Malaysia-based real estate classified InstaHome has announced a partnership with Tune Protect Malaysia to offer landlord insurance.

The service, the first of its kind in the country, allows the landlord to quote a safety deposit at the beginning of the rental agreement, and aims to provide additional guarantees to clients by reducing the risk of financial loss incurred through renting out the property.

The insurance, which will cover the landlord for issues such as unpaid rent, damaged property and theft by tenants, has been introduced after an InstaHome investigation found that more than 700 landlords were interested in policies to help protect their property.

“We are introducing this comprehensive service to provide the landlord with absolute peace of mind. Based on feedback from landlords, we believe a combination of traditional rental deposits and additional insurance will provide the best benefit to them,” said CEO and co-principal of Instahome, Eric Tan Leong Yit.

With the new service, the landlord can keep a safety deposit worth two and a half months’ rent. If a tenant runs away, the landlord is entitled to claim up to RM1,500 (close to $350 U.S.) in rental losses, RM500 in legal fees, RM15,000 for malicious damage to the insured property and RM1,000 for theft by the tenant.

“We are delighted to be working with Instahome to empower landlords in Malaysia and provide a new rental experience. Through the digital property rental process by Instahome, which is combined with the ease and affordability of Tune Protect’s products and services, we believe this sharing will be a game changer in real estate market leases and therefore improve the quality of the rental ecosystem,” said Tune Protect’s chief affiliate & e-trade officer, Janet Chin.

Landlords will receive support in several areas. For example, Instahome will guide them in how to process claims in court and link them with lawyer panels for problem tenants; offer customer service seven days a week to respond to any questions; provide a free rental quote system with the delivery of rental payment alerts and remuneration of tenants who pay on time; and provide maintenance support to give homeowners access to trustworthy contractors and special rates through the partnership.

“We heard landlords’ complaints, and because of that, Instahome is very excited to cooperate with Tune Protect because it can help strengthen the company’s commitment to improving landlords’ experience in property rentals,” said Tan Leong Yit.

Print Friendly, PDF & Email

Related Articles