Did you know that an in-ground pool can increase the amount of home insurance you pay each year? This type of investment seems like a good one for many homeowners. However, pools are risky. There is always the risk that someone can be hurt or even drown in your pool. This enjoyable luxury could be adding to the amount of home insurance you pay each year as a result.
Why Do They Cost More to Insure?
Your home insurance policy cost is based on the amount of risk your insurer perceives your home presents. For example, a home with a security system in place is at less of a risk of theft than a home in which is left unprotected. The same applies to a pool. Because of the increased liability risks, insurance companies charge more to insure a home with an in-ground pool, even if you put up security gates and keep it covered.
Could Removing Your Pool Save You Money?
To determine if your in-ground pool is weighing down your home insurance policy specifically, you’ll need to first determine if your insurer knows it exists. It is always recommended that the insurer is informed of the presence of a pool when purchasing insurance or when installing a pool.
The amount of increase in premiums for an in-ground pool depends on a variety of factors. With an in-ground pool, you may need to increase your liability coverage from the most common $100,000 liability level to a higher plan. This may cause an extra $50 to $100 in coverage. The amount will depend on several factors like your location, home value and risks. If you were to remove the pool, then, your insurance coverage could be reduced.
If you enjoy your pool, and maintain the safety of your property, there’s no reason to remove it for home insurance costs alone. However, if it is a liability risk to you for any reason, it can help protect your finances to remove it from your property.
Find out if you can save. Call Amistad Insurance Services at (919) 926-7166 for more information on Raleigh home insurance.
