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Before we get into the specifics, let's define what it means to get home insurance in the UAE. Home insurance, also known as homeowner's insurance, is a type of property insurance that protects a person's home against losses and damages. Home insurance can cover structures, houses, individual contents, and personal belongings in the home
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TABLE OF CONTENTS • Introduction • What Exactly Is Home Insurance? • The Importance Of Home In The Uae, • Understanding Your Coverage • Selecting The Best Home Insurance Plan
INTRODUCTION Imagine going on vacation and returning to find your house destroyed by water damage or something worse, such as a fire – all your valuable items worth thousands of dirhams destroyed. A nightmare that could become a reality at any time if you are unlucky. Many residents overlook the importance of home insurance when purchasing or renting property in Dubai or any other emirate, but failing to have good home insurance is a major risk.
WHAT EXACTLY IS HOME INSURANCE? Before we get into the specifics, let's define what it means to get home insurance in the UAE. Home insurance, also known as homeowner's insurance, is a type of property insurance that protects a person's home against losses and damages. Home insurance can cover structures, houses, individual contents, and personal belongings in the home. Some of the incidents covered by home insurance include interior and exterior building structure damage, as well as loss or damage to personal assets or belongings in the home caused by fire, water, or natural calamity.
THE IMPORTANCE OF HOME INSURANCE IN THE UAE Although the UAE is thought to be a safe place free of fire, theft, earthquakes, and floods, it does happen. There have been high-profile fires at The Address Downtown and Dubai Marina's 86-story Torch Tower on New Year's Eve. While these occurrences are, thankfully, rare, it is best to be prepared, especially if you live in an apartment building where a fire 20 or more floors away from your property could still affect your belongings.
UNDERSTANDING YOUR COVERAGE PLAN When looking for home insurance in the UAE, look for a policy that is right for you. There are approximately 50 licensed companies in the UAE that provide excellent insurance policies for homeowners; however, do not be misled by fancy-sounding promises from insurance brokers. Before purchasing any insurance policy, compare all of the plan's details to determine how much of your property and valuables will be covered.
SELECTING THE BEST HOME INSURANCE Make sure you understand your responsibilities as a tenant. There is a widespread misconception that it is the landlord's responsibility to have property insurance, but this is incorrect. Legally, a landlord is only required to provide home contents insurance if the house is mortgaged, and this insurance will still only cover the physical structure of the house, not its contents. Thus, regardless of whether you rent or own property in the UAE, it is recommended that you purchase home insurance to protect the value of your belongings inside your home.
