Home insurance, or homeowner’s insurance, is a form of property insurance that covers any losses or damages caused to a person’s home and includes any assets within the home. Property insurance, as a whole, is a form of insurance that covers any damages caused to a person’s property. This can include harsh weather conditions, damages caused by fire or smoke, the impact of hail, or even lightning and other stormy weather conditions. Property insurance also covers damages caused by theft and vandalism and includes coverage for inside the property, and the outside as well. Homeowner’s insurance is required when trying to get a mortgage on the home, and have become a necessary part of owning a home.
Types of Home Insurance:
Home insurance policies often cover three broad scenarios, where financial coverage is provided in case of any loss or damages to one’s property or assets. Home insurance in the United Arab Emirates provide coverage in three broad situations; ‘building cover’, where the building structure is provided coverage, which is seen as necessary, whether you own the building or are renting an apartment, ‘home contents cover’, where Home coverage is extended to the contents of your home, including furniture and household goods, making it useful for tenants and homeowners, and ‘personal belongings cover’, where your personal belongings are insured, including electronics, jewelry, and personal items.
Here, ‘personal belongings cover’ provides coverage in case of a break-in, and ensures that your valuables are still insured, so you will not have to worry about financial compensation.
The Necessity of Home Insurance:
Home insurance is extremely useful, especially in a world where it is impossible to account for every contingency, but possible to pay a small premium to ensure that you will not be financially ruined if you do find yourself in a hopeless situation. Home insurance in Dubai is not very expensive and there are a variety of insurance plans that you can opt for to protect your home and your assets. When it comes to living in a building with other tenants/homeowners in other apartments, you must depend on others, as well as yourself, to keep the apartment safe.
Though you may be cautious about keeping the iron and the stove off, other tenants might not be so careful, resulting in accidental fires that can destroy multiple homes within the building. Home insurance here will provide coverage in situations that are unavoidable, and cannot be controlled by one person. The cost of home insurance per month can be less than 1% of the value of that item (including the home itself), making home insurance in Dubai a sound and wise investment.
Home Insurance Companies in Dubai:
There are multiple insurance companies in Dubai, each with a unique set of insurance plans and policies that can be adapted and customized to suit your unique needs as a tenant or as a homeowner. AXA home cover, for example, offers emergency repair call service, and their home insurance plans include building cover, contents cover, and personal belongings cover. Their home insurance is easy to get and is affordable, starting from 1 dirham per day. Furthermore, AXA has an easy online application process, making it one of the cheaper home insurance plans in Dubai.
Dubai National Insurance and Reinsurance (DNIR), on the other hand, offers a much more comprehensive home protection plan to its clients. Working in Dubai for over 20 years (established in 1991), DNIR has years of experience with UAE laws and policies and will be able to provide you with a comfortable home insurance plan without breaking your budget. DNIR will be able to provide coverage plans for individuals, families, and corporate spaces, allowing you to choose from a wide variety of property (including home) insurance in Dubai.
RSA insurance is able to offer a number of added benefits with their home insurance plan, including coverage for damages caused during any political or civil disturbances, harsh weather conditions, natural disasters, and includes coverage for domestic helpers and domestic staff. Furthermore, RSA also provides alternative accommodation while your house is being fixed after a disaster, accident, or emergency. Here, the emphasis is placed on the multiplicity of services available, rather than just the cost.
When it comes to deciding to get home cover, it is important to take a look at personal factors that can affect your premium; including your lifestyle, your budget, and your monthly salary, along with the type of house you stay in and whether you are a tenant or whether you own the property. Since priorities differ from person to person, insurance companies have a wide range of plans to choose from, depending on your unique situation and lifestyle. Though homeowners’ assurance is not expensive in Dubai, it is necessary to make sure your belongings and your property are protected and covered, even when you might not be in town.