How does StowHere! handle security deposits?
Security deposits can be required either by StowHere! or by owners. StowHere! security deposit requests are based on a Storage Space’s features and/or the timing of a reservation, and are never requested based on anyone’s race, national origin, ethnicity, sex, gender identity, or age.
StowHere! required security deposits
Two days before your rental begins, an authorization hold for the security deposit amount will be placed on your payment method. You won’t be charged, but the hold means that you won’t be able to access these funds until the hold is released. For example, if you’re paying with a credit card with a total credit limit of $5,000, and there’s a security deposit of $500, your credit card limit would then be $4,500 until the hold is released.
As long as no property damage occurs during your rental, we’ll initiate a release of the $500 hold placed on your card 14 days after your checkout, or before the next Renter checks in. Your bank may take 3-12 business days to process the release of funds. If it turns out we can’t authorize the hold for the security deposit amount, you’ll be notified by email and will have 12 hours to try another payment method. If that doesn’t work out, we’ll cancel your reservation and you’ll be refunded.
Try to make sure your payment method has enough funds available to cover the security deposit. (If you’re not able to do that, StowHere! is not responsible for any associated fees, including overdraft fees.)
Owner required security deposits
Some owners require a security deposit for their listing. The amount, between $100 and $5,000, is set by the owner, not by StowHere!. If you’re a Renter and you’re booking a listing with a owner-required security deposit, you’ll be shown this amount before you make your reservation.
Owner required security deposits are different from StowHere! required security deposits in that no authorization hold will be placed. Renters will only be charged if a owner requests to collect on their security deposit. Depending on what was damaged, the amount the owner requests may or may not be the same as the security deposit.
Before requiring a security deposit, owners should understand that not all property damage caused by renters is within the terms of the Owner Guarantee. Exclusions may include general cleaning, ordinary wear and tear, and non-physical damages like smoking fines and broken House Rules.
How security deposits work if there’s an issue
If there’s an issue during your rental, for either StowHere! required or owner required deposits, the claims process will work the same. A owner can report an incident and submit a request for some or all of the security deposit within 14 days of check-out or before a new renter checks in—whichever is earlier.
What happens if a owner wants to collect on their security deposit?
Owner-required security deposits are different from other security deposits in that no authorization hold is placed. Renters will only be charged if the owner requests reimbursement for property damage and the renter agrees to pay, or if the owner makes a request to collect on their security deposit and the request gets approved by StowHere!.
If a owner who required a security deposit says their property was damaged while a renter was staying at their place, here’s the process:
- Within 14 days of your checkout date, the owner will contact the renter through email@example.com. They’ll describe what was damaged, provide documentation of the damaged or missing items, and request reimbursement. Depending on what was damaged, the amount the owner requests may or may not be the same as the security deposit.
- The renter has 72 hours to respond to the owner’s request. If the renter agrees to pay the amount requested, we’ll process the payment and send it to the owner, which usually takes 5 to 7 business days. The renter can either agree to pay the full amount, choose to pay a different amount, or decline the request. The renter can include a note to the owner.
- If the renter doesn’t agree to pay the amount requested, the owner can choose to involve StowHere!. A StowHere! support specialist will reach out to the renter and will resolve the request. If the request is approved according to those terms, then StowHere!, not the owner, will send the renter a payment request.
Documentation from owners
The owner will provide documentation when they report the damaged or missing property to firstname.lastname@example.org. This may include photos and/or video along with receipts, invoices, written estimates, or links to comparable items showing the actual cash value for repair or replacement. If we determine money is owed based on documentation and communication from both parties, we’ll move forward with collecting from the deposit. We reserve the right to collect payment from you, the renter, using the payment details we have on file.
Note: All payments, including security deposits, should always be made through StowHere!. Don’t ever exchange money outside of the StowHere! website.