You return home to Dubai following a dream trip overseas, but as soon as you enter your home, you feel as though you are walking into a nightmare.
Water has flooded your home.
Now, all of the valuables that you have accumulated over the years are destroyed. And naturally, you start to panic.
However, you suddenly remember that you purchased home insurance online for your property. Yes, you can breathe a sigh of relief.
Home insurance in Dubai can be the difference between losing and protecting your belongings in the event of an unexpected catastrophe.
Here’s a rundown on the importance of home insurance whether you are a homeowner or a renter in the UAE.
Let’s get started!
What Is Home Insurance?
Home insurance is designed to cover the damages and losses that your home has sustained.
This type of coverage extends to your house/building as well as the individual personal belongings you have in your home. As far as your home’s structure is concerned, both exterior and interior damage is covered.
The damage that your home insurance coverage protects against may stem from a natural calamity, fire, or water, for example. In addition, your insurance may protect your property in the event of theft or even vandalism.
How Can Home Insurance in Dubai Protect You?
The UAE has developed a reputation for being a relatively safe country over the years. For instance, it generally isn’t susceptible to floods, earthquakes, fire, and theft.
However, these types of incidents have been known to happen, and they may happen again in the future. As an example, fires plagued The Address Downtown during the New Year’s Eve holiday one year. Likewise, the 86-storey-high Torch Tower at the Dubai Marina was damaged by fire.
Because calamities can happen at any time, it’s simply a good idea to purchase insurance for your property before a disaster strikes.
You especially need to secure insurance coverage for your property if you plan to travel elsewhere for a few weeks or months at a time.
If you are an expatriate who is away from home for an extended period of time, then your home could easily sustain water damage due to leaking pipes while you are gone, for example.
If you don’t have home insurance, you’ll end up having to cover the cost of replacing or rebuilding the items that were damaged by the water. Likewise, you might have to cover the damage done to your home’s structure or even neighboring properties depending on the extent of the damage.
Home Insurance for Tenants
If you are a tenant in Dubai, you may be tempted to bypass home insurance. After all, the owner of the building you’re staying in should have purchased insurance for it already, right?
The reality is, landlords are legally required to offer home insurance when their houses are mortgage. However, this coverage will still cover only their homes’ physical structures—not the homes’ contents.
Therefore, if you’d like to protect your belongings’ value, it is generally wise for you as a tenant to take advantage of home insurance.
After all, even if you have an apartment that is several floors away from the source of a fire, the fire could still impact your belongings.
The belongings that a home insurance policy may cover range from furniture to jewelry and electronics.
Important Considerations When Purchasing Home Insurance
Once you purchase your home insurance policy, you’ll have to pay a certain premium regularly for your insurance plan to be active. For this reason, it’s critical that you evaluate your plan options carefully. This will help you to determine which policy will give you the greatest level of protection at the best price.
For starters, before you sign a certain home insurer’s plan documents, confirm that the plan will actually cover the value of all of your home’s contents.
For instance, let’s say that you have AED 40,000 worth of items in your home. You won’t receive compensation for all of your belongings following a fire, for example, if your insurance plan doesn’t cover up to that amount.
In other words, you’ll be paying for an insurance policy that won’t actually protect your property in full.
Reputable insurance companies will allow you to obtain a quote online so that you understand upfront how much it will cost you to get the policy you need.
Additional Home Insurance Considerations
Note that insurance plans offer detailed information about which contents they cover, as well as what kind of damage they cover. Thus, be sure to read the small print in your potential policy’s plan to determine which items and types of damage it actually covers.
Also, keep in mind that if you file an insurance claim after sustaining property damage, the insurance provider could deny your claim if your negligence led to the damage. Again, check out the plan’s terms and conditions to get a full understanding of when your claim could be denied.
How We Can Help You with Home Insurance Online
We offer top-of-the-line home insurance in Dubai for both tenants and homeowners.
We are proud to have provided home insurance coverage in the UAE since 1976. However, we also offer our insurance coverage in several other areas of the world, covering 45 countries/regions with the help of nearly 41,000 employees.
Take a peek at our site to learn more about our home insurance online, and contact us to start protecting your assets today.