That oh-so-covetable experience of relaxing in your outdoor hot tub or taking a dip in your very own pool? Millions of American households enjoy it, both when the weather’s nice and when it starts to cool down.
With the summer heat fading now that fall is upon us, you may be coming down with a serious case of hot tub or pool envy, obsessed with having one right outside your door for warming up in the fall or cooling off next summer and entertaining friends. Well maintained, a hot tub or swimming pool can even increase the value of your home. But will it increase your homeowners insurance rates too?
Before you dive in and add one of these favorites to your property or buy a home that already has one, here are three important things to keep in mind:
Anytime you have an increase in property value or risk, you may need to increase your insurance coverage too.
Both a hot tub or pool increases your exposure to risk. You could be on the line for medical bills and other damages if people get hurt in or around them, even if they weren’t invited guests. At the same time, these relaxing and exercising water marvels may increase the value of your property. Your homeowners insurance needs to reflect both the increased value and risk, and you may want the added protection of an umbrella policy.
Safety measures aren’t just nice to have. They may be required.
Your town, municipality, or insurance company may require a fence and locked gate for your pool or hot tub and even have specific guidelines on the height of that fence. If your house opens directly into the area, you may also consider a door alarm and safety cover to keep pets, children and other non-swimmers safe.
Pool equipment, furniture and accessories increase the value of your personal belongings.
Be sure to include any pool, hot tub or patio-related items of value when you add up how much your personal belongings are worth to ensure you have enough coverage on your homeowners insurance policy. Keep in mind that per-item limits may apply, meaning the maximum amount payable on a single item is capped. For example, if you have an expensive outdoor sound system, you may want to check the per-item limit for electronics. Expanded coverage is often available for high-value items.
Above all, ask us questions. Against which risks is damage to my pool or hot tub covered? Is the pump covered too and under what circumstances?
Working closely with someone who understands your property and the local zoning laws is one of the best ways to fully understand how a pool may affect your homeowners insurance rates. We can help you find the right balance of coverage for your specific situation and help ensure your relaxing oasis isn’t an unmanageable risk.
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Contact us to get the coverage that’s right for you, whether you have a pool or not.