That sparkling backyard pool helps create an at-home summer resort. But you could find yourself in the financial deep end without the right insurance coverage.
Regular homeowners insurance may not provide enough coverage if you have a pool, and some policies may even exclude pools, says Kevin Smith, a spokesman for Allstate.
Pools can be dangerous, so they increase your liability risk because you stand a greater chance of being sued or having to pay someone's medical expenses. When you get a pool, Smith suggests boosting your liability coverage. Consider an umbrella policy if it's available in your state. That increases your coverage beyond what you have on other policies.
"For instance, a few hundred dollars a year may allow you to get up to $1 million in additional liability protection beyond your existing auto and/or property insurance coverages," Smith says.
Before installing a pool, check with local government because you'll need to meet local standards and codes. Those could include requirements for safety equipment, such as fences and locks, according to the III.