MyVR is excited to announce 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.
Vacation rental property managers often struggle to strike a balance when it comes to protecting their properties. Security deposits cause an administrative hassle for them and a financial burden for guests, while unique insurance alternatives offered by channels don’t scale across platforms and each has their own unique limitations.
Insurance seems like an easy option, but it has been notoriously difficult, expensive and risky for managers to do this on their own.
Thanks to our partnership with Assurant - one of the nation’s largest and most respected insurance underwriters - that’s no longer the case. Damage Protection by Assurant offers property managers a solution that doesn’t cut corners on coverage or hinder booking conversions.
Better for both property managers and guests
Damage protection insurance creates a better rental experience for property managers and renters alike.
Property managers gain peace of mind knowing their properties are protected from the unexpected damages that can happen during a guest’s stay while simultaneously avoiding the logistical headaches that come with holding and returning damage deposits. Even better, they no longer have to deal with the fear of negative guest reviews or backlash caused by withholding a portion of a guest’s deposit.
By enrolling in insurance, managers have full control over their rental rates on every channel they advertise, without having their nightly rates artificially inflated by large security deposits.
Managers are playing to their customers’ preferences too. According to HomeAway, approximately 80% of guests would rather pay a small, nonrefundable fee than a large, refundable security deposit.
While security deposits have long been the industry norm, they often make travelers hesitate - if not consider other options - before booking. Taking on a $500 or more credit hold over the course of a vacation is a major financial burden for many travelers - one that they will gladly avoid.
How Damage Protection by Assurant can help
Damage Protection by Assurant is an intuitive and straightforward vacation rental insurance option. It was designed and is being offered by Assurant - a publicly traded Fortune 500 insurance underwriter, who has been in the business for nearly 80 years - with the idea that property managers can simply plug-and-play this coverage across all of their properties instantly.
After taking only a few minutes to set up Damage Protection by Assurant, you can:
- Gain 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
And Damage Protection by Assurant has coverage options to fit every property manager’s bill. 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. It takes less than five minutes to install and implement protection for all of your properties.
Why we’re excited about this offering and tips to get started
MyVR’s primary goal is to empower property managers to grow their business while simultaneously simplifying their management processes. We’re excited about the launch of Damage Protection by Assurant and it’s potential to help managers make more money while easing their administrative workload.
Damage protection insurance “is consistently one of the most requested features by MyVR customers,” says Mike Stachowiak, co-founder and CTO of MyVR. “We searched far and wide to find a partner who thoroughly understands the needs of the short-term rental industry while also maintaining a strong reputation and high level of trust with their customers. We believe we’ve found the market leader in Assurant, and we’re excited to share the policy solutions they handcrafted for MyVR customers.”
To initiate Damage Protection by Assurant, simply visit the Marketplace within your MyVR dashboard, install Damage Protection by Assurant, follow a few quick instructions and turn it on! You can start protecting you properties in a matter of minutes!