Pools And Your Insurance

COVID-19 has made quite the splash in pool sales this year. As the weather continues to warm and our travel options remain limited, Canadians are resorting to stay-cations in their very own backyard.

CTV News article cites that one local pool company’s sales are up nearly 50% already. “We had 1,500 leads yesterday, 1,000 the before and 1,000 calls the day before that,” says Harry Martyniuk of Pioneer Family Pools. And it’s not just pool installation and repair sales that have seen a spike this spring, many retailers such as Costco, Walmart, and Canadian Tire are all sold out of above ground pools.

Although putting in a pool is a great way to beat the heat at home, it is important to consider how a pool can impact your insurance. Having a pool can increase the value of your home, and subsequently, change the amount of homeowner’s insurance coverage needed as well.

Does homeowners’ insurance cover a swimming pool?

If your pool is damaged by a covered peril (such as damage from a fire, windstorm, flood, or vandalism), homeowners’ insurance can help with associated repair costs. For damages incurred within your control, insurance claims are limited. For example, if a tree falls in a storm and tears the lining, you may have financial support from your carrier. In contrast, if a homeowner decides not to drain their pool at the end of the season and damage is caused by water freezing over the winter, coverage may not apply.

In sum, insurance companies can usually offer financial compensation for unpreventable factors within certain limits. For example, settling or earth movement is a common cause of physical damage to a pool, however, it is unlikely that your home insurance policy provides coverage.

The most common risk associated with owning is a pool is due to accidents such as drowning, or injury. Typical homeowner’s insurance includes liability coverage, which is designed to protect the policy owner from medical or legal expenses stemming from a pool-related incident. Although liability protection is built into homeowner’s insurance, it is important to discuss increasing your coverage with your broker, as owning a pool puts you in a higher liability position compared to properties without a pool.

Ways to mitigate liability risk

When hosting a pool party or simply having a few family members swim in the pool, homeowners are responsible for the safety and wellbeing of people on their property. The best ways to avoid pool-related accidents are:

• Ensure children or vulnerable people are supervised while swimming.
• Have flotation devices easily accessible.
• Install a proper fence/gate (that is compliant with city bylaws) and padlock.
• Ensure the pool is operating properly (pump, chemicals, diving board, slide)

After assessing your current situation, you may choose to raise your liability coverage limit. If you’re thinking about putting in a pool this season or if you already have one, but have not updated your home policy, now is the perfect time to review your coverage with your Merit Insurance broker.