Protect Your Backyard Pool From Tragedy

5. Get insured. Pools are considered an "attractive nuisance" by insurance companies, meaning they can increase your liability risk and your costs. Although it might not seem worth the added expense, it takes just one heartbreaking and financially devastating incident to change that view, and by then it's too late.

Most homeowners' insurance policies come with at least $100,000 of liability insurance, although the III suggests pool owners increase that amount to $300,000 or $500,000. If the pool itself is expensive, make sure you have enough insurance to cover it in case of damage from a storm or other natural disaster, especially if you're in a risky area. There are also "umbrella" policies for an additional premium of $200 to $300 per year that will cover $1 million of liability above the homeowners' policy.