MIEA president Chan Ai Cheng explained that this policy was designed to provide the minimum coverage with a minimal annual premium of $67.41 per unit
The Malaysia Institute of Estate Agents (MIEA) has launched the MIEA Landlord Insurance policy to protect landlords from runaway tenants, rent arrears, together with potential damages to their asset or property when faced with bad tenants.
As property agents, there is not much agents can do to help landlords with errant tenants except to pre-qualify them with the resources available to us. Today, MIEA is proud to say that agents can provide a second level of protection for their clients through this policy, said MIEA president Chan Ai Cheng in a statement today.
Chan further explained that this policy was designed and developed to provide the minimum coverage with a minimal annual premium of RM280 ($67.41) per unit which comes to less than RM24 ($5.78) per month.
We want the real estate profession to grow and be at par with other countries. Our motivation of introducing this policy is to protect the public and to provide an environment for agents to be competitive in enhancing their services, which will set them apart from others. This will augur well for the profession and for the Malaysian property market. Both landlords and agents can also sleep better with this additional protection which will step in should untoward losses occur, said Chan.
This policy has been designed by MIEA’s insurance partner Howden Insurance Brokers with the mandate from MIEA.
Meanwhile, MIEA is also concerned at the new trends in the property market. In most of the developing and developed countries, the enforcement on those who breach the law and carry out estate agency practice illegally or under the guise of doing a different trade is highly regulated.
