insurance

Summer insurance: What you'll need

Pool insurance to keep you afloat
Pool insurance to keep you afloat

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 for 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. According to the U.S. Consumer Product Safety Commission, nearly 400 children younger than 15 drown each year in pools and spas.

When you put in a new 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, review the local standards and codes where you live. Those could include requirements for safety equipment, such as fences and locks, according to the III.


 

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