Unexpected Risks of Renting Out Your Private Pool for Extra Income

Are you considering renting out your backyard pool to make some extra cash? You're not alone. Many Central New York homeowners find the idea of turning their unused pool into a money-maker appealing. But before you dive in, there's more you need to know.

At the Horan insurance agency, we've heard from numerous clients confused about how pool-sharing affects their coverage. The fear of making uninformed decisions or buying a policy that doesn't fit your situation can be overwhelming.

As an independent agency working with multiple carriers, we have a unique perspective on this often-misunderstood aspect of insurance.

In this article, we'll break down the risks associated with renting out your private pool. From liability concerns to potential coverage gaps, we'll cover what you need to know to protect your property and assets. Let's dive in and unravel this complex topic together.

Understanding the Appeal and Risks of Pool-Sharing Platforms

With just a few clicks, you can sign up for a service like Swimply and offer your backyard pool for hourly rentals. The appeal is clear—earn $50 to $100 or more per hour when you're not using your pool. For Central New York homeowners looking for creative ways to make extra money, this might seem like a safe and reasonable opportunity.

However, the reality of pool-sharing isn't as simple as it appears on the surface. Let's explore why:

The Limitations of Platform-Provided Insurance

While pool-sharing platforms offer some insurance, it's crucial to understand its limitations:

• Coverage is very limited and filled with exclusions
• It's not something you should rely on for significant injuries or property damage
• The maximum property damage coverage is often only $10,000
• Coverage often only applies to the person who made the booking, not their guests or friends they might bring along
• The pool liner, likely the most expensive and vulnerable item, is typically excluded from coverage

The Pool Liner Paradox

This exclusion of pool liners is particularly problematic for Central New York homeowners. Unlike southern states where concrete or gunite pools are more common, the vast majority of pools in our region use vinyl liners.

You may find a fiberglass pool here and there, but vinyl is the norm. A damaged liner can be a significant expense, and you'd be on your own to cover it.

Why Your Current Homeowners Insurance Won't Help

You might think your homeowners insurance will step in where pool-sharing platforms fall short. But here's the catch:

• Every single one of our carriers, even the most flexible ones looking at ways to be creative, want nothing to do with pool-sharing
• Some have explicitly stated they would ask ahead of time that we please not place someone with them who is doing this at their home
• Your existing policy likely won't cover incidents related to this activity
• Engaging in pool-sharing could potentially void your current coverage

The Real Risks Central New York Homeowners Face with Pool-Sharing

When you open your pool to strangers, you're inviting more than just swimmers. You're also welcoming:

• Potential property damage
• Possible legal disputes
• The risk of voiding your homeowners insurance

The Internet's Double-Edged Sword

The internet has created unique opportunities over the last 20-30 years to make extra money. However, sometimes an opportunity that looks safe and reasonable on the surface can hide significant dangers.

When it comes to your house, your liability, and your exposure to people getting hurt on your property, sharing your swimming pool and being paid for it may be one of the riskiest things you could do at your own home.

Steps to Protect Yourself If You're Still Considering Pool-Sharing

If you're still thinking about renting out your pool, here are some critical steps to take:

1. Contact your insurance agent and ask specifically: “Am I insured if somebody gets hurt at my house while renting out my swimming pool?”
2. If they say yes, ask for it in writing. In our experience, this could be rather challenging.
3. Carefully review all rules and restrictions of the pool-sharing platform
4. Be aware that if you're not home during the rental period, you have even less control over what happens on your property

Reconsidering the Value of Pool-Sharing

While the idea of earning extra income from your pool might be appealing, the potential risks are significant. The combination of limited platform insurance and likely gaps in your homeowners coverage creates a precarious situation.

People aren't renting out portions of their home because they're unbelievably interested in sharing unique spaces—they're looking for another source of income. But the risks associated with this particular income source are substantial.

Until something changes in the insurance landscape, it's highly recommended that you carefully consider whether pool-sharing is a wise decision. The small financial gain could be quickly wiped out by a single incident, leaving you exposed to significant liability. Tread lightly when considering this option.

Don't Let Pool-Sharing Risks Sink Your Financial Security

The allure of extra income from pool-sharing is tempting, but the hidden risks could leave you financially vulnerable.

At Horan, we understand the complexities of property coverage in Central New York. We've guided numerous homeowners through the murky waters of insurance gaps and liability concerns. Our team can help you:

• Understand your current coverage and its limitations
• Explore alternatives that align with your property usage
• Identify potential risks you might not have considered

Don't navigate these choppy insurance waters alone. With our expertise, you can make informed decisions about your property and find coverage that gives you more security.

Click the Get a Quote button below to connect with our team. We'll help you understand your options and explore coverage that can give you more composure about your property.

Also be sure to read our article: Does Home Insurance Cover Swimming Pool Injuries?