KUALA LUMPUR: Property technology (PropTech) startup Instahome Sdn Bhd has partnered with Tune Protect Malaysia to offer free insurance coverage to landlords whose properties are parked with the portal.
“Collecting deposit alone might not be enough as loss of rental and property damages can exceed the deposit amount while a zero deposit insurance package is expensive and time-consuming, and landlords are often faced with tenants that do not keep the property well maintained,” Instahome chief executive officer Eric Tan said.
The move to offer additional coverage will not cost landlords extra as the cost is absorbed by Instahome as an added feature to its services. The insurance comes after Instahome conducted surveys where more than 70% of landlords expressed interest in a product that safeguards their investment properties, according to Tan, pointing out that home owners will be better protected from rental liabilities such as unpaid rent and property damages.
In the event of a defaulting tenant, landlords will be entitled to receive up to RM1,500 in rental losses, RM500 in legal fees, RM15,000 for malicious damage and RM1,000 for theft.
“Our wide array of insurance products means Instahome can offer added benefits by embedding Tune Protect products into their purchase path to provide customers with the relevant coverages that meet their lifestyle needs,” Tune Protect chief partnership and eCommerce officer Janet Chin said.
Landlords will receive full coverage support, including eviction support with Instahome guiding the landlords throughout the claims process in the court and connecting them with panel lawyers. The event was also attended by Tune Protect partnership senior manager Jeffrey Wong and Instahome country manager Leon Kong.