The claims were made totally according to the instructions by SpeedRent, including all the paperwork, photos, and police report. For example SpeedRent asked us to provide online photos and snapshot of the item in the online marketplace which we did, of the same-description item (for example, a 32" tv) including the price of the item. All these items we found online are of current prices as SpeedRent claims that they can substitute the historical invoices which not every one keeps.

SpeedRent was NEVER clear from the get-go about the documents required for the claims to be made. In their marketing they kept talking about the "peace of mind" as if the claims process were going to be super easy. The realities are not, you would need do so many things including providing documents that you may or may not have at the point of the claims. Why didn't SpeedRent mention this when they were courting for our business? Why didn't they mention the process and difficulty of the claims from inception? That would have been useful for us when deciding between using the conventional route(deposit taking) vs using SpeedRent.

We did exactly as instructed by SpeedRent, and they even sent the adjuster to take the photos and write a report about the damages.

And 57 days now and they are still dragging their feet, even their CEO is engaging their own customers passive-agressively suggesting that their customers are taking advantage of the insurance. What do you mean take advantage btw? The insurance was bought through your agency, and now we are trying to make a claim as per your instructions and we are labelled as the bad guy by the CEO?

Ok. Be careful guys, just lie still, don't fight for your rights as a SpeedRent customer and let him do whatever to you unless you want to be chided by the CEO

Happy holidays you all

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.

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

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?

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.

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.

My personal experience.. The deposit will not help if you encounter problematic tenants. There are professional tenants out there. Hopefully when tenant act come in, all these can be weed out.

If refer to extreme scenario for both.

Hehe... perhaps we should appoint an auditor to audit this figure?

I think we will do just that. I'll ask my finance to ask the auditor to do this special audit. I hope by the time we release the report, there won't be comments on "oh this is not from PwC, Deloitte, E&Y...". I'm all ready to prove that.

Like I said, the insurance is certainly better than the 2.5 months deposit. It's not even comparable, only it's furnishing documents that's a little leceh, but as mentioned too, 60% of claims approved within 5 business days. 96% within 15 business days.

Good luck bro. Unless your losses is running to more than rm50k, otherwise it is good money chasing bad money.

But I will applause you for the principle seeking justice.

Just to share with u, wear n tear is hard to justify in the event u wanna price it to go thru legal way to make a claim fr ur tenant.

Small amount is oso hardly worth the time n effort to file to court. If the amount is huge tat can reach the 50k bankruptcy threshold then I blif the deposit part is not a small amount to begin with.

Anw there isn't any number given in ur above post so I'm just sharing my experience. Dun mind me as I'm alwiz wrong wan 🤭☺️😉

simple je bang... u already so in doubt with this service already... just move on with the conventional renting method je... so far i always collect 3 months deposit from my tenants... I'm sure its workable anyway despite what everyone mentioned about the market... its just mean that speedrent is not meant for everybody je... all these arguments with the CEO are not reducing your doubts anyhow... haha

Speedrent charge 1.5 multiplier for 6 months stay, this is much too high