Ensure you have maximum protection in place for your swimming pool investment. There are 2 types of insurance that are applicable to your pool project, firstly Home Warranty Insurance, which is taken out by your contracted builder on your behalf, and secondly, Home & Contents Insurance, which you personally are responsible for. Take the time to understand and update your insurance cover.
Home Warranty Insurance
In most jurisdictions, there is a requirement for the contracted pool builder to provide you with a Home Warranty Insurance certificate, where the supply and installation value of the contract (or in some instances the install value only) is above a certain sum (typically $20,000 but may be less in some jurisdictions).
Home Warranty Insurance is designed to protect you (the home owner) against losses caused by the death, disappearance or insolvency of your contracted builder. Home Warranty Insurance may cover losses incurred by you during the construction period, or within a defined period after completion (typically up to 6 years). Such losses can include additional costs to complete the construction, along with any defective works resulting in a breach of statutory warranties.
Where any works are not completed, or where you believe there are defective works that are not rectified, and your contracted pool builder is unresponsive, you can refer the matter to the local consumer protection body in your jurisdiction.
Home & Contents Insurance
It should also be noted that installation and product warranties do not provide blanket cover for every type of damage or failure that may occur over the period of your Pool Ownership. Firstly, warranties are typically for a fixed period of time, and secondly, warranties are subject to conditions, exclusions, and limitations.
Therefore, it is strongly recommended that you insure your pool project against unexpected events or accidents. This can be as simple as updating your home and contents insurance to include the improvements to your property related to the new swimming pool project, and ensuring that you have the appropriate type of home and contents cover.
An ‘Accidental Damage’ policy may provide you with broader home and contents insurance coverage than a ‘Defined Events’ policy, so ensure you discuss with your Insurer or Insurance Advisor.
Mandatory Pool Registration
Most State governments now require the pool owner to complete an online registration of their swimming pool. Fines may apply if a pool owner fails to comply, and in the States where this is applicable, registration of the swimming pool is required before the pool owner’s property can be sold.