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Rental Property Insurance and Tax Deductions

Tax reform is in the news.  We aren’t accountants, but we can tell you that Nationwide® recently posted an article about the tax deductibility of homeowners insurance.  Whether you rent your beach house, mountain home, or furnished corporate apartment, it could be and probably is considered a business and the insurance may be a write-off. See the below article:
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Travel Alert: Winter Storm Toby

Winter Storm Toby became a named storm and became foreseeable on 3.19.18. Policies purchased after 3-18-18 will not qualify for coverage related to this event. For more more information regarding this storm, please click the below article or tune in to local weather station.

Winter Storm Toby

Please note that terms and conditions may vary by program; please refer to the actual policy. All claims will be adjudicated on their own circumstances and m

Foreseen Events

The following is a list of recent foreseen events:

Gulf of California Earthquake, 1/19/18
Alaska Earthquake, 1/23/18
Mexico Earthquake, 2/16/18
Taiwan Earthquakes, 2/4/18 and 2/6/18
Java Indonesia Earthquake, 1/23/18
Guam Earthquake, 2/12/18
Policies purchased prior to the event may cover the event; Policies purchased after the date and time of the event will not qualify for coverage related to the event.
Please note that terms and conditions may vary by program; please refer to the actual policy. All claims will be adjudicated on their own circumstances and merits.

Travel Alert: Oaxaca Region, Mexico, 2.16.18

Please be advised that a 7.2 magnitude earthquake struck the Oaxaca region of Mexico on Friday, February 16, 2018. This quake became a foreseen event at that time. Policies purchased prior to Friday 2/16/2018 may cover the event; Policies purchased after the date and time of this quake will not qualify for coverage related to this event.
Click below news article link for information about this earthquake:

Mexico Earthquake Article

Please note that terms and conditions may vary by program; please refer to the actual policy. All claims will be adjudicated on their own circumstances and merits.

Gulf of California Earthquake 1.19.18

Travel Coverage Alert: Gulf of California Earthquake 1.19.18

Please be advised that a 6.3 magnitude earthquake struck offshore in Mexico’s Gulf of California on Friday, 1/19/2018.  This quake became a foreseen event at that time.  Policies purchased prior to Friday 1/19/2018 may cover the event; Policies purchased after the date and time of this quake will not qualify for coverage related to this event.

Click below news article link for information about this earthquake:

Gulf of California Quake Article

Please note that terms and conditions may vary by program; please refer to the actual policy. All claims will be adjudicated on their own circumstances and merits.

Healthy Happy Business Travel

Today’s technology powers freakish mobility that can generate opportunities for income and growth for business-people willing to travel. But if frequent travelers fail to maintain healthy habits while they travel, they can develop serious health problems.

 

The key is to remember who is traveling – You!  Think about this: don’t you set up your office just how you want it?  You add a plant, pictures of your loved ones, art work and memorabilia.  You get the chair you want or the desk you want or that special phone headset.

 

And you probably plan some nutritious meals and know just where to indulge in a coffee-latte break. And you maintain an exercise routine you need to stay healthy and focused…or at least you know you should.

 

So, if you have to travel a lot for business, approach business travels the same way you approach your life and work in your home community.

 

  1. Invest in an ergonomic keyboard for your personal computer or smart pad.
  2. Get the right pillow for your flight.
  3. Pick shoes that are comfortable and supportive.
  4. Add pictures of loved ones as your wall paper and screen saver for your cell phone and personal computer.
  5. Invest in a blue tooth headset for those frequent cell phone conversations.
  6. Before travel, search the ‘net for good food options both for meals out and for between meal refreshments while on your trip.
  7. Stick to your exercise routine while you travel.
  8. Bring a small blue tooth speaker so you can stream your favorite music in your room.
  9. Before you travel, schedule Face Time meetings with friends or family so you stay connected to those you love most while you are away from them.
  10. Don’t schedule every minute of your trip. Leave room for rest or spontaneity.

 

This is your life, your work, your job, your custom-made work environment.  Business travelers who recognize and understand this can be far healthier and happier in their work.

Property Protection Please!

Security deposits are a real pain for most property managers. Reminding the potential guest that “you might break my stuff and have to pay for it” is not a real winner of a conversation piece when you are trying to motivate the potential guest to book a stay. And the very act of charging a big enough deposit to cover real damage discourages frugal people from booking, so taking large deposits actually works against you and your bottom line.

And if you have ever attempted to actually hit a guest’s card for the damages, you know full well that the guest has rights enforced by merchant processing rules and banking laws which for honest managers might as well be “the right for guests to damage property and not have to pay for it.”

So here’s a thought: get rid of security deposits! There’s a better way.  It’s called limited damage protection, and it is a winner for owners, managers, and guests.

Instead of demanding additional deposits of guests and clients, offer your guests peace of mind: for a small charge of $40-$60 per stay (you get to name the price within reason), guests can have the peace of mind knowing that if something gets accidentally broken, the damage will be covered up to a limit such as $1500 or $3000.  A real insurance provider will cover you for the liabilities, process the damages, and pay you (not the guest).   And you earn revenue with each transaction, protect the properties you manage, and foster guest happiness at the same time. Wow!

Imagine two conversations:

Conversation A.  “Hi Mr. valued guest, you broke something, so I am going to charge your credit card $hundreds of additional dollars to repair the damage. By the way, hope you book with us next year…”

Conversation B. “Hi valued guest: remember that wonderful program I told you about?  Well you don’t have to worry about that damaged item.  We’ll facilitate the submission and we get paid direct.  Thanks again for staying with us.  Can I book you for your next stay?…”

Now ask yourself a question: “Which conversation do I want to have? “

Want to know more about Property Protection Programs?  Click here…

 

About the blogger:  David Hays is pretty good; some say he’s the best insurance agent ever!  Contact him at info@insurestays.com.

 

Travel Alert: Bali Volcano

Bali, Indonesia has seen continued activity from Mount Agung since early Saturday, November 25th, 2017. Two eruption plumes within the same week, rising up to 4 km above the crater, sparked concern after magma was seen rising to the surface and a dark layer of ash led some airlines to cancel flights due to a lack of visibility.

On Tuesday, November 28th, the National Disaster Mitigation Agency extended closure of Ngurah International Airport until Wednesday, November 28th at 11 p.m. locally. Up to 500 flights have been cancelled, tens of thousands of residents in villages surrounding the volcano have been evacuated, and thousands of tourists and passengers have been left stranded in Bali.

Residents and those traveling in the affected area have been advised to heed all directives from the local government and media sources as the situation unfolds. In addition to medical and travel assistance coverage, please be sure to check your certificate for benefits payable for missed connections or Trip Delay. For assistance with these and any other benefits, please contact customer service.