How long does it take to claim on SPEEDHOME? The insurance industry does not have the best reputation, to begin with.
Some insurance providers are notorious for misleading terms and clauses, unless you’re from the industry or have a law degree it’s easy to be overwhelmed by the confusing words. Amortization? Escrow Agents?
Don’t worry, it is perfectly understandable that insurance is something to be sceptical of. Many fear their insurance provider will refuse to pay out. Or worse, deny a claim that would cost you an arm and a leg.
That’s why we’re going to share with you some insights for SPEEDHOME’s claiming process. What is it for us?
Well, just for your peace of mind. You can kick back, relax and rest assured. Check out our past report and decide for yourself!
1. 9 Days. That’s all it takes!
Our platform provides fast and efficient insurance services to all homeowners who rent out houses using our platform and the Allianz insurance we provide. The average duration time of our claims process takes around 9 days per case.
The average comes from data collected from 162 cases since implementing this insurance protection policy in March 2017. You can start binge-watching movies and our claims will be reimbursed before you reach the last season of Game of Thrones.
2. How Much Percent is Granted?
Usually, the majority of the claim submitted (87.54%) is approved and reimbursed to the landlord. The deducted 12.46% is usually because of inconvenience benefit’s RM1000 limit and household content damage. For the household content, if they’re old items and their values have decreased over the years, Allianz will grant the current average value instead of its original value. Or, some items may be rejected as they’re not covered under the insurance policy.
But wait, that’s not 100%?
Some of the items might be old. Allianz considers that hence the deduction. They usually deduct 5% – 10% from the original price for each year from the time when the item was originally bought. For items that are no longer in the market or stolen, Allianz considers their respective circumstances as well. For the former, the amount reimbursed might end up in a slightly reduced amount due to the advancement of technology and design or other factors.
3. Claims Rejected! Why?
In an ideal world, we’d love to cover everything that happens to a home. But the reality is that insurance is to provide cover for the unexpected, and covering every eventuality would mean premiums rising and pushing up costs for all our customers.
This means that a small number of claims (0.02%) are declined when customers claim for something that is not covered in their policy. The majority (12.46%) is because of the events that are commonly excluded from home insurance policies such as damage caused by gradual wear and tear, or damage caused by a pet or other as listed below.
The policy does not cover:
(a) Loss or damage arising from wear and tear, depreciation, inherent defect, gradual deterioration, rust or oxidation, warping or shrinkage, mildew, moth, vermin, or in connection with any process of cleaning, dyeing, repairing, restoring, or renovating any of the property hereby insured.
(b) Loss or damage resulted and/or arising from changes in extremes of dampness or dryness of atmosphere or temperature, or exposure to light unless such loss or damage is caused by a storm, frost, or fire.
(c) Loss or damage arising out of or in any way traceable to mechanical defects in or the mechanical derangement or mechanical breakdown of any article or malfunction of electronic equipment.
(d) Damage to traveling trunks, bags, boxes, and other receptacles, other than a total loss.
(e) The scratching or denting of any article or cracking and/or breakage of glass, china, earthenware, marble, gramophone records, and/or articles of a brittle nature, unless caused by burglars, thieves, and/or fire.
(f) Loss of or damage to the deed, bonds, bills of exchange, promissory notes, cheques, money, medals, coins, stamps, or other documents of value.
(g) Loss or damage of property in transit other than within the Building specified in the Schedule.
(h) Loss or damage to furs, watches, fountain pens, cigarette lighters or cases, sunglasses, sports gear including camp kit, filled glasses, guns, sticks, umbrellas, cameras, projectors and accessories, jewelry, personal ornaments, gold, and silver articles.
(i) Loss or damage to vehicle, livestock, and solar power system.
(j) Consequential loss of any kind.
(k) Personal effects which are personal items worn or carried on the person for his/her personal use (including mobile phones, laptops, and tablets).
(l) Property that is more specifically insured.
4. Total Deposit vs Total Claims Disbursed
Financial security and property security are always top concerns, which is how the traditional rental deposit before renting a house came into practice. It serves as a way to hold tenants accountable for every deed done to the house.
In 75% of our cases, the landlords usually claim more than RM1000 with rental and unpaid utilities. Those who claim less than RM1000 are because of unpaid utilities, minor repairs, and cleaning fees after the tenant leaves without proper procedure.
SPEEDHOME ensures that you will have quality tenants. We minimize your risks by filtering out tenants for you. Did you know as March 2019, 14% of tenants did not cut due to unsatisfactory CTOS scores. The quality tenants are chosen to ensure that they can pay on time and lower the risk of default tenants.
So what are you waiting for? Our numbers did the talk, and it’s time for you to rent your unit with us, which is far superior service than agents. Insure and secure your property up to RM42,000 and save yourself from bad tenants with SPEEDHOME!