Insurance

[breagon]

Does anyone out there not tell their home owners insurance about their pool?
If you don't tell your home owners insurance, what are the potential ramifications?

 

[Aquaman95]

Don't even think about it if you have assets to protect.

The ramifications are you will get sued if there is an accident and be on the hook for the whole thing.

 

[frustratedpoolmom]

We purchased a $1Mil Umbrella policy, for our own piece of mind. Americans are lawsuit crazy...I wouldn't take a chance.

 

[JohnT]

I told mine before I put it in. It doesn't affect my rates as long as I have it fenced properly, but even though I have earthquake coverage on my house it specifically excludes the pool.

Not telling them could result in cancellation or refusal to pay a settlement, and you may not have coverage on the pool if it's damaged by a storm etc..

 

[jjdurrant]

I think the pool added maybe $20 a year to my policy

 

[kirbinster]

I have an inground pool and when I put it in I asked my StateFarm agent and they said it did not matter, it would be included in my normal policy at no added cost.

 

[mickey4paws]

Yeah, definitely tell your insurance company. If you don't and end up getting sued, they will come after your assets. I don't think the pool added much cost to our policy.

 

[eggman]

Adding a pool didn't change our homeowner policy premium.

In addition, we went with a $1 million umbrella liability policy - which required us to raise the liability limits on our auto insurance ... and actually lowered our auto rate .. go figure.

The umbrella policy went for $250 per year ... a bargain for having peace of mind.

 

[jerzeyrep01]

i Have a 1 mill umbrella does that cover it?

 

[JasonLion]

The rule of thumb I have heard is to get 1 million dollars or your net worth, whichever is higher, of umbrella insurance. Sadly, with insurance there is no point at which you can conclusively say "that is enough". More is always better, but not always worth paying for.

 

[stever]

Our pool added about $35 per year (AAA). We are in process for the $1 mil umbrella policy. Funny, though, with a $2 mil suit you're still up the creek. I guess the idea is to not tell anybody you have the policy and then they won't go after it.... (as much). I can just see the mailman 'tripping' and grabbing the $1 mil....

But back to the subject -- it's super cheap -- do not avoid the insurance.

Steve

 

[amjohn]

What about Above ground pools? Anyone have any comments on how that affects insurance? We are with State Farm.

 

[catfisher74]

I have a Old growth oak that towers over my pool that makes a mess!
I wonder if one of those big branches feel on it if the homeowners would cover it.

 

[Brad S]

My insurance knows, didnt care. My rates stayed the same.
But...i have a $2 million umbrella liability policy.
My property taxes went up $100 a year though.

 

[Kathy3232]

yeah, we told our agent when we bought the house (and he did a drive by) and he said it didn't matter.

 

[MikeInTN]

My insurance agent just asked if the yard or pool was fenced (which the yard is). I'm getting a $1 million umbrella policy, going to run about $150 a year I think.

 

[catfisher74]

So are the pools covered for damage from storms and debris from storms?
Or is that extra usually?

 

[NWMNMom]

We have an AGP and got coverage for damage during wind, hail, etc. about $7 a year more to cover for replacement cost. We also have liability coverage, but we have horses too so it's straight across the board liability no matter the reason.

 

[ideliver]

We purchased a $1Mil Umbrella policy, for our own piece of mind. Americans are lawsuit crazy...I wouldn't take a chance.

+1...mine is $125/yr...

In our town, we had a fairly famous premises liability lawsuit and trial about 10 years back...a family goes on vacation with an IG pool and a 6 foot locked fence...the neighbor teenage and his friends jump the fence and he dives in an fractures C5/C6 and is a quadriplegic...10 million dollar jury verdict...the family filed bankruptcy and lost their home...

Please tell your insurance company

 

[MikeInTN]

We purchased a $1Mil Umbrella policy, for our own piece of mind. Americans are lawsuit crazy...I wouldn't take a chance.

+1...mine is $125/yr...

In our town, we fairly famous premises liability lawsuit and trial about 10 years back...a family goes on vacation with an IG pool and a 6 foot locked fence...the neighbor teenage and his friends jump the fence and he dives in an fractures C5/C6 and is a quadriplegic...10 million dollar jury verdict...the family filed bankruptcy and lost their home...

Please tell your insurance company

Stories like this just boil my blood. I feel for the teenager ending up as a quadriplegic, but a family lost everything because of his criminal action and sheer stupidity. One of the many things wrong with this country of ours - no one is held accountable for their actions anymore. It's always "someone else's fault"... :grrrr: :grrrr: :grrrr:

OK, off my soapbox now..back to your regular programming.