Is there a third-party company that offers Damage Protection coverage for midterm rentals? Specifically for 2-6 month stays. Searching on the internet mainly results in regular landlord insurance. Since a mid-term stay could technically last for 60 days, is that a Damage Protection coverage for reservations this long similar to AirCover? I accept Direct Bookings by the way, and some are sourced from sites like Furnished Finder.
Lender · Member since 2023 · 464 posts · 425 votes
2y
Hi Tim, I know Proper and Steadily are common insurance choices for MTR owners. While I'm not sure specifically if they or any companies that offer Damage Protection coverage for 2 - 6 month stays, I know some people require a security deposit for longer stays (sometimes only half month) to mitigate damage risk and sometimes renters insurance as well. If you're worried about damage, I think some form of security deposit for longer stays makes sense.
Lender · Member since 2023 · 464 posts · 425 votes
2y
Hi Tim, I know Proper and Steadily are common insurance choices for MTR owners. While I'm not sure specifically if they or any companies that offer Damage Protection coverage for 2 - 6 month stays, I know some people require a security deposit for longer stays (sometimes only half month) to mitigate damage risk and sometimes renters insurance as well. If you're worried about damage, I think some form of security deposit for longer stays makes sense.
Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
2y
Yes. I've used Waivo and another one (I forget the name) through Owner Rez. You typically have to pay per 30 days but I've seen that it's worth it as an extra protection for us landlords.
Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
2y
Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.
I also considered Safely, but they're pricing becomes very expensive for MTRs
Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.
I also considered Safely, but they're pricing becomes very expensive for MTRs
So is Waivo more of an aircover-like insurance options rather than property insurance? I don't use Airbnb for MTR so I don't have Aircover as an option.
Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.
I also considered Safely, but they're pricing becomes very expensive for MTRs
So is Waivo more of an aircover-like insurance options rather than property insurance? I don't use Airbnb for MTR so I don't have Aircover as an option.
Correct. It does not replace the need for property insurance. It's more of a replacement for the security deposit as they only cover guest damages with some specific stipulations. We chose to use a service like this so we don't have to track and refund deposits, which is very frequent for us managing so many MTRs. So it's more of an operational benefit than just financial.
Second for Waivo. They have different amounts of coverage and charge you per booking. MTR bookings are charged by the month, while STR bookings are one fee per booking. We charge tenants a fixed amount that covers the average length of our bookings.
I also considered Safely, but they're pricing becomes very expensive for MTRs
So is Waivo more of an aircover-like insurance options rather than property insurance? I don't use Airbnb for MTR so I don't have Aircover as an option.
Correct. It does not replace the need for property insurance. It's more of a replacement for the security deposit as they only cover guest damages with some specific stipulations. We chose to use a service like this so we don't have to track and refund deposits, which is very frequent for us managing so many MTRs. So it's more of an operational benefit than just financial.
You're using Waivo in lieu of collecting security deposits from your guests? Interesting.