The process of identifying potential risks associated with short-term rental operations (e.g., property damage, liability claims, legal disputes) and implementing strategies to mitigate those risks.
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Glossary Term: Security Deposit
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A legally binding contract between the host and the guest outlining the terms and conditions of the rental, including the rental period, payment terms, house rules, and cancellation policy.
The normal deterioration or damage that occurs to a property over time due to regular use, often accounted for in security deposits and cleaning fees.
The process of vetting potential guests to minimize risks and ensure the safety of the property and neighborhood, often involving ID verification and background checks.
Insurance or security deposit alternatives that offer financial protection for hosts in case of damages caused by guests during their stay.
Measures taken by hosts to protect their property from potential damage caused by guests, including security deposits, insurance policies, and clear house rules to minimize risks.
Coverage that protects hosts from financial losses due to accidental or intentional damage caused by guests to their short-term rental property.
Insurance or security deposit coverage that protects hosts from financial losses due to accidental or intentional damage caused by guests to the rental property.
The process of vetting potential guests to minimize risks associated with property damage, noise complaints, or other issues.
Insurance or security deposit policies that protect hosts from financial losses due to accidental or intentional damage caused by guests.
Insurance or security deposits that protect hosts from financial losses due to accidental or intentional damage caused by guests during their stay.
The expected deterioration of a property due to regular use, distinguishing it from damage caused by guests, relevant for security deposits.