New! Damage Protection by Assurant - A new way to protect your properties!
We are excited to announce that we’ve partnered with Assurant to launch Damage Protection by Assurant, a unique, fully integrated damage protection solution designed specifically for short-term property managers and offered exclusively on the MyVR platform.
Protecting your properties with Damage Protection by Assurant will help you;
- convert more bookings
- eliminate hefty security deposits
- enhance your overall guest experience
What is it?
Damage Protection by Assurant was designed with the idea that property managers can simply plug-and-play this coverage across all of their properties instantly. It is offered by Assurant - a publicly traded Fortune 500 insurance underwriter, who has been in the business for nearly 80 years.
With multiple coverage levels from $1,500 to $25,000 per stay, you can gain more protection than a traditional security deposit while simplifying your booking process.
How does it work?
Once you turn on Damage Protection by Assurant, you can:
- Have peace of mind, knowing the properties you manage are well-protected beyond that of a typical security deposit
- Eliminate the need for damage deposits, that are burdensome to both you and your guests
Scale one uniform offering across all channels, rather than relying on individual channel insurance alternatives
- Minimize booking friction and price more competitively on all marketing channels, ultimately driving more revenue through a higher conversion rate
Want more info?
It looks like guests do not get to choose either the deposit or the insurance, and that different properties cannot have different insurance amounts. Correct?
Thanks for reaching out. You are correct, at the present time we only offer a single account-wide coverage level and do not yet offer property specific coverage levels. If this is something you're interested in, please let us know more about your needs on this front using our in-app "Suggest a Feature" tool, as we greatly value customer feedback.
As you've also noticed, you can collect a Damage Waiver fee in lieu of a security deposit. Renters are welcome to opt-out of the damage waiver and instead pay a security deposit if they so choose, they will just need to contact you to do so. We inform renters who pay a Damage Waiver of the following at the time of booking:
Your booking includes a Damage Waiver, which is being provided in lieu of a security deposit. If you would like to opt out of purchasing the Damage Waiver for your stay, please contact us about providing a security deposit instead.
While requiring some manual effort on your part, the product makes it easy to update a quote with the renter's preference.
I hope this answers your questions!
Noticed that there is now a "Damage Protection" status on our reservation page. It currently is only related to the new Assurant product. Do you have plans to also enable owners to select that a reservation is protected if we either purchase coverage elsewhere or self-insure?
I looked at adding the new Damage Protection by Assurant to my property. I am confused because I chose the $1500 coverage for a cost to me of $40 that will be billed to me as soon as the guest books. It looks like the guest will be also charged $59 for the coverage. So...Does the $59 go to Assurant and I also pay $40? This is expensive to pass on to the homeowner, I'd rather keep a deposit from guest. I would have to raise my rates to cover that.
Thanks for the question and apologies for the confusion. For the Basic option with $1500 in coverage, the premium you pay is $40. This is the only amount you have to pay for coverage.
If you elect to collect a damage waiver fee from your guests, this money goes directly to you. As with all rent and fees you charge, the money goes directly to you.
I hope that clarified things for you.
We don't currently have plans for such functionality but welcome the suggestion. Do you mind clicking on the "Support" button in-app and clicking "Suggest Feature" and providing more information. We'd love learn more about your needs on this front.
@mike-stachowiak thanks, so let me clarify to make sure I understand. If I elect to add the $1500 coverage fir $40 and I charge my guests $59 for this....I am covering the cost to me and profiting $19? Seems odd. I use the $59 example because that is what pops up automatically. It would make more sense if $40 was the auto suggestion from myvr.
I was reading the fine print, it says I must file a police report for damages. That’s not possible for my location and ridiculous for bleached linens, etc....is this really the requirement?
@samantha-and-randy-arbogast Correct - if you select the $1500 in coverage, you only have to pay $40 for the premium, nothing more. If you elect to use damage protection, you have the option to charge a damage waiver, typically in lieu of a damage deposit. As with all rental pricing in MyVR, you are welcome to set your rates and fees to whatever you like. As a platform, we aim to give you the tools to run your business as you best see fit.
@samantha-and-randy-arbogast I would encourage you to speak with Assurant directly regarding what's covered and what's not covered, they can provide very detailed information as the underwriter. There's contact information for Assurant in the Summary of Coverages section of the "Damage Protection by Assurant" application. They can walk you through supplemental information that may be necessary to file a claim in different scenarios - for example if there's a fire that burns down your kitchen or if there's just some wine spilled on a rug. The requirements can be different depending on the circumstance.
I can tell you from the claim form provided to MyVR, which is what you fill out to initiate a claim from MyVR, a police report case number may be required "for theft, burglary, and fire" and not in other circumstances.
We spent a lot of time researching the various providers out there and are very excited about our partnership with Assurant. We believe the product they've crafted for MyVR customers is one of the best out there. We've made the process of initiating a claim in MyVR very simple, and often no further action is needed.
@matthew-giles How do we offer this new damage protection to guests that have previously rented prior to this?
we do not have the ability to apply damage protection to past reservations at this time. The policy covers all reservations booked once Damage Protection is enabled.>> I'm updating this to refer to @Jenny-Oest 's response below. You can retroactively add it by way of sending a new quote.
Thank you for adding this feature! The setup was simple and I'm confident my guests will prefer this over the damage deposit option.
Hi Samantha - I'm looking into adding the Assurant coverage but I would like to apply it selectively to certain reservations. Is that possible? I currently have my own damage waiver and fee but might not always want to take the risk such as when I have a reservation for an extra large group. Is it possible to add the Assurant coverage only when I want it? The FAQ seems to imply it will be automatically applied to all reservations on a blanket basis from the point you sign up without any control per reservation. Thanks in advance for the feedback.
Sorry, the above question should have gone to Mike Stachowiak (@Mike-Stachowiak). Thanks.
@mark-norton - at this time there's no way to selectively cover reservations. It's set up to be scaled across all channels, reservations and properties.
We completed a webinar series just last week which covered a product and policy overview. See the recording below!
Note: All recorded MyVR webinars can be accessed on this channel.
Just thought I would chime in with some food for thought. One reason we elected to add the Damage Coverage was was the cost of Credit Card processing.
Since Stripe elected to change their refund policy in January 2018, our expenses have been taking a beating on Card Processing fees for security deposits that were usually fully refunded.
We reduced the Security Deposits, leaving ourselves more vulnerable. When we compare the Processing Fee on a $59 transaction to that of a $500 transaction, the overall savings are significant. Especially since we accept Amex and also have quite a few foreign transactions. Anywhere from $13 to $22 per transaction, and we've already done 700+ transactions this year.
That's $10,000+. That's something to think about
@Jess-Milligan & MyVR Support
When I receive an Airbnb sourced reservation, the damage protection is not added as a line item in the Airbnb quote/price. Am I to assume I paid for that guest to have coverage through MyVR? MyVR displays the green logo that that Airbnb guest is covered.
Hey @Sarah-Jane-Howard each channel shows fees a little differently from each other. In Airbnb's case, they usually bake any fees into the base-rate, and only have line items for the Cleaning Fee and Host Fee. Therefore the Damage Protection cost isn't called out.
If it's enabled in your account, and if you see the green "Insured" icon - the reservation is covered.