PETALING JAYA: The Malaysia Institute of Estate Agents (MIEA) has launched the MIEA Landlord Insurance policy to help landlords reduce their risks against errant tenants.
“As property agents, there is not much agents can do to help landlords with errant tenants except to pre-qualify them with the resources available to us. Today, MIEA is proud to say that agents can provide a second level of protection for their clients through this policy, “said MIEA president Chan Ai Cheng in a press statement.
The MIEA landlord insurance coverage will include:
- Reimbursement of loss of rental income due to tenant runaway
- Legal expenses for the letter of demand
- Pay for amount incurred for losses or damages to contents due to malicious acts of your tenant
“We want the real estate profession to grow and be at par with other countries. Our motivation for introducing this policy is to protect the public and provide an environment for agents to be competitive in enhancing their services, which will set them apart from others.
“This will augur well for the profession and the Malaysian property market. Both landlords and agents can also sleep better with this additional protection which will step in should untoward losses occur,” said Chan.
MIEA’s insurance partner is Howden Insurance Brokers, which designed this policy with the mandate from MIEA. The policy also covers additional benefits like:
- Reimbursement of cleaning services charges incurred when the contents of the premises are destroyed or damaged by tenants;
- Reimbursement of costs incurred for repairing or replacing doors, locks, access cards and keys following the loss or damage caused by tenants;
- Reimbursement of the amount incurred for the replacement of glasses (including shower door and windows) due to damage caused by tenants;
- Reimbursement of the amount incurred for services such as plumbing, drainage, air-conditioning and toilet malfunction due to damage caused by tenants; and
- Reimbursement of losses due to theft or burglary committed by tenants.
Chan further explained that this policy was designed and developed to provide the minimum coverage with a minimal annual premium of RM280 per unit.