Does Having a Pool Raise my Homeowners Insurance Rate?

Swimming Pools and Insurance Rates

The Question About Insurance Rates

Here’s another question we get asked a lot at Hanby – “Does having a swimming pool raise my insurance rate?” The short answer to that: it can.

Why Would Having a Pool Raise my Homeowners Insurance Rate?

Some carriers do charge more if you have a pool. This because having a pool increases the liability exposure at your home. There’s always a chance that someone can get injured in your pool. For that reason, some carriers do charge more if you have a pool. Most of them do not.

Having a Pool May Effect Your Eligibility for Homeowners Insurance.

In addition to potentially raising your rate, having a swimming pool may also effect your eligibility for coverage with certain carriers.  Most insurance companies will require that you have a fence around your yard and that you keep your gate locked.  Choosing to have a diving board or slide could make you ineligible for coverage with your current carrier.  Again, this is due to an increase in the liability exposure. Before deciding to add a diving board or slide it’s always best to check with your insurance company.

Options for Liability

One more thing to consider if you have a pool, is purchasing a personal umbrella policy. A personal umbrella policy offers additional liability above and beyond your auto and homeowner’s liability coverage. A personal umbrella policy would kick in when your underlying homeowners liability limit is exhausted. In our office, we usually write $500K for homeowners liability but most insurance policies we see have $300k.  You can purchase an additional personal umbrella policy to provide additional coverage above and beyond your homeowners liability coverage – we have clients who choose to go up to $10M in coverage. Again, a personal umbrella adds an additional layer of protection over your homeowner’s insurance policy in the event an unthinkable event were to happen with your swimming pool.

Hanby Helps

If you’re ready to purchase a personal umbrella policy or if you have further questions, don’t hesitate to contact us at (972) 285-0381.