Do You Need Extra Insurance if You're Renting Out Your Swimming Pool?

Owning a home is expensive. In addition to paying a mortgage, you have to cover the cost of maintaining that property as well as pay for necessary repairs. 

And then there's homeowners insurance to think about. Your cost there will hinge on your home's location as well as the size and condition of your property. But it's another ongoing bill to contend with either way.

As such, you may be eager to drum up some extra cash to help cover your homeownership costs. And while you could go out and get a side hustle that has you waiting tables or driving for a ride-hailing service, an easier way to boost your income may be to monetize your home. You could do that by renting out a finished basement or garage, or by renting out your parking spot (either by the hour, day, week, or month). 

But if your home has a pool, that's another avenue you can explore. And it may be a lucrative one. 

Many people don't want to bear the expense of owning a pool, so they're willing to pay a generous hourly rate to rent one instead. If your property has a pool, that's a prime opportunity.

You may be wondering if renting out your swimming pool will force you to increase your homeowners insurance coverage. And the answer is, it depends.

Are you using a service or going solo?

You may be inclined to advertise that your pool is available to rent locally and see where that takes you. If you're going this route, as opposed to using a service or app, then it's definitely a good idea to contact your homeowners insurance company and see if you need additional coverage. But if you're using an app or service to rent it out, you may not need added insurance.

Swimply, for example, offers U.S. and Canadian hosts liability protection of up to $2 million. If someone books your pool through Swimply and then gets hurt and sues you for $400,000, you have coverage in place. Swimply also says that hosts are eligible for up to $10,000 in property damage resulting from a booking.

Should you rent out your pool?

There are pros and cons to renting out your pool. The upside, of course, is the extra income. The downside is that you'll have strangers on your property at different times, which may or may not interfere with your schedule.

Also, even if you use a service like Swimply, you'll need to manage your bookings and ensure your pool is guest-ready as necessary. That could end up being a lot of work.

Now, if you're interested in renting out your pool but are wondering whether it pays to go through a service or do it solo, that's a different story. The upside of using a service is that it might be easier for guests to find you, and you'll get the aforementioned financial protection (at least with Swimply). 

On the other hand, you might lose a chunk of your profits to fees. Swimply takes 15% to 30% of what you charge per booking.

Whether you decide to rent out your pool through a service or not, it's important to loop your homeowners insurance company in either way. It may not require you to increase your coverage, but it's essential to have that conversation.