Does iRentMy provide insurance for rented items?

iRentMy offers built-in platform protection for qualifying rentals. This covers accidental damage up to $5,000 per incident. The protection is included at no extra cost for verified listings and covers both owners and renters.

What happens if a renter damages my item?

First, document the damage with photos. Then report it through the iRentMy messaging system within 24 hours. If the renter has a deposit, the repair cost can be deducted. For damage exceeding the deposit, file a claim through our Protection Centre.

Does my home insurance cover items I rent out?

It depends on your policy. Some home and contents insurance policies cover items lent to third parties, while others explicitly exclude shared economy activities. Contact your insurer to check. Many providers now offer add-on coverage for P2P lending.

How much deposit should I charge as an owner?

A common approach is 20-30% of the item's value for items under $500, and a flat $100-200 for items over $500. The deposit should be enough to cover typical repair costs without being so high that it discourages renters.

Am I liable if a renter is injured using my item?

Liability depends on the circumstances. If your item was defective or you failed to warn about known hazards, you could be held responsible. Always disclose any safety considerations, ensure items are in good working order, and consider liability coverage for high-risk items.

What is not covered by platform protection?

Normal wear and tear, cosmetic scratches, damage caused by misuse or negligence, items rented outside the platform, and theft by a verified renter where police have not been contacted. Always read the full protection terms before listing.

How long does a damage claim take to resolve?

Most claims are reviewed within 2-3 business days and resolved within 5-7 business days. Complex claims involving high-value items or disputed circumstances may take up to 14 days. Both parties are kept informed throughout.

Can I add my own insurance to supplement platform protection?

Absolutely. Many owners carry their own insurance alongside platform protection. Some insurers offer specific shared economy policies. This layered approach provides maximum coverage, especially for items worth over $1,000.

Insurance & Protection for P2P Rentals

Understand how damage protection, liability, and insurance work when renting or lending items through a peer-to-peer marketplace.

Start Renting List Your Items

Four Layers of Protection

Multiple protection mechanisms work together to keep owners and renters safe

🛡️

Platform Protection

Built-in coverage provided by iRentMy for qualifying rentals. Covers accidental damage up to the item value with a simple claims process.

Coverage: Up to $5,000

🏠

Owner Insurance

Your existing home or contents insurance may extend to items you rent out. Check your policy for 'lending to third parties' or 'shared economy' clauses.

Coverage: Varies by policy

💳

Renter Deposit

A refundable security deposit held during the rental period. Released when the item is returned in agreed condition. Covers minor damage and late returns.

Coverage: 10-30% of item value

⚖️

Liability Coverage

Protects against injury or property damage caused by a rented item. Essential for high-risk equipment like power tools, ladders, and sporting gear.

Coverage: Up to $1,000,000

What's Covered vs What's Not

A clear comparison of coverage across protection types

Scenario	Platform	Home Insurance	Deposit	Liability
Accidental drops and breakage	Yes	Maybe	Yes	No
Theft during rental period	Yes	Yes	No	No
Normal wear and tear	No	No	No	No
Water damage (non-negligent)	Yes	Maybe	Yes	No
Injury to renter while using item	No	No	No	Yes
Damage to third-party property	No	Maybe	No	Yes
Late return penalties	No	No	Yes	No
Cosmetic scratches and scuffs	No	No	No	No

How the Claims Process Works

Document the Damage

Take clear photos and videos of the damage immediately. Include close-ups and wide shots showing context. Note the date, time, and circumstances.

Notify the Other Party

Contact the owner or renter through the iRentMy messaging system within 24 hours. Be factual and specific about what happened.

File a Claim

Submit your claim through the iRentMy Protection Centre with all documentation. Include the rental agreement, photos, and a description of events.

Assessment & Review

Our team reviews the claim within 2-3 business days. We may request additional information or arrange a professional assessment for high-value items.

Resolution & Payout

Approved claims are resolved within 5-7 business days. Payouts go directly to the affected party. Both parties are notified of the outcome.

6 Tips to Protect High-Value Items

Smart owners take these steps before every rental

Photograph everything before each rental

Take timestamped photos of your item from multiple angles before every rental. This creates an undeniable record of pre-rental condition.

Set appropriate deposit amounts

For items under $200, a 20-30% deposit is standard. For items over $500, consider a flat deposit of $100-200. Too high discourages renters; too low leaves you exposed.

Write clear item descriptions

Note any existing scratches, marks, or quirks in your listing. This prevents disputes about pre-existing wear. Honesty protects you legally.

Require ID verification for high-value items

iRentMy offers identity verification for renters. Enable this requirement for items worth over $500 to add an extra layer of accountability.

Keep maintenance records

For tools and equipment, maintain a log of servicing dates and any repairs. This proves the item was in working order before the rental.

Check your home insurance policy

Contact your insurer to ask about shared economy coverage. Some policies exclude lending; others cover it automatically. A quick call could save you thousands.

Frequently Asked Questions

Ready to Start?

Join thousands of renters and owners on iRentMy. It's free to sign up.

Create Free Account Browse Listings