11 July, 2017 09:30
The Mutual insurance Commonwell has designed an insurance product for owners who wish to put their residence in the short-term rental sites like Airbnb, FlipKey and HomeAway.
Police Host Shield Insurance protects landlords against theft, vandalism and liability up to a maximum of $ 10,000 per claim. The insurer asserts that the product has come to close potential gaps in the insurance policies offered by the rental sites with a short duration that the owners do not know can not be.
An initiative to prevent damage to properties
«The rental sites with a short duration like Airbnb are part of the reality of the new economy and many of our clients live in small rural communities the use for additional income. We had to take the initiative to offer them an affordable product to protect their property against potential damage, » says Tim Shauf, president and CEO of the Mutual insurance Commonwell.
To this effect, Commonwell has hired James Downs, a former detective of Toronto, in order to identify tenants ‘ issues. Throughout his career, Mr. Downs has specialized in organized crime, in the case of drugs and bikers, and is currently co-founder and security consultant for the firm MKD International.
Tips to identify tenant issues
Moreover, Commonwell provides a few tips to avoid and deal with tenants problems. First, the insurer suggests to get the most information possible on the tenants, by creating a form to send by e-mail. Then, verify the information collected by verifying with the help of the social networks of the person and search engines.
In addition, the insurer advises to charge the costs of the rental and a refundable deposit. If the tenant refuses, it is an indication that there may be a problem, and the owner should cancel the rental, according to Commonwell. Finally, ask a member of his family to pass in front of the property to ensure that everything seems to be going well.