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Updated 7 months ago, 05/22/2024

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49
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Tim Matthews
27
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49
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Damage protection coverage for midterm rentals

Tim Matthews
Posted

Is there a third-party company that offers Damage Protection coverage for midterm rentals? Specifically for 2-6 month stays. Searching on the internet mainly results in regular landlord insurance. Since a mid-term stay could technically last for 60 days, is that a Damage Protection coverage for reservations this long similar to AirCover? I accept Direct Bookings by the way, and some are sourced from sites like Furnished Finder. 

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Zachary Deal
Pro Member
#4 Medium-Term Rentals Contributor
  • Lender
336
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Zachary Deal
Pro Member
#4 Medium-Term Rentals Contributor
  • Lender
Replied

Hi Tim, I know Proper and Steadily are common insurance choices for MTR owners. While I'm not sure specifically if they or any companies that offer Damage Protection coverage for 2 - 6 month stays, I know some people require a security deposit for longer stays (sometimes only half month) to mitigate damage risk and sometimes renters insurance as well. If you're worried about damage, I think some form of security deposit for longer stays makes sense.

  • Zachary Deal
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    Jamie Banks#2 Medium-Term Rentals Contributor
    • Real Estate Consultant
    • Reston, VA
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    Jamie Banks#2 Medium-Term Rentals Contributor
    • Real Estate Consultant
    • Reston, VA
    Replied

    Yes. I've used Waivo and another one (I forget the name) through Owner Rez. You typically have to pay per 30 days but I've seen that it's worth it as an extra protection for us landlords. 

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    User Stats

    507
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    Allen Duan
    Pro Member
    #3 Medium-Term Rentals Contributor
    • Property Manager
    • Los Angeles, CA
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    Allen Duan
    Pro Member
    #3 Medium-Term Rentals Contributor
    • Property Manager
    • Los Angeles, CA
    Replied

    Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.

    I also considered Safely, but they're pricing becomes very expensive for MTRs

  • Allen Duan
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    Bonnie Low
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    Bonnie Low
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    • Investor
    • Cottonwood, CA
    Replied
    Quote from @Allen Duan:

    Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.

    I also considered Safely, but they're pricing becomes very expensive for MTRs


     So is Waivo more of an aircover-like insurance options rather than property insurance? I don't use Airbnb for MTR so I don't have Aircover as an option.

  • Bonnie Low
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    Allen Duan
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    Allen Duan
    Pro Member
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    • Property Manager
    • Los Angeles, CA
    Replied
    Quote from @Bonnie Low:
    Quote from @Allen Duan:

    Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.

    I also considered Safely, but they're pricing becomes very expensive for MTRs


     So is Waivo more of an aircover-like insurance options rather than property insurance? I don't use Airbnb for MTR so I don't have Aircover as an option.


     Correct. It does not replace the need for property insurance. It's more of a replacement for the security deposit as they only cover guest damages with some specific stipulations. We chose to use a service like this so we don't have to track and refund deposits, which is very frequent for us managing so many MTRs. So it's more of an operational benefit than just financial.

  • Allen Duan
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    Bonnie Low
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    Bonnie Low
    Pro Member
    #1 Medium-Term Rentals Contributor
    • Investor
    • Cottonwood, CA
    Replied
    Quote from @Allen Duan:
    Quote from @Bonnie Low:
    Quote from @Allen Duan:

    Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.

    I also considered Safely, but they're pricing becomes very expensive for MTRs


     So is Waivo more of an aircover-like insurance options rather than property insurance? I don't use Airbnb for MTR so I don't have Aircover as an option.


     Correct. It does not replace the need for property insurance. It's more of a replacement for the security deposit as they only cover guest damages with some specific stipulations. We chose to use a service like this so we don't have to track and refund deposits, which is very frequent for us managing so many MTRs. So it's more of an operational benefit than just financial.


     You're using Waivo in lieu of collecting security deposits from your guests? Interesting.

  • Bonnie Low