5 Commonly Overlooked Costs for Pool Owners
swimming pool (Photo credit: freefotouk)
There can be no doubt about the fact that the idea of a personal pool in your home is indeed appealing and alluring. Having a sparkling blue swimming pool in your very own backyard definitely has its perks – it looks luxurious and beautiful, and gives you a chance to relax, splash and enjoy a fun time in summers with your family.
However, it is important to know that although installing and maintaining a pool may often cost you an arm and a leg, they are not the only costs that will come your way when you are a pool owner. Go through the following five commonly overlooked costs that may seem to be insignificant at first, but can turn to be pretty heavy on the pocket if ignored.
1. The Type of Pool
Before you choose a pool for your home, make sure that you do not only research the prices, but also the types of pools that can be installed in your backyard. Though in-ground pools look heavenly beautiful and eye catching, they tend to be pretty expensive down the road as compared to the more affordable and user-friendly off-the-ground pools.
Daily maintenance of above ground pools is not much of a hassle, and they also tend to be safer and less prone to accidents etc. They are also less pricey. On the other hand, in-ground pools are far more difficult to manage, and even if they are insured, some common maintenance issues like equipment malfunctions or cracking because of ground movement are usually not covered by the insurance policy.
2. Safety
The safety considerations are perhaps the main thing that should be on your mind when you install a pool. If overlooked, these can cause accidents and cost you way more than what you have originally signed up for. Adding safety equipment to your pool and its surrounding area can also earn you deductions and discounts on your home insurance premiums.
Do not treat the security of your loved ones lightly when you have a pool in the house. If you have kids in the house, make it a point to add a fence around the pool or even install an alarm to reduce the risk of drowning. Add a self-latching gate for even more safety. Whatever security additions you make to your pool, make sure you notify your insurers about it to cut down on the extra premium costs.
3. Home Insurance Costs
Home insurers often charge you extra if you have additional amenities in your home like a swimming pool. The main reason for this is the amount of accidents and unfortunate events associated with pools, particularly for children. Therefore, if you have decided to add a pool in your home, it is a good idea to consult with your insurers about the extra charges that are associated with it. Typically, if you take care of certain safety considerations, the home insurance charges for pool owners can be effectively minimized to a large extent.
4. Liability Insurance Costs
Another thing that pool owners must know that if somebody else, like a neighbor (even if they enter your house without your permission like when you are away) gets injured in your pool or in the worst case scenario gets drowned, you will have to pay for all the medical charges etc. associated with the accident.
The fact that you are held liable for these situations and may even face a law suit because of any accident can cost you additional charges and sudden costs down the road. In order to overcome these costs, separate liability insurance is a viable option. Though this insurance can free you from any heavy expenses in case of an unfortunate event and prove to be a blessing, the monthly insurance premium is definitely a cost that any pool owner cannot ignore, avoid or overlook.
5. The Diving Board – Get rid of it!
Additional equipment and accessories in your pool can enhance the fun and visual element but may come with extra costs and charges. Diving boards and slides, for example, have been the reason for a large number of accidents and pool injuries in the past and thus are deemed to be unsafe for installation in homes.
Many insurance companies also refuse to insure pools that have diving boards or other such equipment added on and this can account for extra costs down the road. Therefore, it is a good idea to avoid these extra features, and keep your pool simple and safe for a relaxed lifestyle.
Author bio:
This post was written by Terry Wood. Terry writes for US Insurance Net, a site that educates consumers about standard homeowners insurance and other related topics.
Category: Saving Money
