You can make money by renting out household items to other people who need them. But before you rent out household items to others, you need to know about something called “voluntary parting” insurance.
This is coverage that specifically addresses an exclusion in most homeowners insurance policies. That exclusion says you get no loss or theft coverage for “voluntarily parting” with your property. And, that is what you’re doing by renting it out. If you want insurance for the chance that someone won’t return your rented property, you need to buy it. It’s generally not costly, but you’ll need to talk to your insurance agent to get a quote.
That said: These two sites can help you rent household items ranging from vacuum cleaners to tools; sporting goods to mowers.
FriendWithA is an online rental platform where you can list anything for rent, ranging from camping equipment to bounce-houses. However, the site appears to specialize in high-end sporting equipment such as electronic scooters, bikes, one-wheels (a cross between a skateboard and a Segway) and paddle boards.
You spent big bucks to buy the carpet cleaner, the belt sander or the wood chipper and now they are all just sitting in your garage gathering dust? The same holds true for that camping equipment — and even your old wedding or prom dress? This site allows you to rent it out — and even gives you an idea of how much similar items are renting for in your area.
You pay nothing unless your things get rented. If they do, the site takes a 10% commission from the customer’s payment. Learn more about Loanables/Reventals by reading our full review here.