Does Homeowners Insurance Cover an Inground Pool?
Swimming pools, both in-ground and above-ground, provide enjoyment and pleasure for homeowners, yet their presence increases the chance accidents can occur. In some cases, homeowners insurance gives protection to in-ground pools, but at the added cost of increasing premiums. At times, it is necessary to take out additional insurance on in-ground swimming pools, including taking out an umbrella policy.
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Safety
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In many cases, homeowners insurance covers an in-ground pool. However, if a homeowner has a pool installed on the property, he needs to inform his insurance company of the addition. In some cases, having an in-ground pool on the property requires certain safety measures to be taken. These safety measures include making sure the pool is properly secured against accidents. Some insurance companies also insist upon having a fence around the in-ground pool.
Related Structure
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When a person installs an in-ground pool on his property, the new addition is considered a permanent structure. Some insurance companies consider the new in-ground pool to be a related structure and provide insurance under that definition. Because related structures also include things such as storage buildings on the property or detached garages, it might be necessary to increase the amount of coverage on detached structures.
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Resale Value
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At times, having an in-ground swimming pool creates problems when the homeowner puts the property on the market. Although some homebuyers prefer having an in-ground pool on the property, budget-conscious homebuyers choose to stay away from in-ground pools, looking at the increased cost of maintenance, as well as increases in homeowners insurance policies.
Geography
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The amount of an increase in homeowners premiums depends upon a variety of factors, including the location of the property. In some parts of the country, typically where the weather remains seasonable for long periods of time, the increase is less than in the northern parts of the country. Places remaining warm tend to have more pools than those where the cold weather is more of a factor.
Umbrella Policies
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In some instances, homeowners take out umbrella polices to provide additional protection for property with an in-ground swimming pool. While homeowners insurance covers certain kinds of accidents, an umbrella policy takes over when the homeowners policy reaches its payout limit. For example, if a homeowners policy insures a property, including an in-ground pool, for $250,000, but an accident occurs in the pool and the victim sues for $500,000, the umbrella policy pays for the amount the homeowners insurances does not.
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References
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