Damage Notices and Settlements – Waivo® https://waivo.io Vacation Rental Damage Protection Reinvented Thu, 30 May 2024 17:34:59 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://waivo.io/wp-content/uploads/2024/07/cropped-Waivo-Logo-Icon-32x32.png Damage Notices and Settlements – Waivo® https://waivo.io 32 32 How are damages handled if they exceed the set waiver limit?  https://waivo.io/portal-knowledge-base/damage-exceed-waiver-limit/ Thu, 30 May 2024 17:34:58 +0000 https://waivo.io/?post_type=epkb_post_type_1&p=5992 In the rare event that the total cost of qualified damages exceeds the set waiver limit for a booking, Waivo will reimburse up to the maximum waiver limit amount. Any additional costs above the waiver limit will be the responsibility of the property owner or manager. 

It’s important to note that Waivo’s damage protection is not a replacement for a comprehensive homeowners insurance policy. We recommend that all property owners and managers maintain adequate insurance coverage to protect against potential losses not protected by Waivo’s damage waiver. 

]]> How does Waivo determine the reimbursement amount for damages?  https://waivo.io/portal-knowledge-base/damage-reimbursement/ Thu, 30 May 2024 17:32:22 +0000 https://waivo.io/?post_type=epkb_post_type_1&p=5990 Waivo’s damage team carefully reviews each Damage Notice Submission to determine the appropriate reimbursement amount. Factors considered include: 

  • The type and extent of the damage 
  • The age and condition of the damaged item(s) 
  • The cost of repair or replacement 
  • The fair market value of the item(s) 

For the Quick Settlement option, Waivo will offer a reimbursement amount based on the information and photos provided in the initial damage submission. This amount is determined using industry standards and our extensive database of similar damage submissions.

For the Standard Settlement option, Waivo will review the provided invoices and receipts to determine the reimbursement amount. If the cost of repair or replacement exceeds the fair market value of the item, Waivo will reimburse based on the fair market value. 

In some cases, Waivo may request additional information or documentation to accurately assess the damage and determine the appropriate reimbursement amount. Our damage team will work closely with you throughout the process to ensure a fair and timely resolution. 

]]> What is the difference between the Quick Settlement and Standard Settlement options? https://waivo.io/portal-knowledge-base/quick-vs-standard-settlement/ Thu, 30 May 2024 17:26:57 +0000 https://waivo.io/?post_type=epkb_post_type_1&p=5988 The Quick Settlement option allows you to receive reimbursement for damages without providing invoices or receipts. This is a faster process, but the reimbursement amount may be lower than the Standard Settlement option. 

The Standard Settlement option requires you to provide invoices and receipts for the damages claimed. This process may take longer, but it allows for a more accurate and potentially higher reimbursement amount. If you do not provide receipts and/or further review is needed, a Quick Settlement offer will be sent instead. 

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