Do We Need an Umbrella Policy for Our New Pool?

When it comes to homeowners insurance, it's important for owners to consider getting liability coverage. This is the type of coverage that is going to help you pay for damages or expenses that are associated with someone getting injured on your property. Although it's great to have this type of coverage, you also need to think about its limitations. What happens when you have an incident where the fees and damages far exceed what your limit is? You might have to cover these expenses out of your own pocket.

One thing that you can do is get an umbrella policy. This type of policy will pay for the damages and fees that are in excess of your liability coverage. If you have certain risks in your home, then this type of coverage is a must have. For sure, you should really consider getting this type of coverage if you have a pool. When you have a pool in your home, the risks of having an incident are a lot greater, especially if you have children who bring their friends over to play.

Invest in Your Future

A lot of people have the impression that umbrella policies are things that only rich people will choose to purchase. This is not the case at all. Lawsuits are cropping up everywhere these days, and you don't want to take the chance that you could end up losing your home or getting into a terrible financial situation. As such, it's important for all families to consider getting an umbrella policy. Your need is going to be great when you have risks such as pool, and you need to make sure that you take care of things.

You can actually get some really affordable coverage for your umbrella policy, and it's not going to cost you a fortune. If you are having trouble justifying the costs of getting this type of coverage, then you need to think of it as an investment in your family's future. If you don't secure the coverage and something happens, you could be forced to make tough financial choices. However, spending a little money each year on the coverage could end up saving you thousands of dollars in the end, so it's something that is definitely going to be worth it.

Making Coverage Decisions

If you decide that an umbrella policy is right for you, then you'll need to think about how much coverage you want to purchase. If you've just installed a pool in your home, you may want to get some coverage limits that exceed a few million dollars. It's not uncommon for these types of accidents in or near a pool to cost that much to handle, so you will want to be prepared for this. If you're not really sure how much coverage is right for your situation, then you might want to speak to a homeowners insurance agent before you decide anything.

Keep in mind when you are wondering if you need an umbrella policy for your new pool that the coverage is generally not going to kick in until you have exhausted all of the funds from your liability coverage. Also, you'll need to be prepared to pay higher deductibles for this type of coverage. If you decide that you want to lower your deductible by a bit, this could really make your monthly premiums go up to an amount that you can't help. Keep all of this in mind before you make a final decision.

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What People Are Saying

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- Sharon and Lewis K, St Louis MO