Skip navigation

Join the Vacation Rentals Conversation!

Get answers to all of your questions from fellow owners and travelers.

Join the CommunityX

CommunitySeek, Ask, and Share in the Vacation Rentals Community
8363 Views 12 Replies Latest reply: Jan 23, 2014 1:05 AM by qqueen RSS
New Member 4 posts since
Feb 22, 2011
Currently Being Moderated

Feb 22, 2011 3:05 PM

Has anyone used the Deposit Insurance yet?

I have had a few customer say my deposit it to high.  So I would like to know if anyone has used the Deposit Insurance and how is it working.

 

Thanks,

Linda

  • Active Contributor 343 posts since
    Nov 18, 2010
    Currently Being Moderated
    Feb 22, 2011 5:24 PM (in response to thecarrollhouse)
    Has anyone used the Deposit Insurance yet?

    While you wait to hear from other Community members, you may want to check out this discussion on Accepting Payments.

     

    Related, here's an article on Security Deposit Policies as well as one on Handling Security Deposits and Payments.

     

    I hope this is helpful.

     

    Best Regards,

    Laura

     

    Laura Kelso

    HomeAway Community Manager

  • Active Contributor 343 posts since
    Nov 18, 2010
    Currently Being Moderated
    Feb 22, 2011 7:40 PM (in response to thecarrollhouse)
    Re: Has anyone used the Deposit Insurance yet?

    Here is one more thread that might be helpful, related to Security Deposit vs. Damage Insurance.

    Best,

    Laura

  • New Member 1 posts since
    Feb 26, 2011
    Currently Being Moderated
    Feb 26, 2011 8:44 PM (in response to thecarrollhouse)
    Re: Has anyone used the Deposit Insurance yet?

    Linda

     

    You are not the only one wondering. I just went with the rental insurance and was wondering the same thing. My first thought was, geesh if I have insurance, I guess I really don't need to worry about damage. I guess what it comes down to is........how difficult is it to get a claim through. I love the idea of having larger damage incidents covered while having a lower amount of collateral from the renter. Ultimately, we want financial compensation for damage that occurs during rentals, without financially breaking our customers. As the economy weakens, we will be limiting the renters that will be able to come up with the money to put on a damage deposit.

  • spoonbill Contributor 105 posts since
    Feb 24, 2011
    Currently Being Moderated
    Mar 2, 2011 8:01 PM (in response to thecarrollhouse)
    Re: Has anyone used the Deposit Insurance yet?

    I have used both methods and frankly have not experienced problems with either.  Since I only accept credit cards for rental, and I bury the cost of the accidental rental damage insurance in my rate that gives them $1500 coverage.  However my contract makes it clear that they are the responsible liable party with the following language:

     

     

    3) Renters will be completely responsible for any and all damage to the home or property caused by Renters, whether accidental or due to Renters negligence.   However, Renters understand that the rental includes an accidental damage rental policy providing up to $1,500 in accidental damage protection provided Renters notify the owner and assist the owner in making a claim.  Renters understand that Renters are responsible for damage beyond the coverage provided by the accidental damage insurance.  Renters are also responsible for damage that would have been covered by the accidental damage insurance if Guests fail to advise the Owner of the damage and provide the necessary information that would allow the Owner to file a claim against the policy.

     

    Where a special event is going to be taking place and I feel uncomfortable I require a high damage deposit too.  The policy retails for $45 but as an agent I get it for about 1/2 that amount.  Before, I used to require a $500 deposit and I never had any problems collecting it and it never seemed to stop anyone from renting the house.  The big hassle for me was having to refund the deposit.  Under the system I was using last year it was dificult.  Under the system I am using this year it would be easier so I may switch.  I think that if you screen properly and in my case I inform my guests that I have outside security cameras to monitor the property periphery and front door and garage so they know that if they violate the rules I may catch them on video, I find that the higher paying high end guests just are better behaved and I have not had an issue.

  • sophie Senior Contributor 964 posts since
    Mar 4, 2011
    Currently Being Moderated
    May 19, 2011 1:09 PM (in response to thecarrollhouse)
    Has anyone used the Deposit Insurance yet?

    jordan,

     

    I see you just joined the community today and have left 6 posts  about buying "deposit guard' on 6 different forums.  Any chance you work  for them since your comments sound like a tv commercial?

  • qqueen New Member 2 posts since
    Jan 10, 2014
    Currently Being Moderated
    Jan 23, 2014 1:05 AM (in response to thecarrollhouse)
    Re: Has anyone used the Deposit Insurance yet?

    I havent heard of this before but am really interested in finding out how it works. I dont think many insurance companies offer this.

Not a member?

JOIN THE COMMUNITY

Register Now

More Like This

  • Retrieving data ...

Bookmarked By (0)

Legend

  • Best Answers - 4 points
  • Helpful Answers - 2 points