Your pool should now be open for business as Michigan has been blessed with great weather for the last couple of weeks. People often wonder when they install a pool or if they currently own a pool whether or not there is coverage for there pool under their homeowners insurance policy.
Yes, you have coverage under your homeowner’s insurance policy for your pool. In fact you have two types of coverage, liability and physical damage coverage.
The physical damage for your pool is covered under the other structures portion of your policy. If you have multiple garages or pole barns you might find that you’re not properly covered in the event of a total loss to all buildings plus a pool.
For example, a windstorm comes through your area and destroys your unattached garage and ruins your pool. Under your policy the cost to fix the damage is above your limit for other structures. At this point in time you are subject to your policy limit which might not be enough to coverage the cost of repairs to all of your other structures.
How do I know what coverage amount is right for me?
Knowing the cost to fix or replace a damaged pool is very important. It is also important to look at all of your “other structures” and determine the total dollar amount you would need in order to replace/repair them in the event of a total loss.
Can I increase my limit for other structures?
Yes, you and your insurance agent should take the time to review your coverage for other structures. This is especially true if you have a huge pole barn or pool. In this instance you might be underinsured.
What liability coverage do I have on my pool?
The liability coverage that protects you will depend on the limit that you and your insurance agent deciced on when writing your home insurance policy. We recommend having at least $300,000 worth of liability coverage on your homeowner’s policy.
About Spalding Insurance Agency
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These are such fantastic tips! I'm thinking about getting a pool cover. What are some strategies we can use to get one that we can afford?
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