All Forum Posts by: Brian Schlosser

We have a damage waiver where guests pay us a fee in lieu of security deposit and we cover the owner for accidental damages. We are looking at setting this up for traveler insurance as well. It helps having nearly 80 units so the economies of scale are at play. Also different we are PM Company versus doing it for yourself. Just be clear on the terms as a lot of travel insurances only cover illnesses, deaths, etc and have policies and procedures in place regarding claims.

Ownerrez offers two plans currently. The first is 7% of the total reservation amount and only covers for illness, death etc. The second is 10% of the total reservation amount and covers for any reason.

1 Vote

West Gulfport, Mississippi

Quote from @John Underwood:

If they cancel you get the few bucks that you got for the insurance.

If they were insured the insurance would pay you for the entire stay upon a cancellation.

Plus, if they have insurance with you only, they may be more inclined to cancel than if they had no travel insurance.

Kinda like when you have the car rental insurance you may be less inclined to take care of the car as it is covered.

Insurance is still offered either way so I'm not sure how cancellation rates would change whether it's offered from me or ownerrez. I don't even have to say insurance directly from me I could just make it look like it's through a third party.

0 Votes

West Gulfport, Mississippi

Quote from @Michael Baum:

I am kinda with @John Underwood on this one. I would rather they buy the travel insurance that pays me the whole kit-n-kaboodle rather than a $100 payment and leave the dates empty at the last minute.

My thoughts are cancellations are quite rare (at least for me). I will occasionally get left holding the bag but in the long run I should come out ahead.

0 Votes

West Gulfport, Mississippi

My thoughts are if ownerrez is offering it as a revenue stream than it must be profitable.

0 Votes

West Gulfport, Mississippi

Quote from @Collin Hays:

Quote from @Brian Schlosser:

Does anyone offer their own traveler insurance? By "their own" I am referring to the guest paying you directly and if a cancellation were to occur you would refund then directly. I use ownerrez for my listing website and ownerrez offers insurance to the guests on my behalf. Many purchase it but few cancel. Seems like it could be worth the extra revenue to offer it myself if that's possible.

Why not just self-insure? Collect the "premiums", and when you have a cancellation, reimburse yourself. You probably can't call it "insurance" in your state, but you could call it "Cancellation Protection" or similar. Same for "damage waiver". Both of these are huge profit centers for management companies (although my company offers neither).

This is exactly the question I'm asking, seems self insuring would be a good additional revenue stream and I'm ok with the loss of a cancellation as long as it's the minority. Is there anyone that offers this themselves and how have you fared if so?

0 Votes

West Gulfport, Mississippi

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West Gulfport, Mississippi

@Nathan M kiefer, wow that's incredible.

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I'm an STR investor on the Mississippi Gulf Coast and I utilize both strategies. Mostly we buy existing properties however if we find land in a good area with a view of the water we will buy and build. We are glad we did as home prices shot up here as they did everywhere the last few years. We are currently building a home to STR as it was cheaper to build than to buy. Prices are starting to pull back here a little bit so it may be a toss up which avenue we take next but it's always good to explore every option.

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We have smart tvs in bedrooms/living room. We offer streaming tv service (fubotv). They can use their own Netflix etc if they desire.

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@Keegan Schaub

While I have never used them. Visio lending is offering 80% ltv at 7.5% per their marketing emails.

0 Votes

All Forum Posts by: Brian Schlosser

Brian Schlosser has started 2 posts and replied 18 times.

Post: Self traveler insurance

Post: Self traveler insurance

Post: Self traveler insurance

Post: Self traveler insurance

Post: Self traveler insurance

Post: Self traveler insurance

Post: our beach house investment # 1

Post: Buying vs. Building

Post: Streaming services in your STR?

Post: 20% DSCR or private lending help