Having plans and procedures in place to handle emergencies that may arise during a guest’s stay, such as natural disasters, medical emergencies, or security incidents.
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Glossary Term: Risk Management
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A booking option offered to guests at a lower price, but with a strict cancellation policy that forfeits the entire payment if canceled.
The process of vetting potential guests through reviews, identity verification, and communication to minimize risks and ensure property safety.
Insurance coverage that protects hosts from financial losses due to property damage, accidents, or liability claims arising from guest stays.
Proactive measures taken by short-term rental hosts to minimize the risk of property damage by guests, including clear house rules, security deposits, and guest screening processes.
Utilizing background checks, reviews, and communication to vet potential guests and minimize the risk of problematic bookings.
The process of reviewing guest profiles, communication, and reviews to assess their trustworthiness and suitability.
The process of confirming the identity of guests booking a short-term rental, often involving providing government-issued identification or social media profiles.
Risks associated with political instability, terrorism, or other events that can impact travel and tourism. Short-term rental hosts and property managers should be aware of geopolitical risks in their area and have contingency plans in place.
The process of vetting potential guests before confirming a booking to minimize risks associated with property damage, disturbances, or fraudulent activities.
The process of verifying guest identities and assessing their suitability as renters to mitigate potential risks.
A type of insurance that protects businesses from financial losses arising from bodily injury, property damage, or personal injury claims. It’s crucial for short-term rental hosts to have adequate general liability insurance coverage to protect themselves from potential risks associated with hosting.