Why you need DEPOSITCOVER
Deposits are crucial when renting a property out to strangers, but the traditional method breaks down when the length of stay is only a few nights, causing issues for both hosts and guests.
The problems for hosts
- Taking and holding a meaningful deposit from a guest is complicated and admin heavy
- Short-let tenants are more likely to cause damage than long-let tenants but will tolerate lower deposits
- Resolving host/guest disagreements is time-consuming and quickly gets messy
- 82% of guests said paying a deposit put them off booking a property
The problem for guests
- The traditional deposit model does not work for Airbnb and other short-lets. Why would a guest hand £500 to a stranger for a booking that costs a fraction of that?
- Regular travellers don’t want to be handing over deposits to different hosts each week
- Disagreements over broken / damaged items are time-consuming and the host holding the money usually wins
The benefits of a virtual deposit
DEPOSITCOVER removes the need to take an actual cash deposit from the guest. It works just as a normal deposit would, allowing deductions for damage (but not for expected wear and tear…)
- It increases transparency for all – there is no need for the guest to hide damage to try and “get away with it”
- It provides a better and more positive customer experience when an accident has happened
- It removes a key barrier to guests booking
- It reduces payment processing fees associated with taking traditional deposits
- It removes the admin heavy task of taking and then refunding deposits for each booking taken by a host
- Malicious damage
- Accidental damage
- Deliberate damage
- Loss of keys
Damage caused by the deliberate action or inaction of a guest. Any criminal activity in your home, or any activity which is against the law, constitutes malicious damage.
Sudden, unexpected and visible damage caused by a guest which has not been caused on purpose.
An action or inaction of a guest, which leads to loss or damage of your buildings or contents, which the guest is aware will cause damage and has been done on purpose. Deliberate damage includes malicious damage.
Theft or attempted theft caused or enabled by action or inaction of the guest.
Following theft or loss of your home keys and alarm fobs to outside doors and windows by a guest(s) during a booking we will pay the cost of changing the locks, keys and alarm fobs.
How does it work
- You pay a small premium (from £2.50 per night) for a virtual deposit on a guest’s stay in your property.
- You can choose between a £350, £500 or £1,000 deposit.
- You only pay for the nights you when you have guests staying
- Sign up for DEPOSITCOVER, choose Autohog and link you I-calendar and then we will automatically cover every stay.
The small print
Please read our policy wording before you purchase DEPOSITCOVER.
- This policy has a maximum claim limit of £1,000.
- This policy has an excess of £50.
Please refer to your policy word for exclusion details and specific item limits
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