The King, 88, had undergone gallbladder surgery in 2020
Home insurance isn't expensive, but mishaps caused by a natural disaster, accidents or malicious intent definitely could be! While the list of compelling reasons to buy home insurance is long, home insurance is frequently neglected by people in Dubai.
If you're among those expats who think they don't need home insurance because they live in a rented space, you must think again. Even if your apartment/villa belongs to the landlord, the contents inside your home belongs to you, and these require insurance protection.
For a relatively small annual charge levied people in Dubai can protect their home via building cover (for apartments as well as villas against damage and breakage of fixed and sanitary fixtures and more), contents cover (including loss or damage to household goods like furniture, appliances, TV, carpets, etc.) and personal belongings cover (including items like your jewellery, mobile phones, laptops, watches, portable equipment etc). The residents of the region can have peace of mind against fire damages, accidental damages, damage caused by rain, and breakage of fixtures or theft to their belongings.
Home insurance or home contents insurance is not at all expensive if compared to the cost of refurnishing your entire home if the worst comes to the worst. Rather the fact is it's not worth taking a risk because a comprehensive home insurance in the UAE is so affordable that it starts from Dh1 per day onwards. If the individuals weigh the benefits of insuring their home against the cost of the home insurance or home contents policy, it may take off the financial burden with a nominal cost.
Though the UAE is known for being a relatively safe country, incidents such as fire and theft can still happen. A house fire or an AC leak can result in thousands of dirhams spent in repairs. With home insurance or contents insurance you can protect all your possessions and save your hundreds and thousands of dirhams. Home insurance or home contents insurance is highly recommended to keep your key assets secured at an absolute affordable cost. For a Dh60,000 home content cover plus Dh5000 personal belonging cover it will cost you only Dh200 per year. These numbers vary depending on what valuables you are insuring and your home, but it is worth having a deeper look.
The type of home insurance you must buy depends upon your ownership. So whether you're an owner of a high-rise tower, villa or a low-rise flat, you must buy building insurance to cover the property against any structural damages. If you live in the property (as an owner or even as a tenant) then you must buy home contents and personal belongings insurance to protect loss or damage of your belongings. Another truth you must know is that landlords must offer property coverage when their houses are on mortgage, according to the law in the UAE.
Before purchasing the home insurance or contents insurance the residents should make sure to check that they have the correct amount of cover for their household. They must insure to receive the greatest level of protection at the best price after reading all the terms and conditions to determine which items and types of damage the policy actually covers. Also, be sure to read the small prints to get complete understanding of when the insurer could deny your claim if your negligence led to the damage.
Because calamities can happen at any time, it’s absolutely worthwhile to purchase coverage for your property before any disaster strikes.
Neeraj Gupta is CEO, Policybazaar UAE
The King, 88, had undergone gallbladder surgery in 2020
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