What is the Security deposit?
A Security deposit is a tool that you can use to protect yourself if the Guests break your property or do not uphold the terms of the booking agreement. This could be used to cover expenses such as property damage, professional cleaning due to property damage, key replacement, or unpaid booking fees.
How do I set the Security deposit?
When you build your listing using Your.Rentals platform, on the “Extras” step, you have the opportunity to tick “I require a security deposit” and to enter the amount of the security deposit you require.
How should I determine the appropriate amount for my Security deposit?
You should base this decision on the value of your property, and the likelihood that things will break. For example, if you have a very expensive chandelier, but it sits high on a ceiling and it is not very likely that anyone will break it, then you do not need to add it to the Security deposit amount. Most of our property managers and hosts set their security deposits between EUR 100 and EUR 500.
Please note a maximum of EUR 2000 (or the equivalent) is allowed in our system.
How does Your.Rentals handle Security deposits?
Once you publish your listing that requires a security deposit, Your.Rentals will do three things:
- Inform the guest about the security deposit requirement before they book;
- Claim the damage upon your request, if the damage occurs. Your.Rentals will ask you for the evidence that the damage occurred, and the cost that damage caused. We will then liaise and claim this amount from the guest;
- Pay you for the damage that happened.
What kind of evidence does Your.Rentals accept?
- A complete list of items claimed and the value of each
- Detailed photos or videos of the damage(s)
- Official repair estimates, invoices, or online links showing replacement costs
- Approximate age of each item (in years)
If the damage is made to the fixed property (for example the floor is destroyed) where it is not easy to understand the cost, you should also include the images or video clips of the property before and after the damage occurred, and provide the quote from the person or a company that you plan to engage in fixing the damage.
How and when should I claim the damage?
You should report a problem within 48 hours after the Guests check out (we call this the Cool-off period), and provide the evidence within 7 days after the Guests check out.
When will I get the damage compensation?
We will refund you after we claim the damage from the guest, and then with the next payout, or within 30 days, whichever comes sooner.
What amount will I be compensated?
You will be compensated the amount of the damage or the amount of the security deposit you stated in Your.Rentals system, whichever is lower.
How do I qualify to use Your.Rentals to handle my Security deposit?
If at the time the guest booked, your listing required a Security deposit, then we would facilitate the damage collection upon your request.
Can my deposit claim be rejected?
Yes, if the Guests have evidence that they didn’t cause the damage or you could not provide sufficient and valid documents within the 7-day period, then we cannot claim the deposit. We will let you know about this, and then the next step for you would be to take the guest to court.
Things to note
Not all the guests like the idea of a security deposit. In case you have concerns, there are also other ways to protect your short-term rentals and cover your potential damage.
- Get home insurance - these days they cover even small damages.
- Review the design of your home and if it can be used in a way that nothing breaks. If multiple guests make damage to the same piece of property, there is a high likelihood that that property is not designed to be used by your typical guests.
- Remind guests in direct communication to pay greater care to your things.