Guest Post by Jake Pullen, Pullen Insurance Agency. www.PullenInsurance.com
In Las Vegas a rental home with a pool will typically increase the rent rate by about $100 a month. Is the added rent worth the liabilty of having a pool? This decision always comes down to a personal choice – no one can make that choice for you. It’s best to speak with a qualified insurance agency, like Pullen Insurance Agency, to better understand the liabilities associated with having a rental property with a pool.
As a rule of thumb, you should place a clause in the lease that the tenants are required to have their own renters insurance policy – with personal liability included. You need to make sure that your tenants liabilities do not become your own. This being said, a pool related injury or fatality will always be indirectly the fault of the property owner. Make sure you have personal liability protection as a homeowner whether it is your primary residence or an investment property. Having properly placed personal liability protection is essential when a pool is present on a property.
Beyond the liability, let’s face it – having a pool on your property is great! Pools look great, families love them, friends love them and they may increase the value of your property. On a hot day in Vegas you need two things: a BBQ and a swimming pool. Having this backyard icon on your property brings with it increased risk and responsibility. As an investor, it’s always a personal choice wether you buy a home with a pool. If you are looking at investment homes with a pool it’s best to be educated and understand the statistics surrounding pools and drowning:
•Each day in the United States, nine people drown.
•For each death caused by drowning, there are 1-4 nonfatal submersion accidents serious enough for the victim to be hospitalized.
•Drowning is the second leading cause of accidental injury-related death among children ages 1 to 14.
•Drowning is the leading cause of accidental injury-related death among children ages 1 to 4.
•The most common place for a 1-4-year old child to drown is in a home swimming pool.
•In nearly 9 out of 10 child-drowning deaths, a parent or caregiver claimed to be watching the child.
The statistics do not lie and the statistics noted above bring real dangers to your home. Because children are at a high risk of pool related deaths and injuries it is important to take steps to protect your children from the pool area.
As a bonus…your insurance premiums are discounted when proper perimeter fencing is present. Here are some action steps to protect your pool area:
•Four-sided fencing that isolates the pool from the house and the yard has shown to decrease the number of drowning injuries anywhere from 50 to 90 percent.
•Preventing unwanted entry to the backyard is another great away to prevent accidental injury or drowning
•Always have adult supervision while the pool is in use. Even teenagers are at risk of injury and they too require supervision.
“Water-Related Injuries: Fact Sheet.” Centers for Disease Control and Prevention. June 12, 2008.
“Water-Related Injuries: Fact Sheet.” Centers for Disease Control and Prevention. March 12, 2007.