Product Disclosure Sheet


(Read this Product Disclosure Sheet before taking up SPEEDHOME Standard, Protect or Protect+ Landlord Rental Protection Plan)

1. What is the product about?


The Protect or Protect+ is a Landlord Subscription Plan collectively offered to landlords by Speedrent Technology Sdn Bhd      (201601005661) (“SPEEDHOME”) and Allianz General Insurance Company (Malaysia) Berhad (200601015674) (“Allianz”). It       combines products/services provided by SPEEDHOME (an online rental platform owned by Speedrent Technology Sdn Bhd)       and an insurance policy underwritten by Allianz.


The Landlord Standard Plan is a subscription plan that only includes products/services provided by SPEEDHOME.


2. Who is eligible to subscribe?

    Any landlord who is renting out their property in Malaysia with a monthly rental value between RM500 to RM5,000 through           SPEEDHOME can subscribe to Standard, Protect, or Protect+ Plan.


3. When can I purchase the Landlord Subscription Plan?


   Landlords can purchase the Subscription Plan at the start of the tenancy or within 60 days provided that there is no rental or       utilities overdue payment from the tenant.


4. What are the benefits provided?     

10. What is an Overstay Cash Defender (OCD)?

OCD is a benefit offered by SPEEDHOME to ensure the landlord can receive their monthly rental even if the tenant stops paying the rent whilst occupying the house during the tenancy period.


OCD payment to the landlord is only valid during the tenancy period and will no longer be applicable when the tenant has been evicted.


For example, in a one-year contract, if the tenant does not pay the rent on the third month after he moves in and occupies the house, SPEEDHOME will pay the rent starting from that month until the tenure ends or the tenant has been evicted.


It is important to note that OCD will be retracted in the event the landlord does not cooperate with SPEEDHOME on the eviction process.

Loss of Rental Benefit is collectively offered to you by SPEEDHOME & Allianz. Depending on the protection plan you have subscribed to, Allianz will cover up to 80% of 2 months rental*, and SPEEDHOME will top up to cover up to 100% of 2 months’ rental* to the landlord who subscribed to Protect or Protect+ protection plan.


1. A landlord can activate this benefit during the tenancy period due to any of the following insured events during the said Tenancy:


(a) The Tenant is involuntarily unemployed due to economic reasons and not dismissed from employment due to the Tenant’s performance or disciplinary action taken against the Tenant;


(b) The Tenant dies or suffers Total Permanent Disablement due to an Accident, or


(c) The Tenant runs away/abandons the Tenancy in default of the Tenancy.


2. The maximum amount a landlord receives for any one occurrence of loss of rent as a consequence of the insured events above is the amount of rent that the Insured would receive from the Tenant until a new tenant takes over the Tenancy that shall not exceed a maximum of two (2) months’ rental or the amount specified in the Schedule following the plan selected, whichever is lower.


*Refer to the Loss of Rental (LOR) Coverage Table in Annexure I for further details.

11. What is a Loss of Rental Benefit?

12. What are Inconvenience Benefit and Household Minor Damage?

Inconvenience Benefit and Household Minor Damage is offered to you by Allianz, with coverage of up to RM1,000 for Protect Plan and up to RM 2,000 for Protect+ plans.


In the event that the Tenant runs away/abandons the Tenancy and the Tenancy Agreement is terminated during the period of insurance, the Company shall indemnify the Insured for the expenses incurred by the Insured for the following:

(a) Utility bills: TNB, water bills and Indah water ONLY. Other utility bills are not claimable.

(b) House cleaning,

(c) Damages or repair to the non-movable items / fixtures and fittings.

(d) Plumbing and electrical work, i.e indeed the water heater is one of the electrical items in the house. However, since it is not mobile and the item is fitted on the building wall, It is more appropriate to be deemed as fixtures and fittings.Other examples of this category such as, ceiling fan, air-condition, lightings, built-in wardrobe, built-in cabinets or any built-in households, curtain railing etc


Inconvenience Benefit will cover the cleaning fees and outstanding utility bills incurred by the Tenant prior to the date of termination of Tenancy Agreement and/or after 1 month of expiring of the Tenancy Agreement.


Household Minor Damage only covers claims for repair works on ‘Fittings and Fixtures’ in the insured property. ‘Fittings and Fixtures’ are defined as immovable items and attached to the building structure. For example, flooring, ceiling, partition walls, sinks, air conditioners, toilet bowls, kitchen cabinets and other items structurally tied to the unit.


The Inconvenience benefit coverage is upgradeable to RM3000. Refer the cost below:

13. What is Accidental Damage or Theft Coverage Benefit?

The Accidental Damage or Theft Coverage Benefit is offered to you by Allianz. This covers repair or replacement for damage or theft on ‘Household Content’ that are caused by the tenant.


‘Household Content’ is defined as movable items that you would take with you if you moved home such as furniture, tables, stand-alone cabinets & wardrobes, bed, chairs, fridge, washing machine, oven/microwave, etc.


In the event of losses from the Insured Property, the landlord is required to lodge a police report within twenty-four (24) hours upon discovery.


Replacements will only be considered if the movable household item is damaged to the level of obsolete.

14. How do I make payment?

The subscription cost will be deducted from your monthly rent over two months. A Processing Fee of 1.88% + SST will be applied to all monthly rental collections.


For example, if your monthly rent is RM1,000, your cost of subscription and rental schedule will be as follows:

15. What are the major exclusions under this Policy/Protection/Subscription Plan?

This Policy does not cover:


1. Any loss, damage or other contingency occasioned by or through or in consequence, directly or indirectly, of any of the following occurrences, namely:


(a) War, invasion, the act of a foreign enemy, hostilities or warlike operations (whether war be declared or not), civil war;


(b) Mutiny, military or popular rising, insurrection, rebellion, revolution, military or usurped power, martial law or state of siege or any of the events or causes which determine the proclamation or maintenance of martial law or state of siege;


(c) Any act of terrorism


For this purpose, an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organization(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear.


Any loss, damage or other contingency happening during the existence of abnormal conditions (whether physical or otherwise) which are occasioned by or through or in consequence, directly or indirectly, of any of the said occurrences shall be deemed to be a loss, damage or a contingency which is not covered by this Insurance, except to the extent that the Insured shall prove that such loss damage or other contingencies happened independently of the existence of such abnormal conditions.


In any action, suit or other proceedings where Allianz alleges that by reason of the provisions of this General Exclusion any loss, damage or other contingency is not covered by this Insurance, the burden of proving that such loss, damage or other contingency is covered shall be upon the Insured.


2. (a)(i) Loss or damage occasioned by cessation of work; or by confiscation, commandeering, requisition or destruction of or damage to the Insured Property by order of the Government de jure or de facto or any Public Municipal or Local Authority of the country or area in which the Insured Property is situated; or occasioned to Insured Property by its fermentation, natural heating or spontaneous combustion or by its undergoing any heating or drying process;

(ii) Loss, damage or other contingency directly or indirectly caused by or arising from or in consequence of or contributed to by nuclear weapons material

(b) Loss, damage or other contingency directly or indirectly caused by or arising from or in consequence of or contributed to by ionizing radiations or contamination by radioactivity from any nuclear fuel or any nuclear waste from the combustion of nuclear fuel. Solely for this purpose, combustion shall include any self-sustaining process of nuclear Fission.


3. Consequential loss or damage of any kind.

16. Can I cancel my Landlord Subscription plan?

* This Landlord Rental Protection Plan is applicable for any unit rental from RM500 to RM5,000 only.

*On-Time Rental (OTR) is a feature that allows you to get your rental income on time even when your tenant pays late or stops paying. OTR payment can be activated up to 2 times continuously for Protect+ package and 1 time for Standard package and will only be reset once a tenant pays their rent.

*SPEEDFIX is a service offered to landlords for home maintenance and applicable to properties located within the Klang Valley area only. The cost of service will be payable by the landlords.

* A 1.88% Processing Fee will be applied to Monthly Rental Collection.

*Overstay Cash Defender is a feature that ensures you to still receive your monthly rental even if the tenant stops paying the rent while still occupying the house.

*OCD will be disbursed to the landlord only upon request. (T&C applies)

*Inconvenience benefit coverage is upgradeable upon request.Note: Inconvenience benefit coverage is upgradeable to RM3000 within 60 days (cost applies).

5. Which benefits are insured by Allianz, and which services are offered by SPEEDHOME?

6. How much is the Loss of Rental claimable?

Please refer to the scenarios table below:

7. How much is the subscription fee?

The subscription fee is adjusted based on your monthly rental value.

* Refer to Annexure I for the further breakdown on the insurance premium payable to Allianz and service fee payable to SPEEDHOME

8. How long is the insured period?


The insured period is 12 months starting from your tenancy agreement start date..

9. What is On-time Rental Guarantee (OTR)?

OTR is a SPEEDHOME advance rental to the landlord when the tenant pays late, and recovers when the tenant pays later.


If a tenant stops paying for more than 21 days, the eviction process will be activated (T&C Applies).


OTR with Protect+: OTR will always be active during the subscription of the service for up to 60 days rental aging.

OTR with Standard**: OTR will always be active during the subscription of the service for up to 30 days rental aging.


Note:

* SPEEDHOME shall recover the advance rental from the Allianz insurance claim (Loss of Rental) or from the Landlord who opted for Standard.

** If the option to add-on or upgrade is offered and taken by the Landlord.

* SST applicable.

Note: Inconvenience Benefit upgrade option is applicable during the Subscription Plan selection stage or by sending your request to finance@speedhome.com within 60 days.

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For Standard Plan Subscribers

Yes, you may cancel this subscription plan for whatever reason within 60 days by giving not less than fourteen 14 days’ notice in writing to us. The full amount will only be refunded if the cancellation is made within 60 days starting from the tenancy start date. No cancellation or refunds allowed 60 days later.


We will refund the amount to your bank account within 3 – 5 working days after the cancellation request is submitted. You can submit your cancellation request through the following methods:


-Email us at finance@speedhome.com.

-Reach out to us via WhatsApp at +60 18 777 7650


With the cancellation, your property will continue to get rented to the tenant; however, your property will no longer enjoy the services and features provided by SPEEDHOME, such as homerunner, and more.


For Landlord Protect & Protect+ Plan Subscribers

Yes, you may cancel this protection plan for whatever reason at any time by giving not less than fourteen (14) days' notice in writing to us in which event Allianz shall retain the customary short period premium for the period and refund a proportionate part of the premium for the unexpired Period of Insurance.

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We will refund the amount to your bank account within 3 – 5 working days after the cancellation request is submitted. You can submit your cancellation request through the following methods:


-Email us at finance@speedhome.com.

-Reach out to us via WhatsApp at +60 18 777 7650


With the cancellation, your property will continue to get rented and enjoy the auto reminders to tenant; however, the following services by SPEEDHOME are no longer available:

i. Rental collection service

ii. SPEEDHOME as the mediator to any house condition issues

iii. Claim submission and assistance

iv. Eviction support


17. What is the Processing Fee?

The Processing Fee is a nominal charge of 1.88% applied to monthly rental collections. This fee has been introduced to help offset the rising operational costs we face, especially in areas like technology enhancement and talent acquisition, while also managing significant payment processing expenses. By introducing this fee, we aim to ensure the continued delivery of high-quality service and technological advancements you've come to expect, while also maintaining a sustainable and enhanced platform for all users.

18. Short Term Rental?

When a landlord chooses to allow the tenant to rent for a short period of time, the landlord is given the option to increase the rental amount (surcharge) as per the below table: (Example shown is as per rental amount RM1,000.00)

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NOTE: Processing fees of 1.88% + SST will be charged on the Short Term Rental amount.

19. What do I need to do if there are changes to my contact/personal details?

It is important that you inform us of any changes in your contact and personal details to ensure that all correspondence reaches you timely. You may contact us here at: https://speedhome.com/more/contact.

20. How do I make a claim?

All the claims document needs to be submitted via http://claims.speedhome.com. If you require further guidance on how the claim process works you can visit: https://go.speedhome.com/claimprocesss.

21. Where do I get more information?

Should you require additional information, please contact us at: https://speedhome.com/more/contact

22. Homerunner Coverage

Homerunner is our on-ground team to assist you with the following services:

i. House Viewing / Photo Taking

ii. SPEEDFIX

iii. Move-Out Inspection / Claims / Eviction Support

In areas that are not covered by Homerunner, we will provide best effort basis assistance that can be serviced remotely.

We are always expanding our Homerunner coverage. Please refer to https://go.speedhome.com/homerunnermap for latest coverage details.

ANNEXURE I

Example of Loss of Rental (LOR) Coverage Table

Rental amount is rounded down to the nearest hundred and the same calculation applies to rental up to RM5,000 per month.

Note: The information provided in this disclosure sheet is valid as of 1 March 2023. SPEEDHOME is an online rental platform that is owned and operated by Speedrent Technology Sdn Bhd. The insurance provided on the SPEEDHOME platform is underwritten by Allianz and distributed by Speedrent Assure Sdn Bhd as a registered insurance agent for Allianz.

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