Compare Home Insurance in UAE
Home Insurance In the UAE Is a Necessity
Home insurance is an investment that is critical to your personal security. This is an insurance option that protects you from losses that may stem from a fire, robbery or damages caused by an accident to your home.
With a home insurance policy, you will pay a certain premium each month and in return receive full financial coverage over any damages that might occur within your home. This ensures that you will receive the protection that you demand for your home.
This ensures that you are protected from unexpected losses that may occur in your home. It is an essential investment when you consider how expensive such unplanned costs might be in your home. This particularly covers the damages that may occur in your home for any reason.
Home Insurances offered by the major banks in the UAE
What Makes Home Insurance Important?
Home insurance helps you cover the expenses that come from damages to your home or any losses that may occur. This has become mandatory in some cases when you get a home loan from a bank. This is all to see that you will be covered from damages. The key is to keep you safe while you are in full ownership of your home.
Three Key Options
There are three particularly notable options to consider for your home insurance needs:
- Building insurance covers damages to the structure of your home. This covers damages from a flood, earthquake, fire or other issues. This also covers the replacement of locks or keys and even losses that may come about because you are unable to rent out your property if applicable.
- A personal belongings policy covers the belongings inside your property. These include various high-value items that may be inside your home. This type of policy is useful but there might be some limits in terms of what is covered.
- Home contents insurance covers the expenses associated with replacing items in your home and damages caused by floods, fires and other natural issues as well as theft.
What Coverage Options Are There?
The items that may be covered within your home insurance policy include a number of valuable items. These include such coverage points as the following:
- Your keys and locks may be fully replaced if needed. This is ideal for people who make regular locksmith visits to replace their keys and locks on occasion although it may also work well for those whose keys or locks have been damaged for any reason.
- Lost wallet coverage is also included. This works to cover the costs associated with reapplying for personal and financial items in your wallet. This only covers whatever items might have been in your wallet at the time that it was lost.
- Mobile phones and other mobile equipment may be covered in your policy. Losses relating to the cost of the equipment and any contracts you might hold with it will be covered by your policy.
- Frozen food coverage is actually available. This works in that any losses that come from refrigeration materials malfunctioning and foods being spoiled will be covered. This could be important if you have large amounts of food in your home or you are running a business that entails refrigeration processes in your property.
- Shifting home coverage is the fifth point to look into. This is for use when you are moving from one home to another. This covers any damages that may come about as your items are being moved. Any damages that are caused, whether they entail damages caused by yourself or your movers, will be paid for by your insurance policy.
What Makes Home Insurance Ideal?
Home insurance is useful for a variety of reasons:
- It covers damages that are caused by most unexpected events.
- Damages to the contents in your home may be included. This includes damages to various high-value items within your home.
- Any losses of rent will be covered depending on whether or not you actually do let your property out to rent.
- Coverage for the personal belongings of any tenants in your home is also included or available in many policies.
- The rebuild value of your property will be covered. This includes coverage for rebuilding a garage and swimming pool among other items.
- Legal liability coverage can also be ordered for damages caused by third parties. This may also cover liabilities for injuries to other people caused by things in your home.
- Home insurance is especially easy to afford.
Buying Home Insurance Today
There are many prominent insurance companies that offer home insurance policies all around the UAE. It should be rather easy for you to compare options online. By looking online, you can get a clear idea of what policies are available and what coverage may cost. The reviews that you make on your insurance should help you get a clear idea of what to expect out of your insurance policy based on coverage, limits and other services.
No matter who you buy your insurance from, you might provide information on the condition of your property and what damages might have occurred in the past. You must also declare various high-value possessions in your policy to ensure that they are appropriately covered. Your insurance provider should guide you through this aspect of buying a policy.
Additional Points
You must consider home insurance for your protection so you will not be liable for damages or expenses in your property. Be sure to look around to see what is available and what coverage options might work best for your individual requirements.
- You must be a UAE resident who owns a home in the country to qualify for an insurance policy.
- You must be the sole owner of the property you are looking to insure. Co-sharing contracts cannot utilize their own home insurance policies.
- Accidental damage is covered in many policies. This refers to damages that occur to your items that might have happened without any intentions.
- Tenants may take on their own home insurance policies to cover their own belongings. The owner of the physical property can still have a policy covering the actual building in question.
- Domestic help services may be insured. This will cover any accidental injuries to domestic help employees while on your site and other related expenses.
- A fatal injury benefit must be added to your policy to qualify for this part of the coverage plan that you have applied for.
What Exclusions Are There?
There are a few different exclusions to be aware of when you are applying for home insurance in the UAE:
- Losses caused by acts of war or terror are not covered.
- Intentional damages are not covered.
- Damages caused by natural fatigue or usage in your home will not be included.
- Injuries or deaths caused within any pools in your home are not subject to the policy.
- Your policy does not cover pre-existing damages to your property. Any damages that occurs before you took out a policy must be declared during the application process.
- Not all acts of theft are covered. Individual instances of theft are not eligible for claims.
Every individual policy will vary in terms of what coverage points are included.
Who Are the Best Providers?
There are many groups in the UAE that currently offer home insurance. Here are a few of the top options to see:
- Emirates NBD has a strong home insurance cover that offers coverage over various accidents. It also protects you from damages to your belongings while you are on vacation for up to 60 days. There is a personal liability cover of AED 1 million on this policy.
- First Gulf Bank insurance is available for landlords and tenants alike. The policies from this bank are subject to terms from Zurich, the insurance provider that works alongside FGB.
- HSBC has policies that cover content damages for the most part. Additional building coverage is also available. Zurich has underwritten the policies offered by HSBC.
- Mashreq Bank has a policy option that covers damages caused to your home by various natural events as well as robbery. AXA Insurance Gulf supports the policies offered by this bank. Coverage is available for contents inside the home.
- Citibank UAE has AIG home insurance policies that cover damages to your building, the contents inside it and even belongings held by your tenants. This ensures that you will have full coverage over problems that occur in your home.
Making a Claim
To make a home insurance claim, you must contact your provider by phone or email among other methods. Your policy number, details on the incident and when it occurred and details on the damages should be listed. The application process will vary by each insurance provider but it should be used carefully to ensure you get the support you demand.
A police report must be filed in the event of damages or theft. A surveyor must also be sent to your property to review the damages to confirm the claim.