There are myriad items to keep in mind and talk to people about when you’re considering adding a swimming pool to your backyard. One important phone call is to your home owners’ insurance agent. Before you even begin talking to a Memphis, Tennessee swimming pool contractor you need to know whether the insurance agent you work with provides insurance on swimming pools, whether you have enough liability coverage to protect yourself, or if you need to also shop for brand new insurance agent at the same time you’re buying a new swimming pool.
Raising the liability limits on your homeowner’s policy is a good idea and one that your agent will likely urge you to do as a way to protect yourself in the event of an injury. Keep in mind though, that regular homeowner’s insurance may not not cover swimming pool accidents or may not have a high enough liability to properly protect you in the event you get sued.
If you don’t have proper insurance coverage and a correct policy to cover the hazards of a swimming pool you put yourself and your family at serious financial risk. Ask your swimming pool builder at Advanced Pools if he knows what insurance agents other pool owners might use in the event you can no longer get coverage through your current agent. You probably don’t think of your friends, family or colleagues suing you, but it’s better to be safe than sorry. And, in the event of an accident, the injured party may have no choice but to sue because they need their medical bills covered.
Most home insurance policies put limits on the amount of risk exposure it will cover and in some cases will exclude swimming pools altogether. Consider too, if you need increased liability limits when you install a swimming pool and look into getting a quote for an umbrella policy to protect yourself over and above the limits of your current policy. The cost for the coverage of $1 million on an umbrella is usually in the $500 range, a fair price for such a high liability coverage especially if it offers you peace of mind because no matter how diligent you are with watching your pool, accidents happen and you simply want to be prepared.
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