PETALING JAYA, Sept 24 — Malaysian financial tech company BlueDuck has launched a Zero Deposit Room Rental Insurance solution to ease the rental woes of landlords, subletters, and tenants.
BlueDuck has collaborated with Liberty Insurance and the Malaysian Association of Sublet Operators (Maso) with a goal of transforming the industry by removing the need for rental deposits.
The plan aims to benefit 100,000 room renters in the market with an auto-debit FPX enablement feature which will automatically trigger the claims process when a tenant fails to pay their rental fee.
This means subletters and landlords won’t have to fret about missing out on payments thanks to the insurance policy which starts from as low as RM130 per year with up to RM1,800 in claims.
The policy also includes tenant abandonment coverage which can help prevent any potential tenancy disputes from arising.
BlueDuck’s founder Earnest Wong said they were inspired to come up with the solution after hearing complaints from landlords, tenants, and property agents about deposits.
“Tenants are looking for their deposits to be returned immediately after their tenancy or situations where tenants will just abandon their rented rooms without the necessary notice period.
“I believe that (the Zero Deposit Room Rental Insurance solution) will give more options to tenants and those landlords who sublet a way out of the traditional two-month deposit amounts,” Wong said in a press release.
BlueDuck also offers an alternative version of the policy targeting whole unit long-term rental with a higher protection value at RM800 onwards per year with up to RM50,000 available for claims, including coverage for unpaid utilities and malicious damage.
By offering sufficient protection for landlords and subletters, BlueDuck hopes this will motivate them to rent their properties out to a larger subsection of interested tenants.
Liberty Insurance’s head of commercial lines Foo Yong Chiat said he is looking forward to collaborating with BlueDuck for the second time this year.
“We have collaborated with BlueDuck previously when we launched BD Landlord Insurance in July this year.
“However, this is the first time we’re partnering with Maso and we are looking forward to the success of this collaboration,” said Foo.
For more information, check out BlueDuck’s official website.
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