Landlord Insurance By MIEA

The Malaysia Institute of Estate Agents (MIEA) has launched the MIEA Landlord Insurance policy which will help landlords gain independence against the risk of runaway tenants, rent arrears together with potential damages to their asset or property when faced with bad tenants.

The MIEA landlord insurance coverage will include:

- Reimbursement of loss of rental income due to tenant runaway.

- Legal expenses for letter of demand.

- Pay for amount incurred for losses or damages to contents due to malicious acts of your tenant.

The policy also cover additional benefits such as:

i. Reimbursement of cleaning services charges incurred when the contents of the premises are destroyed or damaged by tenants;

ii. Reimbursement of costs incurred for repairing or replacing doors, locks, access card and Keys following the loss or damage caused by tenants;

iii. Reimbursement of amount incurred for the replacement of glasses (including shower door and windows) due to damage caused by tenants;

v. Reimbursement of amount incurred for services such as plumbing, drainage, air-conditioning and toilet malfunction due to damage caused by tenants; and

v. Reimbursement of losses due to theft or burglary committed by tenants.

Chan further explained that this policy was designed and developed to provide the minimum coverage with a minimal annual premium of RM280 per unit (less than RM24 per month).

MIEA’s insurance partner Howden Insurance Brokers has designed this policy with the mandate from MIEA.