an inviting pool. Pools are a big liability concern.
In addition, please be aware that you can be sued if someone drowns in your pool even if they do not have your permission to be there. I have never understood this thought process, but it's just something to look at.
The rate did not change with the company I worked for if you had a pool versus not having a pool.
- The swimming pool at my home has never been affected by my insurance carrier state farm with a swimming pool that has a slide and board. Of course, insurance companies are always looking for a reason for the cost of insurance. Pool Pro-built swimming pools may offer just another benefit when an insurance company is notified.
Having these items is just another reason to have a swimming pool professional who is licensed and insured as the contractor. Here is something noteworthy: The major manufacturers of swimming-pool deck equipment offer the swimming pool professional -- who is licensed and insured -- an additional insurance liability rider. Again, this could be something which would save you, the owner, in the long run. I know that our company offers a copy of this cert and our regular liability cert to all of our potential customers.
Don't forget correctly plumbed dual main drains in every swimming pool in-ground (and above-ground) is ANSI/NSPI-5 2003 code. And adopted by most CABO & BOCA building codes also.
- We are installing a fiberglass pool this week. I called my insurance agent -- State Farm -- and was told there will be no rate increase. I do have an umbrella policy and would recommend that anyone with a significant equity in their home -- whether they have a pool or not -- have umbrella coverage.
- As a supplier of pool-safety gate hardware, one thing we run into is people who have to bring their pool enclosure up to code because of an insurance inspection. Some of these folks are in areas where the local department of inspections does not enforce any kind of pool codes. For more information on gate hardware for your pool gate (including a video) please see the Related Link.
- Some companies will require you to make sure the pool has a fence or other barrier around it.