Thursday, June 9, 2011

Pools and Insurance

A few weekends ago we all celebrated Memorial Day. Traditionally this is the weekend where many pool owners open up the family pool for the summer. Pools are cleaned, chlorine is checked and pool toys are brought out of storage. There is, however, one other step pool owners should take when opening the pool. That step is to make sure their homeowner insurance is up to date to best protect them if something happens to the pool and or to a summer guest.

The pool itself has coverage on your homeowner policy under Section I, Other Structures. Normally this coverage is 10% to 20% of the amount of insurance you have on your home. Let’s say you have your house insured for $200,000; under a typical homeowner policy you will have $20,000 in coverage for Other Structures. As a pool owner you need to ask yourself, is that enough to cover my pool if it was damaged? If not you may need to increase your Other Structures coverage.

Liability is always a big concern when a pool is involved. It is important for pool owners to know that many insurance companies require pools to be fenced. If they are not the pool owner may find their homeowner carrier canceling their insurance. So if you are someone that currently doesn’t have a pool but plan to add one, make sure to include a fence in your planning process.

Umbrella insurance policies are something we at Fey Insurance Services always recommend but if you are a pool owner we strongly recommend them. Unfortunately drowning is a real risk when you own a pool. Heaven forbid this ever happened at your pool but if tragedy did strike you would want to have all the liability coverage you can to help protect you.

So before you pull the winter cover off your pool, be sure to consult with your insurance agent and do a review of your homeowner insurance. Enjoy the summer!