Is your home insurance policy providing the right amount of coverage for your pool?
Whether you own or rent a home with a pool, or are interested in installing one on your property, it is important to know exactly what your home insurance policy covers in terms of pools and to be aware of the requirements for pools when it comes to insurance. Continue reading below to find the answers to all your pool insurance-related questions!
Does Home Insurance Cover Swimming Pools?
Your homeowners’ insurance may cover your swimming pool but there may be an increase in the price of your home insurance premium. Your premium may be raised due to the increased risks associated with pools, and the value the pool is adding to your property. Since swimming pools can be a source of injuries or death, insurance companies may raise your premium to ensure you are fully covered if someone drowns or is hurt or injured while using your pool. There may be additional coverage needed to cover potential damage to the pool, or if the pool causes damage to someone else's property from something like a leak.
What Factors About my Pool will Affect My Home Insurance Premium?
The following factors regarding your pool can affect the price of your homeowners’ insurance premium:
1: Installed safety measures: this includes fences, non-slip surfaces, signs, railings, and pool covers.
2: Size and style: since every pool is different, every insurance policy will also differ. The style and size of your pool can impact your insurance premiums.
3: Risk features: if your pool has any steep steps, waterfalls, or drop-offs, this may increase the risk and can result in a higher insurance premium. A diving board or slide may also increase the price of your home insurance premium.
How are Swimming Pools Labelled When It Comes to Insurance?
Above Ground pools
Above ground pools are often labelled as ‘personal property,’ and not a permanent structure, as homeowners and renters can sell the pool if they choose to, or disassemble the pool and take it with them if they decide to move.
In-ground pools are often labelled as an ‘other structure.’ The additional coverage you will need to protect your pool from damage will depend on the cost to rebuild your pool. In-ground pools are considered a permanent pool.
As an indoor pool is considered to be a part of your home. Some insurance companies may permit it to be included in the standard homeowners’ insurance policy. It will be important to speak with your Ontario insurance broker to learn what your insurance company allows when it comes to indoor pools.
Am I Required to Put a Fence Around My Pool?
In Ontario, it is required to have a fence that encloses an in-ground or above-ground pool. Not only is it a by-law in Ontario, but it is also an important step to ensuring everyone’s safety as it helps to make the pools inaccessible to young children, as well as deter trespassers. If the fence around your pool will be on a neighbour's property line, it is required that you have written permission from your neighbour. Your pool fence should be at least 48-inches high.
Does a Pool Slide or Diving Board Affect a Home Insurance Premium?
As mentioned above, adding a slide or diving board can be a fun addition to your pool this summer. However, these additions may increase your home insurance premium as a result of the increased safety risks that slides and diving boards present.
Can I Get Pool Insurance if I Rent My Home as an Airbnb?
If you rent your home out as an Airbnb, there are home insurance policies that include pool insurance for short-term rentals. However, this won’t be automatically included and you will need to speak to your Ontario insurance broker about this additional coverage.
Does Homeowners’ Insurance Cover Pool Leaks in Ontario?
Generally, pool leaks that are the result of wear and tear will not be covered by your insurance policy. However, there are certain situations where a pool leak may be covered by your home insurance. If your pool has been damaged from extreme weather, or if a tree has fallen into your pool during the most recent storm, your insurance company may cover you for this mishap. Make sure to speak with your Ontario insurance broker about the kind of coverage that is offered in your policy regarding pool leaks.
Does Homeowners’ Insurance Cover Damage to a Pool Liner in Ontario?
Leaks in a pool liner typically fall under the ‘regular maintenance category,’ however, as with pool leaks, the coverage of your pool will depend on the event in which the damage has been done. If your pool liner is damaged from an event that is covered under your policy as a peril, such as a storm or fire, then the costs to repair the damage may be covered. If the pool liner is damaged from a lack of routine maintenance, this cost may not be covered.
Does Homeowners’ Insurance Cover an Above-Ground Pool Collapse?
Unfortunately, a standard homeowners’ insurance policy does not typically cover the collapse of an above-ground pool, although there are some exceptions, so it will be important to speak with your Ontario insurance broker to inquire about any exclusions in your home insurance policy regarding pool collapses.
Does Homeowners’ Insurance Cover an In-Ground Pool Collapse?
As with an above-ground pool collapse, this may not typically be covered in your home insurance policy, so it will be important to speak with your Ontario insurance broker about your specific coverage.
The danger with an in-ground pool collapse is that the water can quickly seep into your home's foundation. If you do have coverage, insurance companies will consider both the cost to rebuild your in-ground pools, as well as any potential damage from water leaks.
Both in-ground and above-ground pool collapses may be covered if the collapse is the result of a covered peril, such as a fire or extreme weather. If the collapse is the result of a lack of proper service and maintenance, the collapse may not be covered. If a pool collapse is something you are worried about, it will be important to speak with your Ontario insurance broker about an all-risk insurance policy, which may provide broader coverage.
Does Homeowners' Insurance Cover Pool Damage From Freezing?
Unfortunately, most homeowners' insurance policies do not provide coverage for damage from the pool freezing or from ice damage, although as each home insurance policy is different, it will be important to speak with your Ontario insurance broker to clarify.
Now that you have some more information about how having a pool can affect your home insurance policy, you can make the right decisions for your family's protection and your home insurance needs.
To learn how to keep your family safe when using the pool, read our blog on How to Avoid Accidents at Your Pool This Summer.
Youngs Insurance Brokers offers custom home insurance policies to cover the things that are most important to you. Speak with your local Ontario insurance broker today to find the right protection and coverage for your pool.
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Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional insurance advice. The coverage, terms, and conditions of each insurance policy are unique and subject to individual circumstances. The information provided does not guarantee the availability or suitability of any insurance policy for your specific needs. You should not rely on the information in the blog as an alternative to professional advice from your insurance broker or insurance company. If you have any specific questions about any insurance matter, please consult a licensed insurance broker for personalized advice and guidance.