What Is Home Insurance ?
Home insurance also known as homeowners insurance. It is a kind of insurance that covers loss and damage to an individual’s house and also to its contents in the house. Homeowners cover likewise provides liability insurance against accidents inside your home or on the property.
A homeowners insurance policy usually insures four occurrences on the insured home / interior damages, exterior damages, loss or damage of personal assets/belongings, and injury that arises while on the property.
Unfortunate events such as a fire, a pipe burst or theft can lead to the asset/belonging in your home being damaged or destroyed. With Home insurance, you can enjoy knowing that your asset is covered against unforeseen circumstances.
Why Home Insurance In Dubai Is Needed ?
There are multiple reasons why you will need home insurance in Dubai. Injuries brought on by natural disaster, car accident or malicious purpose could cost you drastically. And what could become more serious than coping with the sensation of not securing your home when you’d a chance.
The carelessness of individuals for home insurance is more noticeable among tenants of Dubai who are residing in Buildings , Apartments Or Villa. This behavior is mainly because people think that they are living in a rented property so they don’t need house insurance. However, the building, apartment or villa may be insured by the landlord but the valuable contents of your home are not secure. Here are the three types of coverages that house insurance provides to people and these covers justify the fact that people should get their homes insured to keep them protected from any financial burden or even depression.
Building / Apartment / Villa Cover
Home Contents Cover
This covers the contents of your house like furniture, household goods and equipment. It is suitable for both property owners, as well as tenants.
Personal Possessions Cover
This covers your individual belongings and valuables like personal gadgets (your smartphone or laptop), jewelry, and other devices that may be carried beyond your house.
Cost Of Home Insurance
The cost of home insurance is way less as compared to other types of insurances. The rates for building / apartment and villa are fixed. For example if the value of Apartment is Dhs. 1.5 Million and the contents inside are from Dhs. 70,000/- the premium would be Dhs. 1,250/- Per Annum.
On the other hand if a villa is insured with homeowners insurance, the cost would be more less. For example Dhs. 1.5 Million cost of villa construction and the contents are Dhs. 70,000/- the premium would be Dhs. 940/- Per Annum.
Keeping in view the cost of homeowners insurance in dubai, everyone must insure there homes. No one knows when an accident is going to take place. But if you are covered, it can help save a lot of money.
Exclusion In Homeowners Policy
There are many different exclusions to understand if you are trying to get home insurance in the UAE and its member states :
- Loss caused by war or terror aren’t covered.
- Intentional damages aren’t covered.
- Problems caused by natural fatigue or usage at home won’t be included.
- Incidents or fatalities caused within any private pools at home aren’t susceptible to the policy.
- Your policy won’t cover pre-existing harm to your premises. Any destruction occurring before, you need to declared.
- Not all acts of theft are covered. Specific instances of theft aren’t eligible for instances.
Documents Required For Home Insurance Dubai
- Tenancy contract copy Or Ownership certificate.
- List of content inside the house what needs to be insured.
- Other documents needed after accessing the cover required.