July is synonymous with vacations, barbecues with friends, hot weather, and of course, swimming. What a joy it is to jump into the water on a hot summer day! If you own or have just purchased a pool, Assurances Multi-Risques would like to remind you of the importance of notifying your home insurer so that you can enjoy your pool with peace of mind.
*Here we will focus on above-ground pools. But don’t worry, we will be happy to talk about in-ground pools in a future article.
Is your swimming pool covered by your home insurance?
The answer is no: there is an exclusion in your home insurance policy. In fact, according to the exclusion clause on swimming pools taken from Insurance Bureau of Canada policies and adopted by most insurers, they do not cover:
- spas and swimming pools located outside your home;
- their equipment, regardless of where it is located;
- patios and platforms that are not attached to your home and are fixed to spas and swimming pools.
So, if you have an above-ground pool, it will be excluded from your home insurance policy.
To add additional coverage (commonly referred to as an endorsement in insurance jargon) to cover your pool or spa, you must contact your insurance agent or broker.
What does pool insurance cover with an insurer?
Your pool protection must include two separate things:
- First, your basic insurance policy should cover you in the event of an incident related to your pool. We never want to imagine the worst, but unfortunately, drowning is not impossible…
- Second, damage to your pool must be covered. One of the most common causes of claims for pools is collapse under the weight of snow, as well as damage caused by freezing and thawing due to Quebec’s climate. Windstorms, trees falling on your pool, etc. can also be causes for claims.
However, even if you have both types of coverage, remain vigilant, as the replacement cost clause does not apply to your pool in the same way it does to your primary residence. Generally, home insurers will compensate you for 100% of the replacement cost when your pool is less than five winters old. But after that, the amount of compensation will depreciate by X% after each winter until it is 75% less than the value of the pool after 10 winters. So, the older your pool is, the less it may be worth insuring, depending on your financial situation and insurance history. Contact your insurance agent or broker to check the depreciation percentage specific to your home insurer, as this may vary from one insurer to another.
In short, to enjoy your pool with peace of mind for many years to come, contact an independent insurance broker before taking your first dip. This will ensure that you are well protected in the event of an accident or damage. And don’t forget to follow all your municipality’s safety rules! Happy swimming!