1575 Pearl Rd Brunswick | 330.225.5605

Although buying your dream home is likely to be expensive, you will enjoy the comfort, convenience and luxury you have always dreamed about. There is no doubt that you will have worked hard in order to acquire the property. This will require that you purchase insurance to protect you and your investment against financial loss. If you buy a home with a swimming pool, you will need to understand how the facility will affect your homeowner’s insurance rates. The higher premiums may form part of the additional costs that come with property ownership.

Attractive nuisance

Most insurance companies view your swimming pool as an attractive nuisance. This means that the facility has the potential to lead to various liability issues. For instance, in case a relative or a child accesses and uses the pool without your knowledge, there is the risk of injury or death. The hefty expenses associated with these risks are likely to push your homeowner’s insurance rates up.

Opting for higher coverage

There are times when you will be concerned about the liability risk since a swimming pool brings potential dangerous situations. This may lead you to purchase an umbrella policy to ensure that you are fully protected. Since such a policy will have higher liability coverage than regular homeowner’s insurance, you will end up paying higher premiums.

Value of home

Facilities such as swimming pools are known to increase the value of your home. A pool will not only offer you convenience, luxury and health benefits but can also be used in marketing your home when you decide to sell. The higher the value of your home, the higher the premiums you will pay when you purchase insurance to protect your property.

Pool furniture and equipment

When installing a pool in your home, you will also have to add equipment and accessories. Such items will be considered to be part of your personal belongings, effectively raising the total worth of all your belongings. Since homeowner’s insurance will cover all these items against the insured risk, your insurance rates will increase.

Complying with conditions

A number of insurance companies will determine how much you pay for coverage depending on the safety features you have for your pool. While installing safety measures will lower premiums, you will pay more if you do not have them.

In the end, the decision you make should be based on the pros and cons of owning a home with a pool. Apart from insurance rates, it would also be important to be mindful of pool maintenance costs.