AirBnB removing security deposits?

[Cliff H.]

Anyone have an idea of how this is going to work? No security deposits in listings? Really hoping this is not another erosion of property leasing 101 by the magicians at AirBnB who think they know better than hosts. From email this afternoon, 

Our community of Hosts and guests is founded on trust and we are always working on ways to strengthen that foundation.

In the coming weeks, we will be making the changes described below.

Airbnb is taking further steps to hold guests responsible for damage they cause to your listing.
By the end of May, guests will be informed that their payment method may be charged if they cause damage to a listing. As part of this update, security deposits will be removed from the listing settings page.

Airbnb is updating how rebooking assistance and refunds work for guests.
We are updating our guest refund policy for stays to allow 72 hours to report travel issues and clarify how refunds and rebooking assistance are handled. Review the updated and renamed Rebooking and Refund Policy here for details.

In November, we launched AirCover for Hosts, inspired by your input. We’re committed to continuing our work to advance our protection programs for the community.

Thanks,

The Airbnb Team