Swimming Pool Ideas – Question and Answer
I am shopping for new home owners insurance. Can I pick your brains as it pertains to coverage since we have a pool?

I am shopping for new home owners insurance. Can I pick your brains as it pertains to coverage since we have a pool?

25 September 2020

I am shopping for new home owners insurance. Can I pick your brains as it pertains to coverage since we have a pool? Is this allowed?
My question is, do you have a significant liability amount since you have a pool OR an umbrella policy? I’m wondering if we have over covered and overpaid. I don’t know many people with a pool in person to ask. Thanks!

ken: I’m an insurance agent and a pool owner. Yes, you need an umbrella. I played a round of golf last year with a Bankruptcy attorney. He told me most of his clients were regular people that simply made a mistake like getting distracted and hitting a pedestrian in the crosswalk or when a neighbor’s toddler fell into a pool and drowned because someone propped open the gate and got distracted for 30 minutes. Now he represents clients and is in charge of selling ALL their assets. The lawyer gets a percentage of everything first. After that round of golf, I upped my umbrella to $5 million. You get insurance for the BIG stuff. This is big!

jef: I shopped around for new insurance when we built our pool in the spring. I was able to get a slightly cheaper rate with a new company and added a 1M umbrella for $12/month. So I’m basically paying the same as I was pre-pool with an added 1M umbrella policy. None of the companies I got quotes mentioned anything about an umbrella policy but were happy to quote me for it when I asked. For $12/month it seemed like a no-brainer to me.

xan: Read the policy and make sure your agent/broker and you go over scenarios of how the coverage would apply and follow that in the actual policy. Most brokers have never handled a claim let alone a liability claim. Insurance will only pay what the policy states. It’s a contract and you really need to read it and ask questions. Yes I have a 2 million umbrella with 2 kids, pool and rental properties. Everyone needs umbrella policies thanks to attorneys.

con: I do not have a significant amount nor an umbrella. Both agents I have worked never suggested any more. I’m in Fl.

dave: I’m adding $1m umbrella once we are up and running in a few weeks. Here in Charlotte, NC my agent priced it at $250/year.

kristi: we are in Charlotte as well, what insurance company do you use? (Haven’t even called yet, they start digging ours the 1st of November.

melodi: Ours is in Charlotte also. I’ve called a couple of companies there.
We use HB Cantrell but I’ve called Pruitt Keener for a quote.

dave: Kristi we are south of Uptown and use Dmitri Apostle. He’s an amazing broker. https://www.brightway.com/agencies/NC/Charlotte/0140

kristi: Dave we are actually in Matthews right at the Charlotte/Matthews border. Thanks!

dave: Kristi, Down in Waxhaw!. Medoli and Kristi he switched our Homeowners from MetLife to a new policy and saved us over $700/yr, worth a call.

melodi: Thanks!!

amy: I have Allstate and a 1 mil umbrella.

kath: We have travelers and personal umbrella!

anthony: I have $5mil in Canada. $50 a year.
I do the same for the car insurance and that costs $256 a year.

christine: Yes they are covered, diving boards and deeper da can be exceptions (rarely, but it does happen). Definitely get an umbrella, you just never know!!

melissa: I have an umbrella for other reasons but it works for our pool. We aren’t charged more because of our diving board. I have Country Financial.

kristen: I had to go through a number of insurance companies before I found one that would specifically declare my pool on my policy. We also have an umbrella policy but I don’t have that so much for the pool but more for other potential issues.

jeff: Kristen that’s crazy and shows how insurance can vary widely from state to state. When I had my pool built in the spring, I called my insurance and found that my pool was already covered in the “other structures” clause in the current contract. I ended up using a new company because I was able to add an umbrella policy and pay about the same as I was paying before we had a pool.

jeni: My Insurance broker suggested 1 million for each million of equity outside your home. NJ they can’t go after primary residence so add up any rentals or additional properties, retirement accounts and businesses and go from there.

kirk: We have a $1M Umbrella.

kendra: We have an umbrella policy.

jeanni: We have State Farm and added an umbrella policy..

elaonor: Definitely an umbrella policy. You need to carry certain liability limits to get an umbrella but the umbrella itself usually isn’t expensive. Even if you don’t have a pool, you can be sued by someone and lose your life savings. For example your teen driver causes an accident and you get sued above the liability limits on your auto (umbrella doesn’t just cover home). Here’s a good article. https://www.fidelity.com/viewpoints/wealth-management/do-you-need-umbrella-insurance?fbclid=IwAR2Ze3l1O84nREyq6CUGybtCaes29E2s8aqM6SDxqUl4Pg5PCB_M1cruAiE

david: Pa, State Farm, Umbrella Policy$10/month and about $40/year to insure the pool itself.

zach: 2 million umbrella, 360/yr

melodi: We currently have an umbrella for 1 mil and I just wondered if it was really necessary honestly.

jef: melodi that’s pretty much all insurance. It never seems worth it until you need to use it.

mike: Melodi
A)if $250/yr or $20.83/mo or $0.68/day doesn’t buy peace of mind from a financial perspective
Or
B ) you have $1M in cash uncommitted to payout in case of issue
Or
C) nothing ever goes wrong
Ditch the coverage
If either a, b, or c “click” with you, write the check 🙂

donna: Yes highly suggest an Umbrella policy.

cara: We have an umbrella for 1mm.

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