Backyard pool rentals have become a way for homeowners to make a little extra while those renting have a safe space socially distant from other parties. In fact, there are even websites that help connect those looking for a private pool. This includes Swimply, a digital marketplace which allows homeowners to rent their pool by the hour.
While renting your pool may seem like a good idea, you will want to do your research first and weigh the risks and benefits.
Check with Your Insurance Company
The very first thing you may want to do is check with your insurance company. Renting your pool brings about a great increase in risk and liability for the homeowner. Your standard homeowners policy may not provide any protection (or enough) for you as the homeowner if you choose to rent your pool to other parties. With more coverage, you will have more expense. Will you be making enough in revenue from renting your pool to cover that expense?
…and clear it with them.
Second, you will need to clear it with your carrier first. Carriers want to know if you are renting your pool. In fact, some carriers may consider it a big change in exposure and your coverage may not be renewed. Are you willing to be potentially dropped by your carrier?
Know the Rules
Lastly, be savvy about your local laws and mandates. Some ordinances require life jackets for all persons, regular water tests, safety and compliance rules among other stipulations. Are you willing to put in this extra time and work to stay compliant?
Remember, pools are inherently risky. While your coverage for your own family may work for you, accommodating the requirements to rent your pool may not be worth it. The best advice that we can give is that you speak with your iSCHURING agent before you decide to rent your pool. We can help make sure you have the coverage you need. We can also help you determine if the benefit to renting outweighs the risk.
The Legal Stuff
iSCHURING’s Resource Center is meant to provide an overview of the topic, rather than an in-depth review. When deciding how this information applies to your specific situation, we recommend discussing with an iSCHURING licensed insurance agent. Any information provided at iSCHURING may also need to be reviewed by an attorney or tax consultant to determine the best course of action for your unique situation. No information may be copied, reprinted or otherwise reproduced without the expressed written consent of iSCHURING.com.
