After house hunting in the UAE comes the next step of getting it insured, irrespective of whether you’re the owner or a tenant. Setting up your home after multiple rounds with your realtor agent through many neighborhoods, is nothing short of a labor of love. However, there is no guarantee it is foolproof to damage or destruction even though the UAE is relatively a safe country. Someone could break into your home and make away with your valuables or a natural calamity may destroy it or a fire accident or a water leakage can cause as much damage. Hence, pay heed to your insurance broker who insists you buy a home insurance whether you’re a homeowner or a tenant in the UAE.
What is Home Insurance?
Home insurance typically covers buildings, contents and personal belongings. As a policy is designed to cover all damages and losses caused to your house/building as well as valuables and personal belongings in the house. Typically, in terms of building structure, both exterior and interior damage is covered from any natural calamity. Additionally, there are clauses to protect your home and property from theft and even acts of vandalism.
Why Home Insurance is a must in the UAE
No disaster/crisis comes with an announcement, it is always better to be safe than sorry. This especially comes in handy when traveling for an extended period of time. If you do not possess home insurance, such liabilities can be a big headache in terms of time, resources and fixture costs. In the UAE, homeowners are legally bound to buy home insurance for the physical property but as a tenant even if your homeowner has home insurance, the contents and belongings of the tenant do not come under the homeowner’s policy. Hence, even a tenant is advised to take home insurance to protect the value of their belongings.
What to keep in mind at the time of buying home insurance
- Check and evaluate all premiums and coverage, re-check all plan options carefully before committing to a plan. Take the policy which gives you the best coverage and the greatest protection at the best price.
- Read the fine print of the plan again and again to make sure what contents and belongings the policy actually covers and what kind of damages are covered. the value of all your house belongings. Check home insurance quotes to understand how much the premium will cost.
- Check terms and conditions for all standard inclusions and exclusions, and value add-ons, if any.
- Any comprehensive home insurance plan coverage includes building cover against any accidental fire/damage, sanitary fixtures and fixed parts, contents cover against any accidental fire/damage, loss/damage to contents while in transit, natural occurrences like lightning, earthquake or any accident of installed object falling and coverage to personal documents, jewelry, precious valuables like watches, musics and sports equipment, expensive digital gadgets. It also includes coverage against any claims made against you/family as an owner or when held legally responsible for damage to the owner’s property as a tenant. There are home insurance plans that cover any medical/repatriation/death and funeral costs or disability of domestic help.
- Choose a home insurance plan that comes with value-add on benefits of covering costs of alternative housing while your current home is undergoing repairs and renovations, or assistance services at the time of emergency like locksmith, plumber, electrician and glasswork.
- Check the claims settlement process and ratio with minimum turnaround time and less hassle to the policyholder.
- Check the reputation of the home insurance provider.
Your insurance broker should be able to guide you to selecting the best home insurance quote in this regard.