Airbnb for Pools: Is it Worth the Risk?
Summer has looked different the past couple years due to Covid-19. When we envision summer, we picture travelling, family BBQs, community pools, and dropping off our kids at summer camp. Unfortunately, the pandemic has forced community pool closures, cancelled summer camps, and restricted travel. Many have turned to cottage rentals to preserve some normalcy for their family’s summer vacation. The lack of options has quickly resulted in Airbnb and cottage rentals to soar increasingly, leaving the remainder of booking availability next to nothing. Believe it or not, people are now renting out their backyards by the hour. Swimply is a company like Airbnb where you can host your pool, outdoor patio, grill, etc., for people to rent. With so many facilities closed due to Covid-19, people are desperate to enjoy their summer, and many are searching for ways to earn extra income. Swimply allows you to list your pool and any additional backyard amenities with an hourly rate. People can search for available pools in their area, with rental prices that are within their desired budget and enjoy a private swimming experience. Although this may appear to be beneficial for both hosts and guests, homeowners are unaware of the risk in its full magnitude. With that being said, Swimply provides hosts and guests with liability insurance and property damage protection. According to Swimply, hosts are eligible for up to $1 million of coverage if a guest is injured during a reservation or files a lawsuit. Their property damage protection indicates up to $10,000 of coverage if a host’s pool or property is damaged. At first glance it seems like a win-win situation. While many people aren’t ready to travel or dish out expensive cottage rental prices, this alternative option has appealed to many.Rob Golfi of RE/MAX Escarpment the Golfi Team says, “Even though it seems like a great idea to bring in extra revenue, as a homeowner you need to protect yourself first which means doing the research and reading the fine print”. It seems like a no brainer to collect income when you’re not using your own pool but make sure you cover all your bases. All things considered, as a host you will need additional coverage. “Even with Swimply’s insurance you are still putting yourself at an enormous risk” says Golfi, “you will need to update your homeowner’s insurance policy because in the case of a lawsuit, a lawyer will go after any name attached to the property”.