MyVR, a cloud-based software that simplifies vacation rental management, has partnered with Assurant, a global provider of consumer purchase protection, to launch a fully integrated damage protection solution designed for short-term property managers.
Damage protection originated in the mid-2000’s with concerns of consumer credit card fraud and increased charge-back risk if property managers retained a security deposit. A feature such as a damage waiver protection can be an attractive solution to balance a superior guest experience while protecting the homeowner’s assets.
According to HomeAway, approximately 80% of guests would rather pay a small, nonrefundable fee than a large, refundable security deposit.
“Damage protection has evolved greatly over the last decade and we studied the various models in the marketplace and solicited extensive feedback from clients before we finalized this offering and chose Assurant as our partner,” says Mike Stachowiak, Co-founder and CTO of MyVR. “Each marketing channel has its own version of protection and it was very difficult to scale across a portfolio and inconsistent across channels. We wanted our clients to be able to offer their guests and homeowners peace of mind regardless of where the booking occurred.”
Property managers can choose various levels of protection based on the value of the home and the replacement cost of furnishings and other assets.