Singapore, 22 January 2020 – Singapore proptech innovator SRX and leading general insurer AIG Asia Pacific Insurance Pte. Ltd. ("AIG Singapore") today unveiled their collaboration to deliver an innovative solution to one of the property rental market's long-standing pain points – the security deposit – launching AIG Landlord Insurance on srx.com.sg.
AIG Landlord Insurance is designed 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 deposit1. For tenants, it means they can 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.
AIG Landlord Insurance is the product of months of collaboration between AIG Singapore and SRX to develop a solution to a problem for many landlords, tenants and property agents alike. Christian Sandric, President and Chief Executive Officer of AIG Singapore said, “This collaboration with SRX is the latest in AIG Singapore’s drive to develop differentiated value for customers. 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.”
Jason Barakat-Brown, Chief Executive Officer of StreetSine Technology Group, the operator of SRX said, "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. 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."
SRX members will be able to purchase AIG Landlord Insurance instantly online at srx.com.sg/landlord-insurance from today.
1Subject to policy terms, AIG Landlord Insurance provides landlords with up to S$50,000 coverage for interior renovations, up to S$20,000 coverage for furniture owned by the landlord and up to 6 months coverage for loss of rent.
Source: SRX