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A Few Precautions Can Help Prevent Accidental Injury or Drowning and Protect You Financially, Says the I.I.I.
Let your insurance company know that you have a pool or are getting a pool, since it will increase your liability risk. Pools are considered an “attractive nuisance” and it may be advisable to purchase additional liability insurance. Most homeowners policies include a minimum of $100,000 worth of liability protection. Pool owners, however, may want to consider increasing the amount to at least $300,000 or $500,000. You can also talk to your insurance agent or company representative about purchasing an umbrella liability policy. For an additional premium of about $200 to $300 a year, you can get $1 million of liability protection over and above what you have on your home.
“You can be sued if someone drowns or is injured in your pool even if they do not have your permission to be there,” Salvatore warned. “So it’s important to have the proper locks and safety equipment and to have appropriate liability insurance.”
If the pool itself is expensive, you should also have enough insurance protection to replace it in the event it is destroyed by a storm or other disaster. And, don’t forget to include any chairs, tables or other furniture around the pool deck.
Each town will have its own definition of what constitutes a “pool”, often based on its size and the depth of the water. If the pool you are planning to buy meets the definition, then you must comply with local safety standards and building and electrical codes. This may include installing a fence of a certain size, locks, decks and pool safety equipment.
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INSURANCE INFORMATION INSTITUTE, 110 WILLIAM STREET, NEW YORK, NY 10038, (212) 346-5500
For more information visit: insurance information institute