Upfront Deposit Isn’t That Safe Anymore

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Upfront Deposit Isn’t That Safe Anymore

01:56 23 September in Landlord Education and Problem
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The reason why, as a landlord, you’d ask for deposit is for financial security. There’s no telling when damage, theft or disappearing tenant will happen. So the huge sum of cash should be able to cover all the damages right?

Wrong!

Because deposit can’t cover every single steep financial issue that come crashing down. You have to remember that your sink, your couch, your TV, your fridge and everything else inside are worth more than just the deposit.

You’re trusting strangers to take care of these items you’ve bought with hard earned money. If you found good tenants that are nothing but sweet and gentle, you’re among the lucky landlords. However, what if you’re stuck with tenant from hell?

Say your monthly rental is RM1000. And you asked for 3 months rental deposit. That’s RM3000 for you to ensure everything will remain as it is by the time your tenant leaves. Imagine unpaid bills. That’d amount to at least RM500. Now think of broken appliances that need to be replaced. RM1000 easily out the deposit money for 1 item. Chipped wall? Sink broken off the wall? Time to find the house renovator to seal and paint everything again.

So what are you left with when everything’s in chaos? No tenant, no profit made, no safety net to fall back to. So why are you still holding onto the thought that deposit can safe your property?

There is a better way to secure your property: insurance. An insurance that will protect you from unpaid rentals, unpaid bills, stolen items and broken property is worth more than 3 months deposit.

Hence, we believe every rental agreement should come with insurance as the cherry on top. Forget cold hard cash that cannot multiply in your hands. What you want is a wholesome protection that you know will work to your advantages.

Together with Allianz, Speedrent offer an RM15,000 protection net for any theft or damage occurring in your property during tenancy. Aside from that, we can also cover unpaid rentals and bills by runaway tenants. RM15,000 sure is a bigger sum than 3 months deposit.

Stop using deposit as the safety net and instead let Allianz and Speedrent take care of it for you.

Curious about the insurance plan? Give us a call at 0187777650. You can also email us at hello@speedrent.com. Get protected today!

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