Insurance Inquiries – How Does A Swimming Pool Affect You?

Hey everybody! Its Dale Marsh here Lead
Buyer Specialist with the Santa Sells Houses Team and I’m joined today by… Eric Gagne OurInsuranceGuy representing
Town & Country Mutual Insurance and i’m here to answer all… Insurance Inquiries. [TAP FOR SOUND] So today’s question is how does owning
a pool affect your home insurance, and what are the liabilities associated with that? so when owning a home, if you have a swimming pool you would want to make sure that you have somewhere on your policy listed that you have a swimming pool, and that you have liability extending
to your swimming pool. It’s very important to make sure that your insurer, insurance company, or broker, or agent knows about the swimming pool
to insure that has the proper coverage not only on the pool, but on the liability
insurance itself for the pool. One thing I just thought of, is there a difference between an above-ground pool and in-ground pool for liability, or is it just more of the value of the pool? No, it’s just more the value of the pool. So as far as risk is concerned,
obviously an in-ground pool is more susceptible to somebody
falling into the pool, than an above-ground pool. So this is a situation where
no matter what type of pool you have insuring that you’re at two million liability for your property insurance versus a million. A lot of homes out there still have policies in place where the swimming pool is on the property, but there’s only a million dollars
liability insurance. If you have a situation where you have a claim of an
injury or a more serious claim than that, then you could be in a situation where
you’re being brought in on a lawsuit, and being held negligent as a homeowner. So you want to make sure that you’re
above a million liability. So at least purchased two million liability
when you have a swimming pool. Okay, yeah I guess a million dollars these days unfortunately doesn’t cover a whole lot when you get into a major
catastrophe type scenario right. Have you ever had a claim where
a pool was damaged itself like say a tree falls,
or a tornado type scenario? We’ve had wind storms that damaged liners. Liners can get pretty expensive too, so that’s a pretty significant claim on an in-ground pool with a liner. We sometimes have furniture that falls
into a pool during the wintertime, or you have some other debris
that may damage the pool liner. One of the things I did want to mention though is, a lot of times homeowners with the value of their home don’t take into consideration that
the value of their swimming pool should be incorporated into the value of their homes. So for example if you have a $400,000 home
and your pools $50,000 to replace new your true value of your property really
should be at $450,000. So you always want to make sure that the value of your pool is included in the replacement value of your home. that’s a great tip, never thought of that. Again if you look at what an in-ground pool
cost now to put in it’s an expense that you want to make sure it’s
included in the event that there’s a total loss, because if there’s a total loss with a fire,
and the pool is really close to the home chances are when they go to excavate the home and
the foundation the pool will have to come off with it or they’ll be damaged
from the fire to the pool. You want to make sure
that coverage for your pool, the value of your pool is included in the
value of your property, or your home insurance. And pools these days, like you said they can be
40, 50, 60, even up to $100,000 depending on the size
and the the landscaping that goes around it. Thats great advice. Thanks for
joining us today!

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