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Hamilton Spectator
26-06-2025
- Automotive
- Hamilton Spectator
Renting out your car or backyard to generate extra cash? What to know about insurance
Whether it's camping equipment, your backyard or a vehicle, the peer-to-peer sharing market has boomed in recent years. 'It seems, naturally, that consumers see a benefit when they're not using their space or otherwise to generate additional income for themselves,' said Daniel Ivans, an insurance expert with . 'This might be a quick, easy opportunity to maybe make some money.' At a time when many Canadians are struggling to make ends meet, renting out their personal belongings has become a side hustle. But offering assets, especially big-ticket items like a car, for rent is more complicated than just getting an ad up on an app or online forum. It's also about considering the wear on the item and potential damage costs — and finding the right insurance coverage. When bigger assets such as a home or vehicle are made available as short-term rentals, Ivans said they're exposed to additional damage risks. The first thing the host should do is notify their insurance broker and talk about how their situation is changing, he said. If the individual doesn't inform their insurance provider about short-term rental usage of the asset, they could end up losing their policy coverage and be left with a hefty bill in case of damages, Ivans said. Most apps, such as car-sharing app Turo, come with existing insurance for the host's vehicle. Every trip on Turo is covered by the company's commercial insurance policy across provinces, said Bassem El-Rahimy, vice-president of Turo Canada. The company's insurance covers up to $2 million in liability per host, while renters can take on additional protection plans, he added. 'Insurance is essentially built in,' El-Rahimy said. Most Turo hosts don't opt for supplemental insurance on top of what the company and their personal auto insurance provide, he added. 'If anything happens to the car while it's being shared, our insurance policy will cover it and kind of keep the host's insurance policy intact,' El-Rahimy said. Turo also mandates its hosts notify their personal auto insurer about the car usage. 'Insurance is a trust game,' El-Rahimy said. 'You can't be lying or hiding anything from your insurer.' But not all apps may provide that built-in security. Ivans said it often gets hard for insurance companies to evaluate additional exposure when the item is shared with strangers. 'You're not only loaning something to a friend ... but loaning something to the general public,' he said. 'How many providers are out there that are ready to take on that kind of exposure? Probably not too many,' Ivans said. Home insurance can be complicated to assess when a homeowner adds more usage to the property, he said. 'If (consumers) are renting out, say, for example, items like swimming pools or usage of their property, they would want to consult with a broker who can look around to try to find the right company,' Ivans said. David Adams started Sniffspot for city-dwelling pet owners who couldn't find open spaces for their pets in Washington. His solution was to connect dog owners with homeowners who have empty backyards. The idea took off and spread across the United States, eventually moving north of the border. Adams said safety is a key aspect of the idea — making sure no one is injured and no property gets damaged. Like many peer-to-peer sharing apps, Adams said the company offers damage protection and liability insurance. 'Damage protection provides up to $5,000 of protection against any kind of damage that a guest would cause at your property, like a broken gate or a broken chair, things like that,' he said. Liability insurance covers up to $1 million for accidents or injuries that may occur at the property during rented hours, he added. Still, Ivans warned there can be disparities when using peer-to-peer share apps, especially those with a cross-border presence or international markets. 'There are no guarantees that any app or any organization necessarily can provide somebody with full and holistic coverage for (the) household and their family in the potential case of financial devastation,' he said. This report by The Canadian Press was first published June 26, 2025.
Winnipeg Free Press
26-06-2025
- Automotive
- Winnipeg Free Press
Renting out your car or backyard to generate extra cash? What to know about insurance
Whether it's camping equipment, your backyard or a vehicle, the peer-to-peer sharing market has boomed in recent years. 'It seems, naturally, that consumers see a benefit when they're not using their space or otherwise to generate additional income for themselves,' said Daniel Ivans, an insurance expert with 'This might be a quick, easy opportunity to maybe make some money.' At a time when many Canadians are struggling to make ends meet, renting out their personal belongings has become a side hustle. But offering assets, especially big-ticket items like a car, for rent is more complicated than just getting an ad up on an app or online forum. It's also about considering the wear on the item and potential damage costs — and finding the right insurance coverage. When bigger assets such as a home or vehicle are made available as short-term rentals, Ivans said they're exposed to additional damage risks. The first thing the host should do is notify their insurance broker and talk about how their situation is changing, he said. If the individual doesn't inform their insurance provider about short-term rental usage of the asset, they could end up losing their policy coverage and be left with a hefty bill in case of damages, Ivans said. Most apps, such as car-sharing app Turo, come with existing insurance for the host's vehicle. Every trip on Turo is covered by the company's commercial insurance policy across provinces, said Bassem El-Rahimy, vice-president of Turo Canada. The company's insurance covers up to $2 million in liability per host, while renters can take on additional protection plans, he added. 'Insurance is essentially built in,' El-Rahimy said. Most Turo hosts don't opt for supplemental insurance on top of what the company and their personal auto insurance provide, he added. 'If anything happens to the car while it's being shared, our insurance policy will cover it and kind of keep the host's insurance policy intact,' El-Rahimy said. Turo also mandates its hosts notify their personal auto insurer about the car usage. 'Insurance is a trust game,' El-Rahimy said. 'You can't be lying or hiding anything from your insurer.' But not all apps may provide that built-in security. Ivans said it often gets hard for insurance companies to evaluate additional exposure when the item is shared with strangers. 'You're not only loaning something to a friend … but loaning something to the general public,' he said. 'How many providers are out there that are ready to take on that kind of exposure? Probably not too many,' Ivans said. Home insurance can be complicated to assess when a homeowner adds more usage to the property, he said. 'If (consumers) are renting out, say, for example, items like swimming pools or usage of their property, they would want to consult with a broker who can look around to try to find the right company,' Ivans said. David Adams started Sniffspot for city-dwelling pet owners who couldn't find open spaces for their pets in Washington. His solution was to connect dog owners with homeowners who have empty backyards. The idea took off and spread across the United States, eventually moving north of the border. Adams said safety is a key aspect of the idea — making sure no one is injured and no property gets damaged. Like many peer-to-peer sharing apps, Adams said the company offers damage protection and liability insurance. Monday Mornings The latest local business news and a lookahead to the coming week. 'Damage protection provides up to $5,000 of protection against any kind of damage that a guest would cause at your property, like a broken gate or a broken chair, things like that,' he said. Liability insurance covers up to $1 million for accidents or injuries that may occur at the property during rented hours, he added. Still, Ivans warned there can be disparities when using peer-to-peer share apps, especially those with a cross-border presence or international markets. 'There are no guarantees that any app or any organization necessarily can provide somebody with full and holistic coverage for (the) household and their family in the potential case of financial devastation,' he said. This report by The Canadian Press was first published June 26, 2025.
Yahoo
10-04-2025
- Business
- Yahoo
What the Tech: Tech for side hustles
With the cost of everything rising, many of us are looking for ways to supplement our income. Thankfully, technology has made it easier to start a side hustle right from the palm of your hand. Whether you're looking to make a little extra cash or build something more substantial, your smartphone and a few key apps can be your ticket to financial freedom. If you think you don't have the time or skills, think again. Even a hobby can be a money-maker. Platforms like Etsy are booming, with creators selling everything from handmade goods to digital files. Digital products like gift card templates, daily planners, and calendars are particularly popular. If graphic design isn't your forte, tools like Canva make it incredibly simple to create professional-looking designs. Got office skills? Sites like Fiverr and Upwork connect freelancers with businesses needing help with accounting, marketing, or administrative tasks. Your expertise is valuable, and these platforms make it easy to find clients. Decluttering can also be profitable. Facebook Marketplace is a great starting point for selling unwanted items, but consider exploring WhatNot for live garage sales. You can showcase your items in real time and engage with buyers directly. Beyond selling physical goods, you can leverage your space. Apps like Sniffspot allow you to rent out your yard to pet owners, providing a safe space for their furry friends to play. If you have extra parking space, Neighbor lets you rent it out to people with RVs or extra vehicles. Even spare storage space in your garage or bonus room can be turned into a revenue stream. Sharing your knowledge is another powerful side hustle avenue. Starting a YouTube channel is free, and you can create videos demonstrating anything from home repairs to cooking tips. Successful creators can earn significant income through advertising and sponsorships. Finally, consider mastering emerging technologies like Chat GPT, Microsoft CoPilot, Google Gemini, or Perplexity. Businesses are increasingly seeking individuals with expertise in AI tools, and offering your services as a Chat GPT consultant could be a lucrative side hustle. The bottom line is that there are countless opportunities to turn your interests and time into extra money. With a little effort and the right technology, you might discover a side hustle that blossoms into a full-time passion and income source. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
27-01-2025
- Business
- Yahoo
5 Ways You Can Create Your Own ‘Stimulus Check' in 2025
Government stimulus money is that which comes during challenging economic times to help stimulate the economy by putting more money into Americans' pockets. The last time the federal government did this was during the pandemic, when three rounds of stimulus were sent out in varying amounts to qualifying individuals and families, ranging from around $500 to $1,400. Though many people are feeling financially strapped due to high costs of living, the economy is actually doing quite well by most factors, meaning a government stimulus is unlikely to be forthcoming anytime soon. However, there are ways you could potentially create your own 'stimulus' through investing and other opportunities this year. Find Out: Read Next: 4 Unusual Ways To Make Extra Money That Actually Work Ed Huang, an expert in finance and side hustles at suggested that if you want to make some 'bonus money' start by looking into dividend-paying stocks. 'Invest in trusted companies that pay you just for owning their stock,' he said. He likened this to becoming a kind of 'side investor' and if you do it well, those quarterly payments can feel like free money, just for being smart with your money. See More: There are side hustles and then there are in-demand side hustles — people who are good at staying on top of trends can pick up side work that quickly grows lucrative. If you've got any kind of expert knowledge, you might be able to build a quick online course. If you've got tech skills, or a deep understanding of artificial intelligence (AI), you might be able to parlay that into side work for companies or entrepreneurs who need contractors. But also look to your local community: Are Uber and Lyft drivers in scarce supply? Do elderly residents need personal shoppers or people to tend their lawns? Side hustling can be as much about looking to fill a need as it is about making money. Another strategy is to use cash-back credit cards and rewards apps, Huang said, which 'can change your everyday spending into a clever side job.' Things that you pay for with a cash-back card like Rakuten or Ibotta give you money back for things you would buy anyway (like groceries, gas or office supplies). However, be smart with those credit cards. That cash back won't count if you carry a balance and end up racking up interest on top of your payments. A great way to make money out of almost thin air is to sock as much of your savings as you can into high-yield savings accounts or certificates of deposit (CDs). Here, just by putting your money in the right place, you can earn significant interest. Beyond the obvious rentals, like a property or room through rental platforms, a way to bring in extra cash is to rent out things you own, Huang said. Everything from your car on Turo, your tools or equipment on sites like Fat Llama or your yard for events through apps like Sniffspot. More From GOBankingRates 4 Low-Risk Ways To Build Your Savings in 2025 3 Things You Must Do When Your Savings Reach $50,000 This article originally appeared on 5 Ways You Can Create Your Own 'Stimulus Check' in 2025 Sign in to access your portfolio
