A soft, flexible, floating temperature regulating and evaporation reducing cover for a pool generally comprises an independently inflatable outer ring and central portion. Holes through the central portion permit egress of air from under the central portion when the cover is placed on water. Valves for chamber and cavity are located near one edge such that the cover may be deflated by rolling from an edge opposite the valves. Top and bottom films are adapted to absorb or reflect solar radiation to heat or cool the pool as desired. Magnets on the ring condition water and attach to similar floating covers to form rafts. For holding the cover in a pool during winds, the ring can be inflated with water or in an alternate embodiment, water anchors fill with water.