Innovative Insurance Coverage to Combat Tenancy Issues
Kuala Lumpur, August 5, 2019
– In an effort to address common tenancy problems faced by Malaysian property owners, real estate service provider Home Page Capital Holding Sdn. Bhd. (Home Page) has teamed up with innovative insurance provider Zurich General Insurance Malaysia Berhad (Zurich) and LK Reliance Sdn. Bhd. to offer comprehensive complimentary insurance coverage to property owners and tenants.
The insurance package, known as the Tenant Runaway Policy, covers loss of rent up to two months’ rental value, outstanding utilities bills up to RM3,000 as well as repair work for minor damages. This addresses the usual concerns of commercial property owners as it protects them from costly risks that are typically borne by them. While also available for residential properties, Tenant Runaway Policy is a first-of-its-kind insurance facility for commercial properties in Malaysia. It will also assist tenants in eliminating the need for upfront deposit payments.
“We are proud to collaborate with Zurich to offer this protection solution to property owners as this will make it easier for their properties to be rented out while protecting their interest from irresponsible tenants. At the same time, tenants will have better cash flow as they do not have to pay deposit or worry that owners do not return their deposits at the end of the tenancy period. We also have free legal services at hand for tenancy agreements by a partnering law firm,” said Home Page Managing Director Jim Ow. Home Page is a commercial and residential real estate listing platform that connects property owners directly to prospective tenants.
Junior Cho, Chief Executive Officer of Zurich General Insurance also shares the same aspiration as he reflects on the company’s latest collaboration. “The property rental market thrives on supply and demand; thus, we are constantly seeking new avenues to help fulfill the market’s needs. We understand how important property protection is, whether as a property owner or a tenant in the event that a tenancy goes wrong. We hope that through our collaboration with Home Page, we are able to provide customers with added confidence and peace of mind in their rental transactions,” said Junior.
In the property sales market, Home Page is a pioneer in connecting buyers with sellers directly. This includes both sub-sale properties and new ones by property developers. By dealing directly via the Home Page mobile application, a seller saves between 3% and 5% on agency commissions. A part of the savings is used to reduce the cost for the buyer, making it a win-win situation for both parties.
For more information about Home Page, visit homepagecapital.co.
Junior Cho, Chief Executive Officer of Zurich General Insurance Malaysia Berhad (left) joins Managing Director of Home Page, Jim Ow (right) in celebrating the newly inked collaboration to offer commercial property owners and tenants with better protection.
Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com
Zurich Malaysia is a collective reference term for the Zurich Insurance Group (Zurich) business subsidiaries operating in Malaysia: Zurich General Insurance Malaysia Berhad, Zurich Life Insurance Malaysia Berhad, Zurich General Takaful Malaysia Berhad and Zurich Takaful Malaysia Berhad. Zurich Malaysia offers a broad range of comprehensive insurance and takaful solutions; helping individuals as well as business owners understand and protect themselves, their businesses and their assets from risk. Zurich Malaysia has an integrated branch network across 40 locations as well as dedicated agency and distribution channels nationwide to serve the needs of its customers. For further information on Zurich Malaysia, visit www.zurich.com.my
Zurich General Insurance Malaysia Berhad
Zurich General Insurance Malaysia Berhad (ZGIMB), as part of Zurich Insurance Group, is an established general insurer headquartered in Kuala Lumpur. ZGIMB caters to the protection needs of individuals and business owners through a wide range of general insurance solutions covering motor, travel, property, financial and personal lines, small to medium enterprises as well as large industrial risks. Together with its dedicated employees, agency force, distributors and partners, supported by more than 35 branches nationwide, ZGIMB is committed to help its customers understand and protect their valuable assets and businesses from risks. Additionally, shariah-compliant general takaful solutions are made available to customers through its sister company, Zurich General Takaful Malaysia Berhad. For further information about ZGIMB, visit www.zurich.com.my
Home Page is an innovative real estate listing platform in Malaysia that aims to deliver greater convenience to its users who are property owners or property seekers. With the aim of bridging the gap between demand and supply in the real estate scene in Malaysia, Home Page connects and provides a one-stop solution to both parties. For more information on Home Page, visit homepagecapital.co