Ponds Insurance: Protect yourself from a liability claim

If you have a pond on your property, there’s a good chance you’d have to invest your efforts in its maintenance every now and then. You might have to repair damages or even introduce new equipment to your koi pond if it shouts for help. These repairs and replacements come at a cost, and these costs are definitely not easy in everyone’s pockets.

Lucky for you, pond insurance is a thing, and you can guard yourself against a potentially hefty liability claim using liability insurance for our pond. Ponds add beauty and grace to your property and are an absolute treat to look at. Artificial ponds are also home and breeding grounds to many aquatic creatures. Having a fish pond or koi pond within the premises of your home is soothing to look at and increases your chance of getting visitors more often. These visitors just want a fulfilling look at your pond.

However, with additional guests comes additional responsibility and liability hazards. If your pond is not insured by a reputable insurance company, you are exposed to several liability factors arising from your injured people. 

“Most of the newer ponds in the state are the result of new housing construction with homes being built around the pond,” explained Greg Lutz, an aquaculture scientist at the LSU AgCenter. “Most of the newer ponds in the state are the result of new housing construction with homes being built around the pond,” Lutz said. “The majority of the ponds are not large, ranging from approximately one-half acre to less than 2 to 3 acres, but some are as large as 40 acres.”

What is pond insurance?

Pond insurance is a type of insurance that guards you against any losses that might arise due to damages to the pond on your property. You can buy separate insurance for your pond or add an additional clause to your home insurance; it’s totally up to you. 

You might also want to insure your swimming pools and pond so that you can file an insurance claim if someone has been injured because of your pond. Medical bills can drill a deep hole inside your pocket, and you don’t want that. That is why getting insurance coverage for your property is absolutely a must.

Legal claims that might be triggered due to your pond

Suppose any damage or injury is inflicted on an individual due to your pond or the area near. In that case, you are personally liable to pay for any liability claims that the affected person might raise. Having insurance coverage for your pond saves you from these liabilities as you can easily file an insurance claim asking for reimbursements for the liability claims raised against you.

Listed below are some of the most common liability claims that you might have to pay for:

  • Death benefits the family of the person that died in a fatal accident due to your pond.
  • Lost salaries if the person is injured due to your pond and cannot work for a certain period of time.
  • Legal costs when people sue you for their damages.
  • Accidents that might occur around your pond area when you’re away from home, for example, a person might slip into your pond and injure themselves.
  • Medical bills if someone was injured due to your pond.

In contrast, you are not personally liable if any of the following occur:

  • Injuries to your family members.
  • The person intentionally injuring themselves against their better knowledge.
  • Liability claims that might arise due to business activities. 

Protecting yourself from a liability claim

Anyone can put up a liability claim against you and your pond if they’ve suffered any losses because of your pond. One way to protect yourself from potentially terrifying liability claims is to build a fence around your pond. This fence should be at least five-foot-high, feature a latching mechanism, and must protect your pond’s entrance from unwanted guests and outsiders.

Building a boundary around your fish pond means that any unwanted guests or visitors won’t be able to come near your pond when you’re not there to monitor them. 

If your home has an above-ground pond, make sure your pond is built to comply with the rules and regulations that apply to your location. This is a great way of saving yourself from liability claims springing up just out of nowhere. 

Also, if there isn’t a deck attached to your pond, you need to ensure that a ladder is as far away from the pond as humanly possible. This way, any unwanted visitors won’t reach the level of your pond and won’t injure themselves within the process. Thus, you’re saved from a liability claim. 

In addition to that, if you want to save yourself from a liability claim due to a swimming pool on your property, you must take certain measures. If you have a pool slide installed at the mouth of your swimming pool, then they should be professionally and carefully constructed and maintained and should have handrails at their sides. Your water slides should also have walkways and stairs that are covered by an anti-slip material. Plus, your slide shouldn’t be higher than 12 feet.

If you think that a fence would diminish the beauty of your pond or that hiding the ladder is troublesome for you, you can always insure your pond with a pond insurance company. Of course, if your pond is insured with an insurance company, you have to add fences to the surroundings of your ponds that might dull its appearance.

Home insurance and ponds

If you already have a pond on your property before getting homeowners’ insurance, you must check your insurance policy to check if artificial ponds are covered in it. If your pond is not covered in your home insurance policy, you must get separate insurance for your pond to guard yourself against liability claims and other legal proceedings.

According to insurance companies, any time you add something to your property, the risk factor increases. This is why home insurance companies ask for an additional premium when you ask them to cover your pond as well. 

Having a pond on your property increases your risk of liability claims, and the insurance companies know that already. This is why if you want an insurance company to cover your pond, you might have to spend some extra cash to get it. However, pond insurance is totally worth your money. 

Even if your pond isn’t very deep, it might still be regarded as an appealing nuisance, attracting others and exposing you to further liability. Before installing a pond, check with your homeowners’ insurance carrier to see how it may affect your premiums.

Additional liability coverage

If you are loaded with assets and cash, the chances of attracting a lawsuit are great. That is why you must always ensure your property and its assets are well-insured. Mentioned below are some factors that augment your chances of being sued:

  • You invite a lot of people to your home for gatherings.
  • You have many pets at your place.
  • You have a swimming pool, pond, or trampoline on your property. 

If you have home insurance, most insurance companies provide at least $100,000 in case anyone files a liability claim against you. Having a pond on your land means you have additional assets to take care of. To make sure you’re fully protected against any legal proceedings, you ask your insurance company to provide additional liability coverage. This increases your insurance premiums, sure, but this way, you’re safe against hundreds of different liability-claim scenarios.

Umbrella insurance policies can also be purchased through your homeowners’ insurance provider if you want a distinguishable insurance policy. Umbrella insurance is a cost-effective solution to increase your liability coverage on both your vehicle and house insurance plans. 

The minimum amount of coverage for an umbrella policy is usually $1 million. Many insurance companies operating in the United States will be more than happy to provide umbrella insurance for your pond. However, you must first ask your current home insurance company – this is your way of showing loyalty to them. Besides, who needs two separate insurance companies if you can easily get the job done using one!

A lawsuit might swiftly deplete your financial resources. Check the current liability coverage level in your house insurance policy, as well as any umbrella policies you may have, with this in mind. It’s definitely time to raise your liability coverage if the overall liability amount is less than your net worth or the amount you may lose in a lawsuit.

Concluding Thoughts

As you must be well aware of now, liability claims can be a nuisance and possess the ability to drain the money out of your pocket like a sewer. To safeguard yourself against such circumstances, all you need to do is get your pond insured. Insuring your ponds is a great way of dodging the bullet of hefty liability claims. 

If your pond is not covered in your home insurance policy, ask your insurance company to add it. You can also use an umbrella policy. Additional liability coverage and umbrella policies ask you to spend some additional bucks, but they are definitely worth every cent of yours!

Frequently asked questions

Can you insure a pond?

The cost of insuring your home will be significantly greater if the pond is not properly maintained. As a homeowner, flood insurance may be one of your most important investments. If you own a pond or live near one, talk to your property insurance agent about whether you need this coverage.

Is homeowners’ insurance higher if you have a pond?

Your home’s insurance may be affected by your pond. Anytime you install something on your property that raises the danger of injury, your homeowners’ insurance premiums are likely to rise, and a pond is no exception. A backyard pond is a feature that you could enjoy a lot.

Are you liable if someone drowns in your pond?

Unfortunately, regardless of your municipal, state, or federal rules regulating pond responsibility, anybody can sue you, whether or not they have legal standing. Many times, all it takes is a phone call to add your pond/property to your home’s insurance, and they’ll cost you.

Is a pond a good investment?

A pond may be a beautiful addition to your property as well as a tremendous source of leisure. Ponds can be difficult to keep clean and appealing, but they are well worth the effort. A major part of the pleasure of owning a pond is having fish and animals in and around it, in addition to the overall beauty.

How much does a koi pond cost?

Small koi ponds may cost anywhere from $5,000 to $6,000. A koi pond of typical size may cost between $15,000 and $20,000. Larger koi ponds may cost upwards of $60,000.

Can someone sue you for getting hurt on your property?

If someone is hurt in your house, they may file a lawsuit against you to recoup their losses. Depending on the type of damage and the amount of loss caused by accident, these claims might be fairly considerable. That is why it is highly recommended that you secure your house with a potent insurance policy. A powerful insurance policy will protect you against some horrendous liability claims.

Should I buy a property with a pond?

A pond may be a beautiful addition to your property as well as a tremendous source of leisure. Ponds can be difficult to keep clean and appealing, but they are well worth the effort. A major part of the pleasure of owning a pond is having fish and animals in and around it, in addition to the overall beauty.

Is it expensive to maintain a koi pond?

Koi pond care costs average approximately $3,150 per year, with simple ponds starting at $2,940. The typical cost of spring upkeep is $1,200 ($990 for basic ponds), with $500 for summer filter and autumn filter cleaning and $400 for fall netting.