You know it’s in your tenant’s best interest to buy travel accidental rental damage insurance, but few do it for various reasons. That’s when it’s the landlord’s job to coach their future tenants on their options.
As a corporate housing landlord, here are some common objections you’ll get from tenants and how you can respond to each objection:
Objection 1: I haven’t experienced problems in the past. This is where you should remind them that their past experiences don’t predict future incidents. Just because you didn’t need it for past trips and previous rental stays doesn’t mean you won’t need it in the future. Ask your tenant if s/he is willing to lose his/her vacation costs if an unexpected medical emergency arises or weather prevents travels during his/her scheduled time?
Objection 2: I already have insurance. This is where you can ask them to see their coverage (perhaps ask for proof of insurance) and then review to see if there are any glaring holes. Many health plans require their recipients to stay within the network or specific geographic area.
Objection 3: My credit cards or airline will cover me if something goes awry. Some credit cards will cover some things when traveling, but not all. Again, make sure your tenant shows you proof of coverage. Remind them to check with their airline about what is and isn’t covered. Should weather cancel a flight, few airlines will reimburse expenses associated with the cancellation. The same goes for lost or delayed baggage.
Your best strategy for ensuring your tenant is insured is for you to talk about their insurance options with you, address any concerns or objections,and then offer them the protection they need.
Consider doing the following:
- Mention that you offer insurance (whether required or optional) in your listing and other marketing materials. Some tenants may choose to work with you over another landlord because you have that option. Also consider making insurance part of your rental package altogether.
- Make your tenant sign a waiver if they decline accidental rental damage insurance from you and have them acknowledge with their signature that they understand the consequences of declining it.
- Entice them with the thought of not having to pay a security deposit.
- Use testimonials and third party stories to illustrate how insurance can benefit them. A little empathy can go a long way.
- Explain the Travel Guard satisfaction guarantee. Assure them that the plan is approved by you and CHBO so they can feel good about working with our partner provider.
CHBO has partnered with Travel Guard to enable you to offer important insurance policies to your tenants – including Travel Insurance and Accidental Rental Damage Insurance. As a CHBO landlord, do your homework to understand these policies and how they can protect not only your tenants, but yourself and your property as well!
Remember, if your tenant has to suddenly cancel his trip, or breaks something valuable during his stay, you can feel good that you will not be the one incurring any losses or hassles. A properly covered tenant is the best tenant of all!
How to Avoid Paying a Security Deposit. This overview article will show your tenant how to get around paying the dreaded security deposit.
- Webinar on Travel and Accidental Rental Damage Insurance
- CHBO’s New Insurance Offering Takes the Hassle Out of Security Deposits
- Rentals: The 411 on Security Deposits
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- Most Corporate Housing Landlords Require Security Deposits; Few Require Insurance