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.
How much does it cost?
Please refer below to view the Landlord Rental Protection Plan offered by SPEEDHOME.
- This Landlord Rental Protection Plan is applicable for any unit rental from RM800 to RM5,000 only.
- A 1.88% Processing Fee will be applied to Monthly Rental Collection.
- On-Time Rental (OTR) is a feature that allows you to get your rental income on time even when your tenant pays late or stops paying. OTR payment can be activated up to 2 times continuously and will only be reset once a tenant pays their rent.
- Overstay Cash Defender is a feature that ensures you to still receive your monthly rental even if the tenant stops paying the rent while still occupying the house.
- Inconvenience benefit coverage is upgradeable upon request.
- Click here for the SPEEDHOME Product Disclosure Sheet.
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.
When will I get the copy of the purchased Landlord Rental Protection Plan?
A soft copy of the purchased Landlord Rental Protection Plan will be sent to you through email within 30 working days after the commencement date of the tenancy.
Please take note that:
- Landlord Rental Protection Plan is only available for those who successfully transact through SPEEDHOME with rental ranging from RM500 to RM5000.
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 🙂
| Inconvenience benefits | Minor damages | Theft and damage to household content |
1. Outstanding bills (e.g: TNB or Water Bills) 2. E-payment form(bank account details) 3. Police report for the unpaid bills | 1. Invoices/receipts/quotation for fixes along with pictures from different angles of the damages. 2. E-payment form (bank account details) 3. Police report for the damaged items |
|
The landlord must lodge the police report at any police station within 3 days of the tenant moving out of the house. For any item that you wish to claim such as unpaid utility, damages or rent, have to lodge in one single police report. Hence, the description of the damages and unpaid utility amount has to list out to SPEEDHOME and we will advise on the content of the police report. Kindly refer here for a police report sample.
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 is only covered if they’re accidentally caused by your default tenant.
Making things easier for you! (How?)
We understand that it can be hard to understand the Landlord’s Rental Protection Plan, so we’ve simplified it for you.
- 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.
- Nearly a quarter of all Landlord Rental Protection Plan claims (16%) are settled on the day of their submission. Otherwise, the average is 9 days.
- 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 – just in case 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 RM2000 |
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 [email protected] .
Please note that there are absolutely NO charges for posting a property, our rental collection solution, homerunners viewing management, tenant screening and everything else~
Is the landlord entitle to claim if the tenant do not reinstate in original condition and cause owner to engage 3rd party to carry out the following work:
1.) the cleaning
2.) Painting
3.) service of air condition
Yes, but it is very case to case basis:
1. You can hire cleaners and show us receipt, but remember to show pictures of the dirty condition,
2. Only applicable to affected area,
3. Air-conditioner servicing usually falls under landlord’s responsibility, but it is by tenant’s fault, claimable as well
The whole process can be found here in https://speedhome.com/blog/tenancy-claims-submission/
If the tenant extended the tenancy/ stay on for few months after the tenancy agreement expired, with rental payment but without renewing the agreement, can landlord still claim if we found any damages/ loss after the tenant moved out eventually?
Nope. Insurance only covers for the tenancy period stated in the agreement signed. Any damages/loss done after the tenancy period will not be claimable.
Is the insurance policy mandatory? Can the landlord opt out from the insurance service?
Yes you may. However, we highly encourage you to subscribe to our insurance plan as it protects you up to RM42k coverage! Without insurance, landlords are still not allowed to collect deposit from tenants.
Under “How does claims work. what documents I need”, it is stated that landlord must make a police report within 3 days after the tenant move out and the report must include the unpaid utilities amount, etcs. For unpaid utilities amount like tenaga , landlord has to wait until the meter reading date before the exact amount unpaid is known. How to comply within 3 days ?
If a landlord raises the concern of unpaid utilities during the claim process and the latest bill cycle has yet to be issued because it isn’t by end of the month, the Landlord can submit once the bill is out without having to lodge another police report (add on to the submitted claim).
*NOTE: This has to be done within the Tenancy period and can’t claim past it (example: If the bill falls on month 12 of the 1-year TA period, then only can claim on month 12 and not beyond that).
On the last month of the contract, the utilities bill have yet to billed by utilities company until next month. So if the tenant did not pay, the insurance policy of has lapsed due to 12months only. Then how? This is a loop hole.
Based on the insurance policy, after the tenant moves out on the 12th-month, there is a 30-days period for landlords to submit utility claims.
What if my tenant keeps paying late? It happened twice already . I’m just worried this issue will keep happening