Rental Security Deposits

Since you're liable for damage to the property when you rent out your timeshare, can anyone share what they do to protect themselves from this risk? Do you require a security deposit, sign a risk waiver form, etc.

mark1616 wrote:

Since you're liable for damage to the property when you rent out your timeshare, can anyone share what they do to protect themselves from this risk? Do you require a security deposit, sign a risk waiver form, etc.

No intelligent renter is ever going to consider paying a separate, additional security deposit on a timeshare rental, particularly since the facility itself will take a credit card imprint for security "deposit" from that renter upon check-in. In the end, of course, the resort will chase ONLY the owner if any damage repairs exceed the renter's credit card authorization amount. The resort couldn't care less about any "waivers" or other "agreements" between owner and renter --- the resort will ALWAYS and ONLY go directly after the owner for excess repair costs.

This is exactly why some folks prefer to have the resort rent out their week(s) on the owner's behalf. While the resort takes a hefty 20-35% commission, when the resort rents out the week the resort (i.e., NOT the owner) then assumes full responsibility for any and all potential renter damages, regardless of monetary amount. To some folks, that peace of mind is worth the commission cost; your mileage may vary.