Car insurance is totally different scenario because the insurance companies have billions ringgit of car insurance premium to make investment and to cover all the claims. And do you know what is a total loss? If you purposely bang your car to claim total loss without risking your lives, then I want to congratulate you. So it's silly for you to compare a car with furniture at home

Even if you want to burn down your house, the police/adjuster will also investigate as cheating for insurance and burning your house will land you in jail. and it normally will take months or more than a year to complete investigation depends on the sum insured.

But home rental insurance is just illogical as how many insurance companies have offered such insurance? And also your standard of deciding on what is wear&tear is quite unreasonable too. If the bed frame got broken, it could be due to the real wear&tear, malicious damage by anyone or the tenant is too heavy weighing 150kg until broken the frame. So all these we won't know and no way to investigate.

Your wordings are so misleading too to misled people like wild_card_my to think that the claim process is very easy and fast.

Mentioned earlier, we are building the transparency report now and we will release it soon so everyone has better expectations as to what's damaged and what's wear and tear.

I wish to iterate that both deposit and insurance has its pros and cons, so arguing which is better like debating between which religion is better. Certain cases deposit works better while certain cases insurance works better. As far as rental loss and utilities, they are equally same amount. It's extremely straight forward, only on furniture, there might be disagreements. Hence setting expectations is the best way forward.

Just to give you a simple claim time:

1. 60% of case approved within 5 business days from the moment documents fully submitted to claims approved
2. The remaining, 90% of case approved within 15 business days.
3. Only 2% of case takes more than 30 business days to approve
4. The longest claims day took to approve is 48 business days as of to-date (this record will soon be broken by Faiz and we have set SOP in place to better manage expectations).

So what is happening here is the extreme side of things.

I am so tired of the whole process. 2 months and 4 days since tenant left and I am still being chided by the CEO of SpeedRent when I aired my dissatisfaction of his company's services

So let compare lah, this so-called "like religion"

1. Religion A: I would have just burned the tenant's deposit, would be able to rent out the property by December

2. Religion B: compile documents, submit, compile pictures, write up, wait, welcome the adjuster, wait, get in a spat with CEO of SpeedRent

You all be smart and save headaches la, even 2.5 months is better than this waiting game. I just want people to manage their expectations. You guys willing to be chided by the CEO or not?

Just take the deposit lah. I have first hand experience

Allianz approved the claim yesterday around 4pm. Today we will disburse it to you.

Mind to share what is the highest paid out so far by speedrent?
RM30k is the limit, assuming 2 months deposit the rental is worth rm15k permonth. From my quick browsing of speedrent, it seems I couldn't find any of these properties in speedrent.

2months deposit also not able to pay, this kind of tenant big NO NO for me! Financially sure got issues! One thing I like about the speedhome platform is they provide actual photos for the unit.

Around RM10-RM15k range.

I beg to differ. Really. There is a lot of misconception about no deposit.

Yes, we do attract 'financially' bad tenants, but we also attract financially stable tenants. And we perform credit checking on every transaction, which means if tenants that are financially bad, they won't be accepted to rent through SPEEDHOME.

Put yourself in the shoe of tenant - even if you were able to pay deposit, would you like NOT to pay deposit if there is an option?
Put yourself in the shoe of tenant - you have just graduated, your saving in bank is low, unable to pay deposit, but does that mean you are financially bad?
Put yourself in the shoe of a property buyer - is downpayment hard? And if the prop developers gives 0 downpayment - would it suddenly become super easy to own a house? (that happened in 2009-ish, and that's why a lot of people 'got rich' with it). Same logic for 0 deposit for renting a house.

I presume you would understand the pain the tenant goes through. And understand that there tons of upside for owners to gain through enlarged tenant pool of choices, speedier because your neighbours want deposit, and you get insurance protection.

We should objectively analyse the situation, not just looking at one aspect of the situation without looking at other opportunities that arise from that.

Curious to know how you do the credit checking for the people from United Nation such as Syrians, Iranian, African and Nigerians?

If fresh graduate or the one saving is low why choose to rent a house instead of a room?

Zero down? How many have strong holding power versus those can pay 10% down payment? Community for zero down better or those able to pay 10% down? Those tenant willing to pay 2months deposit usually responsibility take care of the house is higher and pocket at least deeper.

I think you should provide an option for landlord either zero deposit or 2 months deposit, it's their choice,and it doesn't affect the alliance insurance. From my pov your site didn't provide this option show the you guys only care about the quick commission how many registered estate agent in your company?

As much as I would like to support speedrent (especially when game changer tenant act is introduced), not that apple to apple comparison with developer giving low dp for property purchase. End of the day it is banks who will shoulder the risk if purchasers couldn't pay the installment, and not developer.


Property Developer in Malaysia is pampered too much by Government. Even agriculture which is critical industry does not receive so much incentive compared to property.

This is new claim is claiming maximum rm30k?

I assume his rental is nowhere near rm15k. In this case, the payout received is easily more than two months deposit which if he chose conventional way.

I am sure he is a happy man now despite some hiccup processing the claim

Do you mind to show proof that Allianz has approved the insurance claim for wild_card_my?

I know you will answer " due to privacy issue, we are forbidden to disclose the documents"

This post has been edited by uamcy: Feb 5 2020, 07:51 PM

It's easy to think like that.

Trend:
1. BNM has surveyed that and 75% of Malaysians couldn't fork out RM1000 for emergency.
2. Gen Y/Z prefer spending on lifestyle to saving.
3. Even Mobile phones/Gadgets (only RM1-5k) can buy with installment instead of cash.

In early 1970s buy house is cash down, don't even have loan, so should we be thankful that now that we can get loan to buy house? Owners always think that tenant "oh 6k also don't have, don't rent laaa". Should property developers think "50k also don't have, don't buy house la"?

We would think logically prop owners are at the better end of income level (T10); hence has the capability to save RM50k. But on tenant side, they are generally at the lower end of income level, maybe M40. So different earning levels have different capabilities to save.

RM10k/mo is easier to save RM2k/mo than RM3k/mo to save RM2k/mo.

Is installment on phones bad? Well yes if you are not managing your debt ratio well. But does it helps drastically improve access to purchase? Yes. So long it's debt is managed properly, what's wrong with installment vs buy outright after all, a lot is going 0% installment anyway.


Waiver of downpayment/deposit = ease of purchase for you to buy and developer to sell / ease for tenant to rent, faster for you to transact.
Developer = owner. If developer is easy to sell, then owner can easily rent out.
Risk = Filtered through credit checking, and if checking failed, you have insurance to cover deposit. Risk is born by Allianz at the worst.

Take note that the insurance has 3 components:
1. Rental loss - if tenant default or early terminate and runaway - 2 months - that is equivalent to your traditional 2 months of deposit.
2. Inconvenience benefits (RM1000/RM2000 depending on insurance plan) - claims for cleaning / utility bills - that is equivalent to 0.5 - 1 month worth of deposit

1 + 2 is already sufficiently match what traditional deposit covers. But what's on TOP of your traditional deposit, the insurance also cover:

3. Damage or theft to household content - RM15k/RM30k depending on insurancep lan. Technically anything extra you claim from this portion is already better than deposit. Bonus.

This post has been edited by wheimeng: Feb 5 2020, 08:02 PM

It's certainly more than traditional deposit, but I won't disclose.

We transferred to him already. And as for the total disbursement, if Faiz wants to disclose - he will. But like I said, it's more than a traditional deposit already.

Your theory go to tell newbie maybe they will listen to you for those want to rent the unit less than RM1000 not able to pay deposit we understand, but those able to pay RM2-5k rental no money?! M40?

Developer offer you zero down or cash back once you sign the dotted line they still earn few hundred thousand, of course they encourage you buy, landlord din collect deposit, anything happen is negative, everything bear yourself! Wardrobe door hinges broken also consider wear and tear not able to claim right? And you haven't answer the questions above, of course you can choose not to answer it.

This post has been edited by m0n0p0ly: Feb 5 2020, 08:22 PM

Man! I stopped reading when you asked us to ‘ Put yourself in the shoe of tenant’ twice 🤦🏻

Potential landlords, better avoid.

Potential tenants, this is a good company for you as the CEO will advocates for you 🤣

The reason I came here because I have registered on their website to advertise my property. There are few potential tenants requested for viewing purposes. But I have yet to make a reply. Still worry about the risks. I think next time if you want to make a claim which is hard to prove and without a receipt, you have to make a lengthy argument in here for months, with heartbroken and all then only you will be reimbursed.
Somemore if you look at the wear&tear samples shown on the website, it's quite unreasonable.

But the conventional way of getting a deposit, you can deduct from it for whatever defective items or damages in the property.

So what do you think?

You made me feel that it's your own company disbursement rather than from Allianz. That's why I asked if you can disclose some proof that it's indeed disbursement from Allianz. Because it's very unlikely that Allianz will pay in such circumstances that had been discussed in recent posts.

This post has been edited by uamcy: Feb 5 2020, 08:26 PM

The more they claim, the more profit comm allianz wil cut, u stil dun understand it?

I'm sorry I haven't been able to convince you. And this is a forum where it is open for opinion and debate, and I admittedly said deposit has its pros, so is insurance. For further transparency.

Stats:
50th percentile - all claims* taken care by Basic package.
~85th percentile - all claims* can be taken care of with Extended package.
* means the submitted claim vs approved claim = 100% match.

Remaining 2% - Allianz approved less, we pay from our pocket to subsidize when we think it is reasonable for landlord to claim it.

We do what's right and fair, I'm a landlord as well, so I know the pain. And where ever Allianz didn't payout as much as landlord expected but we thought that it warrant assistance we subsidize, most if not all landlords were satisfied with the outcome. And those we subsidise is in excess of 2% sample size stated. So in other words, we will make sure landlord is better protected, and certainly making sure it has a better outcome than taking deposit.

So you can choose to bombard on our extreme cases, which is super rare. When extreme cases happen to you when you take deposit, I'm absolutely 100% sure without a doubt that you will be better off with insurance. One way or another, Allianz or SPEEDHOME will make it right to you because we are here to protect both landlord and tenant.

I've responded with stats to show the submitted claims vs approved. So some were not fully approved but 85% were covered totally.

On property developer or whoever, there is someone gonna take the risk - buying property - banks will bear the risk if prop owner defaults.

In the case of your property is screwed - the risk is transferred to insurance - and 85% were totally covered. 2% of the most extreme cases were sufficiently covered with subsidy with SPEEDHOME.

So we can go over and cherry pick certain situations to debate, but I think that we have super high of percentage of all risk are properly covered by insurance and subsidy from us.

This post has been edited by wheimeng: Feb 5 2020, 09:24 PM