Your first step should be to give Vargas & Vargas a call right away and let us know you have a new pool. If you neglect to inform your insurance carrier of this important fact, it could cause problems down the road if someone is injured in your pool.
Here are a few insurance facts to keep in mind as you get ready for your pool opening:
Your pool is separate from your home
Homeowner’s insurance generally provides coverage for damages to your home and “other structures” on the premises. Which means it is covered under the “other structures” portion of your policy, along with detached garages, sheds and screen houses.
With most homeowner’s policies, the maximum amount of insurance coverage for these other structures is 10 % of the amount of coverage on your home. In other words, if your insurance policy covers $100,000 on your home, the coverage you would receive for your pool and other structures would be $10,000 combined.$10,000 may not be enough to cover serious damages to your pool.. Plus, if you have a shed and a detached garage in addition to a new pool, keep in mind that this amount will have to cover damages to all three structures.
The type of pool damages your insurance will cover varies depending on your specific policy. Be sure to read the fine print and figure out exactly what your policy covers. Most policies do not cover damage caused by freezing, thawing, pressure or weight of ice water. Therefore, be sure to properly protect and “winterize” your pool before the colder months hit.
Protect yourself against pool liability issues
Insurance can also protect you against liability issues related to your pool. Obviously, there are serious dangers associated with pools, including injuries and drowning. Although the liability portion of your homeowner’s policy will protect your assets if someone sues you, it may not be enough. Most homeowner’s policies pay up to $100,000 in coverage each time a person makes a legitimate civil claim against you for an injury that occurred on your property. When you install a pool, you are increasing the chances that someone could be seriously injured or even killed on your property—and $100,000 may not be enough such a tragedy.
Contact us and we can discuss how you can protect yourself from liability issues and ensure that you are adequately covered so you and your family can relax and enjoy your new pool!