Legally, it is the landlord’s duty to get home insurance and in case, it is not then it will only cover the physical premises not the contents of the house.
And there is nothing strange about home insurance in the UAE, but it is different from other countries and you really need to know everything about it first, in case you are planning to get insurance for your home- generally, there are two types of insurance:-
- Home insurance for owners
- Home insurance for tenants
So let us talk about everything and know it much better because clarity is essential for every buyer.
Main Factors That Could Affect Insurance Rates & Premiums
- Crime rate
- Building material availability
- Condition of your home
- History of past claims
What all it covers when you opt for home insurance?
Home insurance policy- It protects your home- builder and its contents from flood, explosion, storms, burglary, fire and lightning.
Home Contents Insurance- it covers your jewellery, loss of money, home appliances, furniture and more.
Deep Details Of The Insurance- What All It Covers For You?
1. LOSS OF RENT- In case you have to move out because of any incident the company will pay you the rent.
2. PERSONAL ACCIDENT COVER- In case of bodily injury the company will compensate the value.
3. JEWELLERY & MONEY– This covers the cost of your jewellery up to the value declared in the policy.
4. COST OF ALTERNATIVE ACCOMMODATION- Calamity or insured danger ensures an alternative accommodation until your premises is re-established.
5. HOUSEHOLD PREMISES- In case the appliances are damaged or stolen, compensation will be made- or repair them or replace them.
6. PERSONAL PROPERTY- Compensation for any damage of the home building- walls, gates, fences, concrete structure and more.
7. LOSS OF DOCUMENTS- Ensures to reproduce the documents- Visa, driving license, passport or any important documents will be created.
8. THIRD PARTY LIABILITY- In the event of accidental bodily injury, it covers every legal liability.
9. REPLACEMENT OF LOCKS & KEYS- The cost of locks & keys will be covered
10. PERSONAL BELONGINGS- Policy covers tablet, phone, credit cards, money, laptop and more against loss, damage or theft.
11. TENANT’S/OWNER’S LIABILITY- In case of accidental bodily injury or accidental damage to property, private householder occupying a building is liable to pay the third party.
So the above points give you clear idea on the coverage provided by the insurance company.
How much does it cost to insure your home in Dubai?
According to the UAE insurers, of course the premium depends on the coverage, so the basic starts from Dh400 plus VATS a year and with this premium value they can get the coverage of Dh100,000 for their household items.
And other than this, for 2 BHK apartments, the latest project DAMAC Safa Two in Dubai ranges from Dh600 to Dh800 with content coverage of Dh75,000 and for expensive asset such as Cartier and Rolex definitely the premium vary in this case.
NOTE: In case the new item is purchased after the insurance, but if it covers the cost no extra insurance amount is needed, and in case if it exceeds by 10 per cent of the total amount, then it should be informed to the agency as soon as possible.
So in case you are planning to buy new property in Dubai or else if you have, then you should be clear about the facts of home insurance in Dubai, as mentioned above and make things simple for yourself.