With temperatures reaching the high 30s Celsius in Ontario this summer, you’re probably counting your blessings if you have a swimming pool in your yard. But did you know that a pool involves various risks and factors that make it a vital part of discussions with your insurance broker?
Some issues to discuss with your broker include:
- Having a swimming pool could be a criterion used to determine your homeowner’s insurance premium – especially if the pool is worth more than 10% of the total insured value of your home.
- Any water damage that results from leakage of a swimming pool or pool equipment may not be covered by your homeowner’s insurance; make sure you check into this.
- Liability issues: If a guest is injured or drowns in your pool, you could face a lawsuit. Make sure that your homeowner’s policy has the right amount of liability insurance to cover this risk.
Insurance companies will look at various factors when assessing your pool and its affect on your premiums:
- Is the pool fully fenced, locked, with a pool cover – as per Ontario legislation for safety reasons?
- Are pools common in your area? If not, it’s more likely your premiums will go up.
- Diving board? If yes, there’s more chance of a life-altering accident, so likely higher premiums or potentially no insurance at all.
- Pool at front, side or back of the house? The latter is considered safer re: visibility to the public.
If you have a pool, has it affected your insurance premiums? If you don’t have one, would you buy a house with a pool? Leave your comment here.
Other summertime topics of interest:
