Archives For Insurance

"Start Here" by Robert Kilman on flickr (CC BY-NC-SA 2.0)You’ve decided that turning your second home into a vacation rental is the right move for you.

Now what?

Getting your first reservation on the calendar is an exciting time, but — as you probably figured out while you were deciding to rent your property — there are things you need to do before you can throw your doors open.

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Property Damage ProtectionWhether someone trips and breaks a dish over dinner or one of your guests throws a wild party, it’s almost inevitable that at some point, your vacation rental will suffer some damage.

Because of the near-inevitability of this, security deposits are a routine part of rental transactions.

Typically half the rental fee, a security deposit — also called a damage deposit — is typically collected by check or credit card and held until after the guest leaves and you or your housekeeper has had a chance to do a final inspection. Any damage or extra fees (e.g. additional cleaning) can then be deducted against the amount; any remainder is then refunded.

It’s a pretty straightforward process. However, deposits and deductions can also be a source of contention for two reasons: Continue Reading…