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I hope this is helpful.
HomeAway Community Manager
I haven't and would like to know how it worked out as well. One thought about using it though. I feel that renters will be extra careful if they have an actual security deposit at stake. The security deposit ins would be secondary.
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.
It sounds like a great idea as a supplemental thing. I think folks will be much more respectful of your properly if they have an actual security deposit to worry about. I charge it and refund via Pay Pal. $250 Works like a charm.
Are you still asking for a deposit as well as having them take out the Insurance? Did you have to rewrite all of your letters, contract, and other things? My booking have not been like last year at this time. So I am thinking that it may be the big deposit I am holding for the time they have booked. Thank you for you
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.
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?