Home-sharing insurance specialist GUARDHOG has announced a deposit cover in time for the peak summer period.
From £2 per stay, hosts can buy a £1,000 deposit cover meaning gusts do not have to provide an upfront payment.
The company says this will ultimately reduce the hassle of managing traditional deposit-holding systems, which was causing problems for GUARDHOG customers before, during, and after a guest’s stay.
Since the company was founded in 2016, GUARDHOG has provided cover for more than 500,000 nights, and has paid out hundreds of thousands of pounds as hosts protect themselves from mishaps.
Co-founder of GUARDHOG Humphrey Bowles said: “We believe this new approach to deposits will help speed things up on both sides, as well as allow a much more open, transparent, and hassle-free transaction for all involved.”
Working with around 300 sharing economy partners such as AirBnB, Home Exchange, and TrustedHouseSitters, this new approach to deposit handling has already impressed the likes of London-based prop-tech platform, Altido.
“The regulations around handling a traditional deposit are complicated, and resolving host/guest disagreements quickly gets messy and petty,” said Will Parr, COO of Altido. “This new approach from GUARDHOG has completely revolutionised how Altido approaches taking deposits, for the benefit of us and our users.”