Having additional outdoor amenities in your home like a backyard pool, trampoline or playground can surely add extra fun for your home, especially during the simmering summer months. But before you even think of installing a swimming pool and all its great amenities such as this solar pool heater reviewed at Poolhomeschool.com, be sure you are ready to pay for the additional home premium that goes along with it.
A home swimming pool is a great feature but it also entails added liability risk and responsibility for the homeowner. And additional risks would mean having appropriate coverage in case the unwanted event happen. Investing on the right insurance coverage is essential.
If you are like other homeowners who are planning to add some extra features to your home, be sure to consider what these additional amenities can do to your insurance premiums. Here let’s check out some seemingly desirable home features that could also get you paying more in insurance.
- Backyard pool
As mentioned above, swimming pools could get you paying a higher insurance premium. The severity of water-related injuries and the high rate of drowning are what make swimming pools a major liability. Think of a neighborhood kid accidentally drowning or getting injured while around your pool. They could hold you liable for any expenses incurred, and they can even choose to bring the matter to court.
Aside from the attendant risk, you will also be required by your insurer to install safety features like self-locking fence to keep people out. Moreover, the higher the value of your pool, the higher your coverage limits should be in case it sustains damage from storm or other peril. Of course, the other swimming pool features such as the pool heaters you can see here.
- Water view
Who doesn’t want to live in a property by a waterfront? Whether your home is located near a river, lake, sea or any other bodies of water, be prepared to take out a more extensive insurance coverage. This is because the risk of damage due to flooding is higher to homes located near a body of water.
Standard home insurance policies often include coverage against water damage but not from flood. So, if you plan to buy a home that offers stunning water view or located in a high-risk flood zone, make sure that you take out a floor insurance policy.
Every year over 100,000 injuries due to trampoline are reported. Kids (and some adults) love to jump around the trampoline but it doesn’t play well with insurers. Not all home insurance policies will cover trampoline-related claims, so in case someone gets hurt and sues you, you’re left paying from out-of-your-pocket the legal costs.
Make sure to check with your insurance company whether “high-risk” items are included in your policy. If not, you may need to discuss it with him.
- Tree houses
Just like swimming pools, tree houses are considered high-risk items and thus would require you to ensure that they are covered. The risk of fall and other injuries are ever present with tree houses. Check with your insurer if your tree house is included in your home policy. If not, you should consider adding to your premium to have it covered.
- Antique property
If you have inherited a charming vintage property and are planning to maintain its original decade-old features, here’s a bad news – its insurance policy would definitely cost more. Outdated electrical system or plumbing puts the house at high-risk. Any malfunction with these key home features could contribute to costly damages such as fire or water damage.
Of course, we’re not trying to dissuade you from investing on these great home amenities. Sure, these can make your home a lot lovelier. But before you make that final decision, always think of its future implications.