InstaHome Sdn Bhd, a Catcha Group-backed real estate platform, has set forth into a partnership with Tune Protect Malaysia for the launch of the nation’s first worry-free landlord insurance. The service will allow landlords to safely collect security deposits at the beginning of the tenancy agreement with the aim of providing clients with additional guarantees and in turn reduce financial risks that come with renting out a property.
As stated by the company, the insurance will provide coverage for landlords in areas such as unpaid rent, damaged property and theft by tenants.
InstaHome’s co-founder and chief executive officer, Eric Tan Leong Yit explained that collecting deposits alone might not be enough to cover property damages and rental loss, which often surpass the deposit amount, and that this service is for the peace of mind of these homeowners.
“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.”
Moving forward, InstaHome has also announced that landlords will get keep a he initial two and a half months' security deposit collected, and in the event of a tenant runaway and is entitled to receive up to US$354 (RM1,500) in rental losses, US$118 (RM500) in legal fees, US$3,500 (RM15,000) for malicious damage done to the insured property and US$236 (RM1,000) for theft by the tenant.
Landlords will receive full coverage support from eviction support with guidance from Instahome regarding the claims process by connecting them with panel lawyers, a free rental collection system that sends rent payment reminders and rewards on-time paying tenants and maintenance support with reliable contractor recommendations and special rates through Instahome’s partnership with Kaodim.
“We are delighted to be working with Instahome to empower landlords in Malaysia and provide a new rental experience,” said Janet Chin, Tune Protect’s chief affiliate & ecommerce officer.
“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.”