When it comes to home insurance in Dubai, not all policies are created equal. They don’t even carry the same names. That’s because the three types of Dubai home insurance aimed at protecting you against loss or damage in the place where you live, all differ in what, when, and where they apply and stand alone as policies unless you ensure that all are included in one policy.
Choosing the Right Home Insurance Policy
UAE home insurance products, whether they are called house, building, or home-owners’ policies, usually only protect owners against the financial impact of damage to the house, and other structures and their functionality, most often caused by weather damage, fire, and accidents.
Home contents policies, on the other hand, cover the furniture and other belongings that make that building a home. Cover you can take with you when you leave home calls for personal belongings cover. This applies to items like cellphones, laptops, or jewelry which can be stolen or lost while you are out.
Why You Need Home Insurance, Even if You’re Renting
The risk of theft in Dubai, and the UAE, in general, is not as high as it is in other countries. However, it does happen, and so do floods, fires and other threats like burst water pipes or electrical damage that could occur while you as an expat or UAE citizens enjoy your annual trip home. These can leave you facing heavy financial losses if you don’t have the right home insurance and level of cover in place to meet the costs.
This applies whether you’re the owner or a tenant in the place you call home. For owners who have bought the property with a loan or mortgage, building insurance is mandatory, but the landlord is never responsible for a tenant’s home content nor personal belongings. The responsibility for that falls on the tenant.
UAE Home Insurance Tips You Should Know
Research your options so you can compare the cover, exclusions, and inclusions.
Make sure you have sufficient cover Being under-insured is only slightly better than having no insurance at all when it comes to lodging a claim, as payouts in the event of a claim are based on a percentage of the total cover and not on the cost of repair or replacement of an individual item unless this is specified in the policy and supported by the necessary documentation.
Review your cover annually to make sure the cover levels are still sufficient and to check that items bought, or changes made to the building, during the previous year, are included.
Avoid claim rejection – The most common reasons why insurers may turn down applications include claims made for events not included in the policy, exaggerated costs, failure to report thefts to the police, leaving the property unoccupied longer than allowed for in the policy; and negligence concerning maintenance and keeping security measures up to date.
There’s a reason why researching your options when looking for Dubai home insurance is ranked first in the list of tips. That’s because, while certain clauses remain the same regardless of the insurer, many factors, including the premium, how the total cover is distributed; the exclusions entrenched in the policy; and the ability to combine different forms of insurance related to your home, may vary from one insurer to another. This is why you are totally covered with Alfred’s home insurance plans and a variety of options to choose from. To compare the best plans, visit InsuranceMarket.ae.