Claims & Transparency with SPEEDHOME

Many landlords ask us how claims work and about our SPEEDHOME + Allianz Landlord Protection. About how long it takes for claims to be processed and so on. So we've decided to compile everything about both topics here :)

 

SPEEDHOME + Allianz Rental Protection overview

Our SPEEDHOME + Allianz Rental Protection covers loss of up to 2 months' rental, inconvenience benefits or minor property damage, theft of or damage to household content and up to 2 demand letters. There is also cleaning charges (room rental only).

 

How much does it cost?

The insurance costs: (Last month’s rental + 6% SST) + RM 10 insurance stamping fee

 

Only once you've found a tenant from SPEEDHOME and the tenant completes the entire duration of the tenancy agreement, your last month's rent will be used to get your rental protection.

 

Example:
Rental amount: RM900

SST*: 6% x RM900 = RM54

Insurance stamping fee* = RM10
*Deduct from the first month rent

 

Total: RM 900 + RM 54  + RM 10 = RM 964

 

When will I get the insurance policy?

A soft copy of the insurance policy will be sent to you through email within 30 working days after the commence date of the tenancy.

 

Please take note that:

 

  1. Home insurance is only available for those who successfully transact through SPEEDHOME with rental ranging from RM800 to RM5000.
  2. Room rental insurance is only applicable to those who successfully transact through SPEEDHOME from RM300 - RM1500.
  3. The 6%SST and RM10 will be deducted from your 1st month’s rent.

 

How does claims work? What documents do I need?

Depending on what happened, all claims require a police report and their relevant supporting documents. Please refer to the table below :)

 


drop

 

Inconvenience benefits

  1. Outstanding bills (e.g: TNB or Water Bills)
  2. E-payment form(bank account details)

 

wrench

Minor damages

  1. Invoices/receipts/quotation for fixes along with pictures from different angles of the damages.
  2. E-payment form(bank account details)

 

floor-mop

Cleaning Charges (room only)

  1. Receipt/invoice and pictures of dirty premises need to be provided.
  2. E-payment form(bank account details)

 

 

 

thief

Theft and damage to household content

  1. Invoices/receipts/quotation with pictures of damages/police report (theft).
  2. E-payment form(bank account details)
  3. Police report for the stolen item

 

By when should I submit my claims report? / Is there a deadline for claims?

Your claims report should be submitted within 2 weeks of the incident. After that, requests will not be entertained. Please note that any loss or damage are only covered if they're accidentally caused by your default tenant.

 

Making things easier for you :) (How?)

We understand that it's hard understanding home insurance policies sometimes, so we've simplified it for you.

 

  1. You can lodge a police report at any police station but please do so within 24 hours after you find that your tenant ran away or if items are missing from your property.
  2. Nearly a quarter of all home insurance claims (16%) are settled on the day of its submission. Otherwise, the average is 9 days.
  3. To prevent repeat defaults, we blacklist defaulted tenants in terms of RAMCI credit score as debt.

 

Better than Deposit~

Financial and property security are always, always top concerns for landlords which is why the deposit exists - for just in case that the tenant causes property damage or something. But sometimes, the deposit isn't enough - which is where we come into play. With our SPEEDHOME + Allianz protection, we help you claim 2..22 times more than the rental amount.

 

 

SPEEDHOME + Allianz

 

 

CONCERNS

 

 

Traditional Deposit

 

Loss of rental up to 2 months

 

Rental coverage

 

2 months

Up to RM1000

 

Inconvenience benefits or minor property damage

 

0.5 - 1 month's rental

Up to RM 15,000 for accidental property damage and theft of household content

Accidental damage or theft coverage

Only the total amount of deposit at the beginning of the tenancy

 

Hope that this answers your questions. If you have more questions or any issues, please contact our Finance team at finance@speedhome.com .

 

Please note that there are absolutely NO charges for posting a property, our rental collection services, homerunners viewing management, tenant screening and everything else~

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