There are two ways the Traveller can pay the security deposit. They can either pay the full amount (usually between £500 - £1500) or they can opt into a policy that will reduce their security deposit amount. This is called Excess Insurance and is provided by one of our partners, Rental Cover.
In the event Travellers opt into Excess Insurance, you as the Advertiser are still covered for the full security deposit, should there be damages. This just means that the Traveller's £150 reduced security deposit is first used to contribute towards the costs of repair and then Rental Cover pay the remaining amount, up to the full value of your security deposit.
As an Advertiser, this does not impact you from being able to make a claim for damages. The documents required to make a successful claim are:
- Signed GoForm (by both parties & damage/s mentioned in the notes)
- Rental Agreement
- Images of the damage/s
- Quote for the repairs
- Proof of payment (can be a paid invoice, a screenshot of a transaction or a receipt)
Rental Cover increases your chances of getting more bookings as it makes the booking more affordable & you're still covered for the full security deposit amount.