Kuala Lumpur, Malaysia — 13 April 2022 – Catcha Group-backed real estate technology company, Instahome Sdn Bhd (Instahome) has announced its partnership with Tune Protect Malaysia (Tune Protect) to offer complimentary landlord insurance for worry-free rental. The newly launched landlord insurance is the first ever in Malaysia where the landlord is able to collect security deposits at the beginning of the tenancy agreement and also secure free insurance coverage.
The landlord insurance aims to provide additional reassurance for potential financial loss related to rental properties rented out via the Instahome platform. It covers homeowners from rental liabilities such as unpaid rent, property damages and theft.
The introduction of landlord insurance comes after extensive market research conducted by Instahome, where more than 70% of landlords expressed interest in a product that safeguards their investment properties.
Eric Tan Leong Yit (Eric), CEO and Co-Founder of Instahome shared that although homeowners hold deposits, they still worry about property damages and stolen furniture from runaway tenants.
“We are doing this to bring landlords the ultimate peace of mind. Based on landlord surveys, we believe a combination of traditional rental deposits and additional insurance brings the best of both worlds. 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.”
“We heard our landlords, and this is why we are thrilled to be partnering with Tune Protect as it helps us reinforce our commitment to improving our landlord experience,” Eric added.
With the landlord insurance, a homeowner can keep the initial two and a half months’ security deposit collected, and in the event of a tenant runaway, be entitled to receive up to RM1,500 in rental losses, RM500 in legal fees, RM15,000 for malicious damage done to the insured property and RM1,000 for theft by the tenant.
Janet Chin (Janet), Chief Partnership & eCommerce Officer of Tune Protect said, “We are happy to partner with Instahome to empower Malaysian landlords and challenge the archaic renting experience. With Instahome digitising the home rental experience, and Tune Protect complementing the experience with our simplicity and accessibility, we are confident that this partnership will be a gamechanger in the property rental market and
improve the quality of the rental ecosystem.”
“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. It is all about simplifying the insurance journey for customers and we are happy to meet them where it is most convenient for them, such as the Instahome digital platform,” Janet continued.
Packaging insurance into Instahome’s offerings simplifies the rental journey for homeowners, offering them end-to-end support. Landlords will receive full coverage support which includes: 1) eviction support with Instahome guiding the landlords throughout the claims process in the court and connecting them with panel lawyers; 2) 7 days a week swift customer service to handle queries; 3) free rental collection system that sends rent payment reminders and rewards on-time paying tenants and; 4) maintenance support to provide landlords with reliable contractor recommendations and
special rates through Instahome’s partnership with Kaodim.