Here’s all you need to know about short-term rental with SPEEDHOME.
Can I rent out my place short term?
Yes, you can. SPEEDHOME’s tenancy period starts at a minimum of 3 months and can be extended to a maximum of 12 months.
Does SPEEDHOME protect me for short-term rental?
Yes we do! We’ll protect you up to RM42k 🙂
Who will pay for the Allianz Insurance? / How does the insurance payment work for landlords with SPEEDHOME’s short-term rental?
You as the landlord will pay for the insurance. Please refer to the table below.
For example, if the rental period is 12 months, 100% of the insurance cost will be paid by the landlord.
Another would be if the rental period is 9 – 11 months, 25% of the insurance cost will be paid by the tenant with a surcharge.
If the rental period is 3 – 5 months, the tenant will pay 75% of the insurance cost. However if you (the landlord) choose to upgrade the insurance package from basic to any other package, the tenant will not borne the upgrade amount. The additional amount from the upgrade will be born by you.
For instance, your tenant’s rental is RM1000, the rental period is 3-5 months and the insurance you purchased was basic. If you choose to upgrade your insurance package to extended after the tenant has signed the agreement, your tenant will only pay RM750 (75% of the insurance cost) + RM1000 in rental, 6% SST and Speedsign fee.
NOTE: Insurance coverage will only be provided for landlords who have completed transactions with SPEEDHOME (rental ranging from RM500 – RM5000 for home).
How much time does the claim take?
The time taken for you to get your claim amount is as follows:
You have 2 weeks after the end date of the tenancy agreement to claim any of the above. After 2 weeks. requests will not be entertained.
Any consequential loss or damage of any kind will not be insured. They are only covered should the losses/damages be caused by your tenant. See here for more info.
How much does tenancy renewal cost?
The tenancy renewal cost is fixed at a cost of RM199 + 6% SST as Speedsign fee and will be paid by the tenant.
Who pays for the Speedsign fee?
The tenant pays for the Speedsign fee when it is renewed.
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