Speedrent Technology Sdn Bhd (201601005661)

A-G-23, Eve Suite, Jalan PJU 1A/41,

47301 Petaling Jaya, Selangor

Product Disclosure Sheet

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

1. What is the product about?

The Basic, Extended or Extended+ is a Landlord Rental Protection 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 that is owned by Speedrent Technology Sdn Bhd) and insurance policy underwritten by Allianz.

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 the Basic, Extended or Extended+ Landlord Rental Protection Plan.

3. What are the benefits provided?

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

5. How much is the Loss of Rental claimable?

Please refer to the scenarios table below:

6. How much is the subscription fee?

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

7. How long is the insured period?

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

8. Can I still subscribe if my rental period is less than 12 months?

Yes. Please refer to the following fee schedule.

Note: Subject to 6% SST + RM10 stamp duty to be borne by the insured/landlord.

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

OTR is a benefit offered by SPEEDHOME to ensure the landlord receives their rental payment on time even when the tenant pays late or stops paying.

When a late payment happens, SPEEDHOME will pay the landlord upfront and collect the late payment from the tenant later.

If a tenant stops paying for more than 21 days, the eviction process will be activated and the landlord can claim Loss of Rental from Allianz & SPEEDHOME. OTR payment can be activated up to 2 times continuously and will only be reset once a tenant pays their rent.

If the OTR payment was continuously activated 2 times during the period the tenant did not leave the property nor did he/she make the payment, the landlord will not be able to claim for OTR as the landlord has already received the 2 months via OTR coverage.

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 Extended or Extended+ 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 Basic plan and up to RM2,000 for Extended and Extended+ 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) minor repair works

(b) cleaning expenses, and

(c) outstanding utility bills.

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.

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 for not more than two months. For example, if your monthly rent is RM1,000, your cost of subscription and rental schedule will be as follow:

15. What are the major exclusions under this Policy/Protection 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 protection plan?

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.

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:

i. Email us at finance@speedhome.com.

ii. Reach out to us via in-app After Sales Support Chat.

Remember that your unit will still need to be rented out with Zero Deposit even without the protection plan. With the cancellation, your property will continue to get rented to the tenant; however, your property will no longer be protected against unpaid bills, loss of rental, accidental damages, theft and many more.

18. 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.

19. Where do I get more information?

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

17. 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.

Note: The information provided in this disclosure sheet is valid as of 6th July 2022. SPEEDHOME is an online rental platform that is owned and operated by Speedrent Technology Sdn Bhd. The insurance provided on SPEEDHOME platform is underwritten by Allianz and distributed by Speedrent Assure Sdn Bhd as a registered insurance agent for Allianz.

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


Example of Loss of Rental (LOR) Coverage Table