I've asked my Ops head to look into this. Claims from Allianz is usually straight forward and https://claims.speedhome.com has all the information needed to claim.

You will hear from them on Thurs (tmr Selangor holiday, so sorry!)

I'll have steason to reach out to you privately and get it sorted out.

I've spoke to my team, and they said a lot of them look wear and tear.

Wear and tear is not claimable as like car maintenance.

Do you claim insurance when your car has got minor scratches?
Do you claim insurance when a/c is not cold?

You pay from your pocket (and this is wear and tear)

But if someone threw a gigantic rock on your car, it suffers major scratches and also damaged the A/C - then you probably don't want to pay yourself, and that's where insurance excels. Or if tenant stole your A/C, TV, Sofa - that itself deposit is insufficiently covering you, and that's where insurance excels.

Insurance is not about 100% risk-free. If it is risk-free - even tiny weeny issues also cover, then premium charged would be significantly higher due to the expectation of it. Insurance is there to ensure that mid-major incident is properly covered. Would you want to pay extra 3-4x of car insurance if even tiny scratches is covered by insurance?

Often, people are always comparing deposit vs insurance. Nothing is perfect, we have quite many cases suffered large damage that is in excess of RM8k, would your deposit cover that? Do take note that the rental loss is up to 2 months, which is equivalent to the 2 months security deposit. So the rest of it, which insurance portion is RM15k.

Property rental is a 'passive income' and it's also a business. Anything that you do involves risk (driving a car for that matter), and when you magnify on some cons without taking the pros it gives you - it's not doing proper risk analysis on what's acceptable losses and what's not.

So yes, deposit - you can deduct all the small small expenses. But when it comes to mid-major issue, it will burn a hole in your pocket. So do not compare deposit vs insurance. Compare whether you can tolerate small or big risk better.

I'm pretty sure everyone wants risk-free, so again - 3-4x more expensive insurance - worth it?

Well, I did not say that and certainly no way implying that. I was saying that we all are looking out for what's the best value vs cost.

Everyone wants the best, and we are only willing to pay for what we can afford vs the risk that we can tolerate. We are the victim of our expectation and there is nothing wrong about this.

Umobile has unlimited data, while I can't say that they are fantastic, they ain't bad. Maxis is the most expensive, and while I can't say that they are fantastic, they are better.

All it comes down to, our own expectation vs reality is very different, and we just need to acknowledge that.

This post has been edited by wheimeng: Jan 5 2020, 06:23 PM

While we don't actively sell it anymore, we can sell it if needed. Many people not willingly to pay for the insurance because they can tolerate the risk. Again, even room insurance is cheaper, yet people don't want to pay simply because they can tolerate the risk.

The higher the risk, the more likelihood a person would buy insurance.

Early days when we partner with Allianz, they incurred a lot of losses - so they aren't the biggest winner. Of course, we have managed to significantly reduce default because we have data to predict and eliminate bad tenant as much as possible based on past data. Now they are OK profitable.

I would say the biggest winner is the market - the landlord gets protection and a lot faster tenant because of no deposit. Tenant doesn't need to pay deposit, reduces the barrier of entry to rent. It's a win for the market.

I always like to say, don't always assume people who couldn't pay deposit is a bad tenant because many property owners got rich through the old DIBS and no downpayment scheme. We certainly don't think property owners were poor people but paying a downpayment for the property is hefty for the middle/middle upper class. Bear in mind we as property owner is relatively better off, but on buying property - we are stuck too.

People who just graduated, a family just celebrating their newborn - a lot of cash would have spent or insufficient saving and couldn't afford to pay the deposit. The rental market which requires deposit is akin to buying house with downpayment. Just different segment of market, facing the same problem. So I certainly won't discriminate if people can't pay the rental deposit and over generalize them being bad tenant because IF that logic applies to property owners, it would mean those who couldn't pay downpayment is bad loadmaster.

p/s: motor insurance is not super profitable for the insurance companies just in case you think that they make loads from motor insurance. Fire insurance is very profitable, travel is very profitable.

This post has been edited by wheimeng: Jan 5 2020, 06:20 PM

Some examples of what's claimable. In some cases, we helped subsidizing too to ease the financial pain. This year we are looking to allocate some budgets to subsidize some cases where we think should be claimable but rejected by insurance on a case by case basis.

We know some shortcomings of insurance and this is one of the efforts that we wish to step up our role in offering peace of mind experience for everyone.

This post has been edited by wheimeng: Jan 8 2020, 09:14 AM

Thanks sifu for the support and a neutral view.

We cover these damages. The photo wasn't considered wear and tear.

We plan to automate all of these suggestions to give more value to landlord.

@se800i ya, those are damages and approved claims. CCTV? Not that I'm aware of, seems invading privacy?

just need to make sure tenant is informed and aware of that. best to have an acknowledge form to sign by both parties so that there won't be any dispute around it. better be safe than sorry.

It can be done in the addendum side of the agreement.

I bet reading a handful of reviews here do sound bad. And whenever possible, we improve our SOP to address our shortcomings. For example, we are preparing examples of claimable and non-claimable photo and will list it on our website to set better expectation.

We are not perfect, but we strive to be one. All the complaints are one of the avenues that we tap in to improve the quality of service.

@wild_card_my I'm not sure what do you wish to achieve by posting this when Afiqah mentioned that the adjuster has around 14 days to revert, which would due soon. This was explained to you on the 16th Jan.

I think this forum can be used as a platform to voice some grouses about services so that the public can have a better understanding of business conduct, but it is certainly not a platform for solving issues. We have not shied away from supporting you before you have posted on lowyat, and we are still providing support to you after you have posted on lowyat.

If you wish to pressure us in bowing through taking this to the public, trust me, it won't yield anything better other than what is rightfully yours.

We are doing what is possible and pushed this to the Allianz senior management. We do what is right. And if you wish to have a proper discussion, I welcome you to email me and the team at ceo@speedhome.com.

I don't claim to know every single case that is happening in SPEEDHOME; therefore I take a very open approach to allow any complaints to come to me so that I can look into it. We are genuinely here to offer the best possible experience to all. We do fail sometimes, but we don't shy away from making things right.

I'll not respond to any of your complaints in this forum from now onwards because my team has been communicating with you and you chose to do a public show here.

We have thousands of customers, and we take every complaint seriously, but we won't be pressured to speed up certain issues just because someone decides to take it public. We treat everyone fairly and respectfully.

Thank you for this, a very good idea. As a matter of fact, we have started preparing our claims transparency report to better educate what is claimable and what is not so that everyone has a better understanding and prevent people from trying to take advantage of insurance. We will also show median of insurance claim vs shortfall of the approved claim amount.

For example, we have got only ONE case submitting for RM30k damage claim, maxing out the ceiling limit of insurance. When a case is this unusual, a lot more scrutiny would take place. It sounds like a total loss for a RM30k claim but it wasn't.

I hope everyone is sensible about filing claims.

I wish everyone a happy and joyful 2020, Gong Xi Fa Cai!

You will get your rental on time, even if the tenant pays late, SPEEDHOME will foot the rental.

That claim figure was released by Allianz. It's not released by us.

Generally, there is fraud prevention in place, although not bulletproof, it is good enough to detect most. Illogical to insure house rental is akin to say why don't we get our car into total loss and claim the whole car again? Why don't we burn the house down and claim for fire insurance?

There are frauds in burning furniture storeroom, car workshop tries to create a car accident. But in general - how often these happen, and there is a process in place to check and balance for this.

My team is still supporting Faiz on his claim, and as he mentioned, it's RM30k. I don't know how much of it would be approved or not, but I've told my team to work closely with Allianz. So let's see what comes out of it.

Personally, I would like Allianz to reimburse as much as possible because after all if Faiz deserves it, Allianz will pay for it - period.

This post has been edited by wheimeng: Feb 4 2020, 08:20 AM

We ask for basic information, and Operators normally won't disclose their intention to us, same goes to agent who trying to get owner data from our platform.

We can screen tenant on their financial background once both parties agree to proceed.

Intention is hard to screen if you know what I mean. Nevertheless, I apologise for inconveniences, likewise, you can utilise our homerunner service for free. We will do the house showing on behalf.

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.