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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 their 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.”
Damage protection began in the mid-2000’s amidst the height of consumer credit card fraud concern and increased charge-back risk if property managers retained a security deposit. The delicate balance of maintaining a superior guest experience while protecting the assets of the homeowner make damage waiver protection a powerful addition to a property manager’s portfolio.
According to HomeAway, approximately 80% of guests would rather pay a small, nonrefundable fee than a large, refundable security deposit.
“Our unique offering with Assurant allows property managers to choose varying levels of protection based on the value of the home and potential replacement cost of furnishings instead of the one size fits all approach taken by other providers,” says Mike. “This allows our clients to provide their guests with the right level of coverage at a price that encourages conversion.”
Assurant, Inc. is a global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases. “Usage- based vacation rental protection delivers customizable risk management solutions to make vacation rental transactions simple while giving property owners and their renters peace of mind,” said Kunal Malhotra, Vice President of Global Specialty Innovation at Assurant, “Our partnership with MyVR is another example of our sharing economy products empowering innovative companies.”
For more information, visit www.MyVR.com and request a full software demo today.