If you are renting your pool, you need insurance to ensure you are properly protected. Recouping some costs associated with having a pool sounds like a great idea… right? The answer depends on if you have the right level of insurance in place to ensure you are protected in the event of an accident on your property.
Like the network Airbnb for renting homes and bedrooms, there is a similar network for renting swimming pools.
Earning an income from renting your pool seems like sunshine and rainbows until one of your renters slips and falls into your pool, suffering a broken neck, among other injuries. According to CBC, a Toronto-based lawyer would absolutely go after the homeowner in the event of an accident in a swimming pool. These types of lawsuits can go upwards of $10million.
CBC continues by saying that renting out your swimming pool is not advisable from a liability perspective. The network that helps connect aspiring renters to available pools provides some coverage in the event of damage and/ or bodily accidents, but it’s no where near the amount of coverage that would be needed to financially protect yourself.
If you need to rent out your pool, you should consult with your home insurance provider about the usage of parts of your home for business purposes.
Your home insurance policy will not cover you if someone is renting a part of your home if it has not been declared to your insurance broker. If you are not upfront with the usage of your home, you risk your policy not being renewed, or worse, an accident happening on your property and you not being adequately protected.
Roughley’s team of insurance professionals is standing by to answer your call. If you have questions about your insurance, we invite you to call us and speak to one of our team members.
We are available Monday to Friday, 9am until 4:30pm.
Phone: 905.576.7770 • Toll Free: 1.888.558.0883
Phone: 905.697.4257 • Toll Free: 1.888.558.0883