The Landlord Diaries FF118 Skip the Deposit: Unlock the Power of Worry Free Waiver
In this expert episode, we sit down with Jackie Wolf, Director of Sales at Waivo, to dive into the benefits of Furnished Finder's latest offering—the Worry Free Waiver. Designed specifically for midterm rental (MTR) hosts, this innovative security deposit alternative brings peace of mind by protecting your property while keeping tenants happy.
We’ll explore how the Waivo partnership provides rental hosts with an edge in the market by eliminating the need for traditional security deposits, simplifying claims, and ensuring fast payouts. This episode will discuss everything from damage coverage to passing the cost to tenants, providing a win-win for both hosts and travelers.
🔑 Key Takeaways:
- Benefits of the Worry Free Waiver for MTR hosts
- How Waivo simplifies damage protection with zero tenant involvement
- Coverage options ranging from $1,000 to $3,500 for property damage, pet damage, and lease termination
- Understanding the waiver vs. insurance—what’s covered, what’s not
- Fast claims process: Payouts in just 3-4 business days
- How to present the waiver to potential tenants and reduce their move-in costs
Time Stamps
0:00 Worry Free Waiver Benefits
2:30 The Waivo partnership story should excite MTR hosts!
4:25 Innovative products that emerge out of MTR needs
4:45 It's a security deposit alternative that doesn't involve the tenant
6:10 Overcome property management fears with this damage waiver product
7:10 Shift your mindset from “the cost of doing business” to peace of mind
8:55 What is “Worry Free Waiver” and how to use it for your midterm rental stays
9:35 What is the difference in a damage waiver, homeowners insurance, landlord insurance, renter’s insurance, etc
10:40 It's not insurance, it’s tenant damage protection
12:20 Think of it as tenant damage protection, not normal wear & tear
13:00 This waiver covers unexpected tenant damage
15:10 Waivo Exclusions: visual damage that can be captured in a photo
19:35 Why you should not go another stay without worry free waiver
21:35 Furnished Finder’s 3 waiver plans
23:30 Traveler security deposit fears: being blamed for something they didn’t do
24:05 Lease termination factors
26:50 The Furnished Finder waiver purchase process
28:05 The claim submission and payout process
29:35 After the tenant checks out, you have a 14 day window to submit the claim
30:30 A picture of the damage is the main requirement for submission
31:45 Claim response: 2 business days
35:35 The tenant will not be contacted throughout the process
36:20 The payout: 3-4 business days
39:00 How to present Worry Free Waiver to potential tenants
46:10 Waiver coverage for room rentals, 90 day stays, extended dates
48:35 This waiver has a 30 day minimum
49:25 Q&A from Furnished Finder hosts
51:15 A $50 claim minimum, no deductible
53:20 Does coverage include cleaning costs?
54:40 Is the exterior of the home covered?
Worry Free Waiver vs. Security Deposit
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