I would really advise against using speedhome as a landlord. No deposit means tenant can simply not pay utility bills and move out once their tenancy ended. Speedhome coverage is just not enough to cover this cost. As a result I lost 3k since speedhome insurance only can cover up to 1k. Tenant left without paying 4k electricity bill.

On the other hand, if you're a tenant looking for rental, I would recommend using speed home. You can rent without paying any utility bills, and simply move out once your tenancy has ended. Speedhome will not take any action on you, and you can just repeat this process as many times as you like.

Only 1 tenant is registered to speedhome, so if you're a couple or with a group of friends, you can reuse this abuse.

Utilities fall under inconvenience benefit, which also includes any minor property damage. For basic (which what I had) is up to 1k, for extended and extended+ its up to 2k. My tenant had 4k electricity bills, still way above 2k.

Now if I were to use the traditional way of getting deposit, I would be getting 2 months rental + 1 month/1k (depends on agreement) to cover utilities, which would probably be able to cover the 4k + damages.

Thanks for the reply @wheimeng. I have reached out to your team and this is their response:


Why aren't they adhering to the 'internal policy', if such exist?

An update of my situation, @wheimeng has sorted out this issue for me. Apparently speedhome support team was trying to reach out to my wife (who was registered to speedhome) but she missed out the message and calls.

So today the support team reached out to me and they have agreed to cover 90% of the outstanding electricity bills. They actually can cover special cases like this.

Lesson learnt, for landlord the best option is to indeed change the electricity bill name to the tenant's name, so this issue would not even be possible. One suggestion to speedhome, maybe should highlight the importance of this to landlord, or you could even make this as part of the signup process?

Kudos to @wheimeng and speedhome team for the quick resolution.