Things to Consider Before Adding a Pool to Your Yard

Adding a pool to the yard can be an exciting and fun thought, but many homeowners can get ahead of themselves when it comes to pool planning. Before you begin planning your yard and making plans for a pool installation, be sure you consider all the aspects. 

 

Local ROI

A pool can seem like an automatic asset, but your climate can largely affect your local ROI when installing a pool. A pool requires a lot of maintenance and this means a time and financial investment for potential buyers. If your climate is temperate throughout the year, a pool can be a reasonable asset. In areas where weather is cooler for a lot of the year, you will want to investigate the ROI in your local area. A pool may be a fun upgrade for your family, but don’t assume it will automatically add value to your home.

 

Your Homeowner’s Insurance

Be sure you understand your homeowner’s insurance policy and how a pool can affect your insurance premiums.

A pool can entail liability if an accident were to occur. From your insurance’s perspective, a swimming pool is considered an “attractive nuisance,” which is a dangerous condition on a property that may attract children onto the land and pose a safety risk.This means that liability applies to invited guests and curious children who attempt to explore the pool without anyone’s permission or supervision. guests they invite, as well as to inquisitive children who may invite themselves into the pool without anyone's knowledge. You may want to increase your liability coverage for this reason. 

Additionally, you’ll want to understand how your insurance will cover the pool if something were to become damaged or broken. Your pool may be covered under personal property limit or replacement cost value if your insurance policy considers it part of the home.

 

Pool Safety

No one wants to be part of a tragedy. Understanding your liability on a legal and financial level is vital, but pool safety is crucial to protect any children in your family and other neighborhood children as well. Pool safety and maintenance can be time-consuming, so be sure you understand all the safety laws for pools in your area and whether you want to commit to that maintenance or potential liability.

 

Reprinted with permission from RISMedia. ©2023. All rights reserved.

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