How SPEEDHOME + Allianz Protects You
Oh no, your tenant has run off! Worse is there are outstanding bills because your tenant did not pay! Does the deposit even cover it all? Where can I report this? Can leasing get any worse?
We say no worries.
No worries about disappearing tenants and no worries about the morbid amount of bills. That is a problem of the past that we acknowledge and address!
Financial security and property security are always top concerns, which is how the traditional 3-month rental deposit before renting a house came into practice. It serves as a way to hold tenants accountable for the damage done to the house.
But, can that 3-months rental deposit safeguard you enough? What happens if the tenant leaves with your house damaged, and your deposit is not enough to cover it?
A Full Protection Better Than Traditional Deposits
To ease your concerns, we at SPEEDHOME have partnered up with Allianz to offer greater financial and property security. For landlords who successfully lease with us, they can get secured with Allianz up to RM72,000 for home rental (not kidding!)
We cover everything from loss of rental, inconvenience benefits, theft and more!
Note: Landlord Rental Protection Plan is only available for those who successfully transact through SPEEDHOME with rentals ranging from RM500 to RM5000.
SPEEDHOME and Allianz ease your worries with our comprehensive protection plans. What are those plans? Check out below:
The Landlord Rental Protection Plans Offered
There are 2 different Landlord Rental Protection Plans offered to landlords at SPEEDHOME. Namely, Protect and Protect+. If you’re looking for complete protection of up to RM72,000 then Protect+ is your best choice.
You get rental on time (OTR) even if your tenant pays late and you also get rental payment even if your tenant overstays in the property (OCD). Refer below for the Landlord Rental Protection Plans available:
- This Landlord Rental Protection Plan is applicable for any unit rental from RM500 to RM5,000 only.
- 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 SPEEDHOME Product Disclosure Sheet.
Note 1: On-Time Rental is a feature that allows landlords to receive their rental payment on time or earlier for the entire tenancy period.
Note 3: The Landlord Rental Protection Plan cost for Protect+ will be spread over the first two months.
60 Days Free Cancellation Policy
Have a change of mind? Don’t worry because you can cancel for absolutely free if you submit the cancellation request within 60 days of purchasing our Landlord Rental Protection plan.
We will refund the full amount to your bank account within 3 – 5 working days after the cancellation request is submitted. You can submit your cancellation request through the following methods:
- Email us at [email protected]
- Reach out to us via in-app After Sales Support Chat
Remember that even without the Landlord Rental Protection Plan, your unit will still need to be rented out with Zero Deposit. With the cancellation, your property will continue to get rented to the tenant however your property will no longer be protected against risks such as unpaid bills, loss of rental, accidental damages, theft and many more.
Easy and Fast Claim Processes
Not only that, but we do the claiming process on your behalf. We get down and dirty so you may lease in peace.
Just do not forget to first file a police report of the incident as soon as possible and notify us within 2 WEEKS of the incident! Once done, we will then proceed with the claim process.
1. After receiving documents from landlord, it will take 1 – 2 days to process and submit to Allianz
2. Upon Allianz received the documents from SPEEDHOME,
- Less than RM5,000: 5 working days to process
- More than RM5,000: 21 working days to process
3. After claim is approved, the amount will be reimbursed in 3 working days.
22 thoughts on “How SPEEDHOME + Allianz Protects You”
WHAT ABOUT OVERDUED UNPAID UTILITY BILLS NOT PAID BY TENANT WHICH THE LANDLORD HAS TO BE RESPONSIBLE
It is covered under insurance for up to RM2000 claimable amount.
The insurance is pay every month or per year basis?
It’s yearly basis ya. Let’s say if the tenant stays for only 6 months, the insurance will still be eligible for the next tenant for 6 months.
What if there is no tenant for the next 2 months? Will the insurance be “paused” for the 2 months and resumed back once the new tenant moves in?
Nope. However, we will help to replace a tenant for you under your consent within the 2 months period
What if there is a break in and the tenant’s property is stolen. Will this insurance cover the tenant’s loss?
The insurance covers accidental damage or theft coverage for the landlord.
How the OTR can ensure landlord can get rental earlier or on time?
The rental is tenant paid to landlord directly or thru speedhome?
Hello, OTR is SPEEDHOME will bank in the rental to the tenant first.
What if Landlord have three issue regards of tenant run away, damages to my furniture and furniture stolen. Do Landlord get the three coverage or only one of the coverage of the loss of rental, inconvenience benefit/minor property damage & Accidental Damage or Theft Coverage?
Hey there, thank you for reaching out to us, to answer your question, yes you will be able to claim for the three coverages. If your furniture is movable you can claim under theft coverage, any damages tied structurally fall under minor damages and in the case that your tenant runs away you can claim under loss of rental. Apart from that, if there are any unpaid bills you can also claim under inconvenience benefits. However please take note that if the claims surpasses RM15,000 Allianz will appoint an adjuster. We advise you to report this problem on SPEEDHOME’s chat to get faster responses.
The Allianz insurance services provided, is it Shariah compliant?
Thank you !
Unfortunately, we currently do not offer an insurance package that is Shariah-compliant. However, we may have one soon in the future! Stay tuned.
1) Hi. In the event of tenant missing in action but the belongings are still in the house, how soon can I lodge the police report and ask for permission to break in and start the claiming process?
2) What is the difference between “Lost of rental” vs “OTR” protection? For example after 3 months tenure, my tenant runaway and I still have 9 month contract..
Under the OTR protection term, does it mean that I can still receive 9 month rental from Speedhome without renting my unit out?
Sorry to hear that, here is how we will handle the case
1. if a tenant goes MIA, then we will first try to contact the tenant in various ways:
a) contact an alternate number
b) check if they are still working with the company and reach out for a discussion
c) send our HRN to see if the tenant is still occupying the house
d) check with the management
If all of the above fails, then yes we will ask the landlord to make a police report on the MIA tenant with permission to enter the house. We will follow a proper process that abides by the law.
2) OTR is On-Time Rental. If your tenant makes a late payment due to whatever reason OTR ensures that SPEEDHOME still pays you on time every month.
OTR is only transferred to a landlord up until two months of unpaid rental from the tenant. Example:
If given a scenario where a tenant runs away after 3 months, we will soon away proceed with the claim so that you get your up to two months’ loss of rental covered via the insurance policy.
The next question might be “What will happen to the Insurance Policy that I bought for a year?”
To this we advise the landlord to continue the insurance with the following tenant and then to cover up the remaining month, the landlord can just proceed with an extension of the old insurance.
If the landlord decides to cancel the insurance will Speedhome still collect the rental on behalf of the tenant?
Once the landlord has cancelled the insurance package that they purchased, SPEEDHOME will continue to help the landlord to collect rental automatically and send automated email reminders,
however, the landlord needs to bear in mind that upon cancelling the insurance package, the landlord will no longer be eligible to claim for loss of rental, get on-time rental payment and overstay cash defender (OCD).
What is considered accidental damage? Kindly clarify and provide examples.
Hello there! below is our definition of Accidental & Theft Coverage:
Contents would be defined as items that you would take with if you during moving home and they are movable, such as furniture, tables, stand-alone cabinets & wardrobes, bed, chairs, fridge, washing machine, oven/microwave etc. Items or objects that are not tied structurally would fall under this category.
What is the difference between “Lost of rental” vs “OTR” protection?
For example, tenant didn’t pay rental for 3 months, under OPR protection, SpeedHome will pay me (as a landlord) every month on the late payment of rental
In that scenario, SpeedHome will compensate another 2 months for Loss of Rental if unable to located a new tenant in a period of 2 months?
OTR is paid by SPEEDHOME in the event the tenant pays the rental late. SPEEDHOME will pay the landlord on the due date and collect the rental payment from the tenant later. Loss of rental is paid out to compensate the landlord for the time the property is vacant due to the tenant abandoning, running away or ending the tenancy agreement before the tenancy agreement ends while finding the next tenant.