As a landlord, you will need specific protection for the unit you are renting out. Apart from the same coverage that you get from your normal housing insurance, lLandlord Rental Protection Plan would cover some other things:
- Tenant’s failure to pay rent.
- Property damage was done by tenants or other causes.
- Stolen housing equipment during the tenancy.
It is a reality that if given a chance, most landlords will resort to collecting deposits as some sort of a guarantee, in case anything happens, but a good Landlord Rental Protection Plan would provide a bigger coverage.
Here are some reasons to convince you that you need a Landlord Rental Protection Plan.
- Usually, homeowners insurance claims are denied if the property is rented out.
- You actually need more liability coverage than normal housing insurance would provide.
- Landlord Rental Protection Plan would actually help you with the legal work if any unwanted things happen.
- Protection from a lost income in case the tenant decides to move out because of the damages that occur on your rental unit.
At SPEEDHOME, the landlord is covered with 2 months’ default rental coverage. Up to RM2,000 coverage for unpaid utility bills and up to RM30,000 for damage to property and theft of home content. All these are made possible with SPEEDHOME’s partnership with Allianz.
- 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 the SPEEDHOME Product Disclosure Sheet.
Apart from just benefiting the landlord, SPEEDHOME’s partnership with Allianz also eliminated the need of penalizing tenants with upfront deposit payments for unfavourable events which then opens up more opportunities for tenants to be interested in the landlord’s unit.
For a more in-depth look at being a landlord, check out our all-in-one guide here.