Another critical property of water is that its solid form (ice) is less dense than its liquid form. This means that large bodies of water freeze on top and seal

Another critical property of water is that its solid form (ice) is less dense than its liquid form. This means that large bodies of water freeze on top and seal in a warmer liquid layer below. If not for this, then all lakes and even oceans would freeze solid. Most of the planet's water would be frozen solid year-round. Even during the "Snowball Earth" eras in our ancient past, only the surface of the Earth was frozen; there was still liquid ocean below. Very few compounds have this property of lower density when frozen.