Security Deposit - Damage Insurance

Hi,

I offer two options for a Security Deposit. Either a HOLD for $400 or $47 Non-Refundable Damage Insurance (not valid for PA and WA residents). How would I put that as an option with OwnerRez?

Thanks!
Claudia

Hi Claudia,

There is no way to do this BUILT IN to the software, but you could always offer them this manually. If they told you that they wanted to buy your damage insurance, you could charge them for that and then turn off the security deposit for their quote.

I should mention that we have a Damage Protection option that will be coming in the future, very similar to our current Travel Insurance option, but it's managed by us directly through Travel Guard. If selected by the guest, that would automatically turn off the security deposit.

-Michelle

OK. Would you offer a commission for every Damage Insurance purchased through you, as other listing sites do?

Claudia

Yes - and that's one of the reasons we haven't released it yet.

Selling Damage Protection is more complicated than selling Travel Insurance. With Travel Insurance, it's very straightforward. The guest interacts with the insurance provider if there's a problem and there's no real work needed to be performed by either the owner or us. With Damage Protection, there's a lot more to do. The owner's property has to be paid for, which means that the owner has to fill out a form - which we'll provide in the software - so that the insurance provider can reimburse him directly.

That, and we plan on crediting your account (ie. giving commission) anytime one of your guest's buys DI. We're unsure what that credit should be so we've held off on releasing it fully.

Yes, and Paul explained why. (Beat me to this one!)

Claudia, I'm curious... Who do you sell your insurance through now? I take it you're a registered insurance agent and sell it through one of the big vendors? Or do you just provide your own program?

As a gauge, I am currently receiving $5 for each damage insurance purchased.

Claudia

One of the listing sites offers the Damage Insurance, via TravelGuard. When I purchase one, at the end of the month, they send me a check. I receive $5 per Insurance purchased.

I fill out the information for the guest and enter my email address. So, the insurance comes to me. I believe I could enter the email for them, as well.

At the moment, they do not offer this insurance for PA and WA residents. So, you would have to find a way to exclude those residents from purchasing it.

I recently had to file a claim and I took care of everything, without the guest having to get involved. They paid me back within 2 weeks. Very quick.

Claudia

Hi Claudia,

Thanks for the extra details. We have a partnership with TravelGuard already for Travel Insurance, and we've signed off on their Damage Protection product too. So the process should be the same for you except that most of the details on the claim form will be filled in for you already by our system (since we know the guest name, dates of stay, etc).

-Michelle

Very good, Michelle. Your all doing such a great job!!

Claudia

How do you shut off the Security Deposit for a booking, if I wanted to collect for the Damage Insurance instead of a HOLD on their card?

Claudia, open the booking -> Security Deposit tab -> Change Scheduled One -> Delete. If you know that they want to buy your insurance before booking, you can also turn off the security deposit on that specific quote. That will ensure that no security deposit is ever scheduled in the first place. Look at Quote -> Billing Details.

Thx,

~Sam

Thank you, Sam.

Claudia

I have a question regarding this topic, I also sell the same damage waiver insurance through the same listing site and though I no longer take as high a security deposit I do still take a 'good care deposit' to cover the things damage won't - such as extra cleaning fees, fines the development might charge and I need to pay since they didn't - though those would be more than $75 usually. I feel the renter still has a vested interest in making sure the rental is left clean and fine free to avoid having their deposit actually processed, I usually send them back the deposit within a week when they buy the insurance else it's 30 days. Is there a way to override your shutting off the security deposit feature or how would I do this?

We will be designing it so that you have multiple options with Damage Protection:

* Always reserve Security Deposit no matter what
* Only reserve Security Deposit if Damage Protection is NOT purchased
* Never reserve Security Deposit

It sounds like you'd actually like a fourth option which is to always reserve BUT reserve a smaller amount if Damage Protection is purchased.

-Michelle

That actually sounds nice - fourth option. I am for that. :)

Claudia

Yes I agree with that as well - since they are not actually paying it, it should be OK for them to do this, I am doing this currently and they seem to be OK with it and would like not to have to refund the check or payment less work on my end.

Silvia