How to get home insurance & why is it important

This Blog is based on exclusive interview with Nauman Noor Ali, one of the most experienced private insurance consultant in Dubai

Three main things we have in our residence are, it’s a physical structure, household contents (such as electronic items, furniture), and personal effects/valuables, like laptops, mobile phones, jewelry, paintings, etc. Therefore, home insurance is all about securing these 3 assets. And we are here to help out individuals and corporates get the right policies for their assets and liabilities.

Do you know what home insurance in Dubai is?

Securing your assets

When it comes to personal effects, also known as household contents, you need to make sure about the wordings in the clauses of policies that insurance companies provide you.
Certain insurance companies would want you to declare things worth more than 100 dollars. Therefore, if you are living in a city as fancy as Dubai, any luxury item you have needs to get secured. A Rolex watch worth 65,000 AED, or it could be anything else that you are keeping in your residence must need to get secured as well as, need to be transparently declared.

Home Insurance in Dubai for the landlords & tenants

The landlords & property buyers are more likely to take insurance because of the mortgages involved. But the recommendation is that the landlord and tenants, both should take it. Landlords only cover their assets i.e. the physical structure/building. If the tenants are leasing an unfurnished empty home, then the personal contents they have, require insurance too. Therefore, a landlord is responsible to secure his villa or home. And a tenant should be responsible for the fittings, furniture, and other valuables within the residence along with their jewelry.

Connection between home renovation & it’s insurance

If you are hiring a contractor for fit-outs and other maintenance or renovation projects. Either be it small or big. You need to ask the contractors if they have an insurance certificate for that or not. Never choose an unprofessional contractor who is missing out on this important certificate. Also, on the other hand, you need to inform your providers of home insurance in Dubai about the home upgrade you are getting and they need to acknowledge your fit-out work.

If you want to know more about what kind of 3rd party insurance is involved and which insurance your contractor should have before they start any of the projects Join Facebook Private Group where Mr. Noman Ali, an experienced insurance consultant, gave insights about all the important insurance policies one should know

What type of insurance covers Natural accidents?

When it comes to natural risks such as flooding, sandstorms, fire, or other accidents. There is FAP (Fire and Allied Perils Insurance) which is cheap but limited and will only cover a few risks. On the other hand, there is a PAR policy. Also known as property all-risk policy. And it would cover most of everything. One thing to keep in mind as a landlord is to keep your property maintained. If the rainwater seeps into your villa due to a faulty roof. That will trigger exclusion in insurance. Such maintenance failures do not cover home insurance.

Do you want to consult an expert for your home/car insurance in Dubai? For more details, contact us or call us at +971567759604 if you want to get connected with the most reliable insurance providers in the UAE and avail of the exclusive 5% discount on behalf of Iprop Maintenance for your home/car insurance policies.