AIG Singapore and property portal SRX have partnered to launch a landlord insurance product, available online from the latter’s platform.
According to a statement by SRX, the product will address one of the property rental market’s long-standing pain points – the security deposit. It aims to make renting a home hassle-free by providing better protection for both tenants and landlords. Landlords benefit from being covered for loss and damage that is not limited to the amount of the security deposit.
Meanwhile, tenants also benefit from the product, because it allows them to skip the deposit by purchasing an insurance policy at a cost that is merely a fraction of their monthly rent, reducing the upfront cash burden and removing the worry of how much they will get back at the end of the lease.
The policy provides landlords with up to SG$50,000 coverage for interior renovations, up to SG$20,000 coverage for furniture owned by the landlord, and up to six months’ coverage for loss of rent.
“This collaboration with SRX is the latest in AIG Singapore’s drive to develop differentiated value for customers,” said Christian Sandric, president and CEO of AIG Singapore. “AIG Landlord Insurance provides a win-win for both tenants and landlords, with tenants no longer having to pay large upfront security deposits and landlords receiving peace of mind with more comprehensive coverage. This product demonstrates AIG’s commitment to delivering more relevant solutions for customers.”
“We’ve all heard stories of tension between landlords and tenants over the security deposit and it’s about time this pain point was eliminated,” said Jason Barakat-Brown, CEO of StreetSine Technology Group, parent firm of SRX. “Partnering with AIG Singapore to solve this is perfectly aligned with SRX’s goal to make home seeking and property ownership a pleasure. People can find their ideal rental property with SRX’s top quality listings, get an instant estimate of the rent they should be paying using SRX X-Value, and now, have peace of mind when they move into their new home with AIG Landlord Insurance.”
