We’ll start with the least lucrative option first. In addition to those, you can rent cameras and film equipment cars parking and storage space a pool or yard boats and watercraft a recreational vehicle or “other,” which includes a laundry list of sporting goods and personal items. However, the “houses and rooms” category has two parts - one for overnight rentals one for rentals by the hour for things like movie shoots and events. divides the rental market into 10 categories. But it’s important to talk to your insurance agent before you rent your personal property. Some online platforms offer limited commercial policies to help. These coverage gaps are not hard to fill. If someone injures themselves or your property while renting it, your insurance policy may also exclude coverage. Those apply when you are using your property for commercial use, such as when you drive for Uber - or rent your car to an Uber driver. But if you are subject to a voluntary parting clause, your insurer could reject your loss.Īlso know that most personal insurance policies exclude commercial perils. This same concept would apply to lending your neighbor a lawn mower. You have insurance, you say? Check again to make sure that it doesn’t exclude losses due to “voluntary parting.” Voluntary parting is when you give someone your possession voluntarily - even if you expect it to be returned. You should also consider what happens if your renter doesn’t return (or vacate) your property. Airbnb has a nice guide on the type of rules to look out for and where they apply.
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