Property Insurance Basics



Property Insurance a Safer Deal

Home Insurance protects your home from difference types of damage. It covers all natural unforeseen disasters this ranges from fire due to short circuit, gas explosions, earthquakes, tornadoes, etc.

This insurance also includes burglary as well as other man-made disasters. You are provided with financial protection against all of these disasters, and it includes both the building and the contents within the building if you have a policy that covers them both.

Dubai Property Insurance

There are mainly two types of insurance for your home. These types are building and content. The building insurance covers the structure itself and any damage that happens to it. Content insurance covers all household items within the building including certain electronics and valuables. Minimum coverage you can apply for property insurance in UAE is AED 500 to AED 600 per annum; still this figure varies upon various insurance companies and their agreement terms.

Types of Property Insurance



Types of Property Insurance

Building insurance

Building insurance means that your building structure is insured for its reconstruction value, or the cost incurred to rebuild the home. Both natural and man-made calamities are covered. The perils that are covered can include things such as burglary, riots, strikes, malicious and terrorist asks from man-made disasters.

Natural disasters that are covered can include explosions or fires caused by domestic appliances or lightning. Aquatic and wind damage that includes flood, typhoon, hurricane, tornado, or cyclone is also covered. Earth damage ranging from landslides, and earthquakes, and aircraft impact damage is insured as well.

If any of these disasters disrupt the structure of your home the insurance will cover it fully to the extent where you can reconstruct your home.

For Valuable Assets Inside Home

Content insurance is an optional addition to building insurance. It is beneficial if you feel that there is a threat to your home such as burglaries or natural disasters that can destroy the items within your home as well. Content insurance gives you protection for the loss of items that are not a part of your home when:

The content that is covered based on the market value of the item and if it is a loss.

The insurance pays the cost of purchasing the item minus the depreciation for usage. With this protection products that are covered can include valuables such as jewellery, cameras, and watches.

Coverage against all kinds of accidental is also given for items such as plate glass fixed in doors and window frames. Loss and damage to domestic appliance s due to electrical breakdown, fire, storms, explosions, and theft are all covered when you have content damage.

Compare and Apply Online Now



Compare and Apply Online for Property Insurance

Featured Products


Provider
Standard Annual Premium (AED) Excess (AED)Cover (AED) Cover Includes Rating

1,500-2,000 250 50,000 Al Ittihad Al Watani General Insurance Company
Householders Comprehensive Insurance offers

Cover against fire and perils.
10,000 limit on money and jewelry

750 Min. 1,500 for every claim 50,000 Arab Orient Insurance Company
Home Contents Insurance offers

Furniture, fixtures, AC;
optional – clothing,
jewellery (2,500 for each item),
excluding cash

800 250 200,000 AXA
Home Comfort Insurance offers

Home contents (0.4 per cent),
personal belongings (1.4 per cent)
lap top (2.5 per cent) plus tenants and legal liabilities,
alternative accommodation, new for old,
unexpected events and natural calamities,
Theft of keys AED1,000,
frozen food AED2,500,
contents in the open AED2,500

1500 Min. 3000 100,000 Lebanese Insurance Company
Home Contents Insurance offers

Furniture,
fixtures;
safes,
antiques,
jewelry have additional charge

1,500 and up to 2,000 if including all options. 1,000 of each and every loss 1,000,000 Dubai Islamic Insurance & Reinsurance Company (AMAN)
Householders Comprehensive Insurance offers

Anything insurable in the house against material damage.
Can be extended to people living in the house against personal accidents, third party liability, loss of accommodation.
Also includes clothes, jewelry and other items, safe in the house, gold as long as kept in a safe.

200 250 50,000 Gargash Insurance
Home Contents Insurance offers

Cover against accidental damage, fire, and theft;
everything inside the house such as furniture, landlord’s fittings, permanent fixtures and fittings, interior decors,
safety locks up to AED1,000,
jewelry up to AED2,500,
servants with extra charge (AED150 per person)

500 1500 50,000 National General Insurance
Home Contents Insurance offers

Home contents against fire, principal perils, theft.
Jewellery has extra charge.

250 2000 50,000 Oriental Insurance Company LTD
Home Contents Insurance offers

Home contents against fire, natural calamities, theft including jewelry

500 250 50,000 Qatar Insurance Company
Home Contents Insurance offers

Home contents against fire and burglary,
optional - jewellery and valuables

250 Standard excess option - 250
Double excess option - 500
50,000 Royal & Sun Alliance Insurance Group
HomeShield Cover offers

Household goods and other articles owned by any of your household members for which you are responsible as occupier of the house – everything inside the house,
optional - specified/unspecified items (which you take with you when you go out), even while on holiday for 60 days including jewellery and personal belongings
Claims Procedure

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Claims Procedure

1.Inform the call center with your policy details. Provide them with your policy number, personal details, and other details about your claim.

2.Your claim request is authenticated and is raised to the company’s claims department. A claims department validates and registers your request and then appoints a surveyor, which happens within 48 hours.

3.The insured submits all relevant documents to the surveyor, and the surveyor submits a final survey report within 7-15 days. If the surveyor is not appointed the company’s claims department sends a letter of requirement for submitting documents to the insured.

4.Once the documents are received the department processes the claim within two weeks.

5.Once the claim is approved a letter is again sent to the insured and they are given the amount of the approved settlement.

6.The payment check is then released and given to the insured.

Tips & Tricks



Tips & Tricks

Find the Best Plan for Dubai Property Insurance

If you do plan on paying property insurance premiums make sure that you find an insurer that will cover you well, also make sure that they plan to give you an accurate payout when you file a claim. Many insurance companies give low payouts or don’t cover a large amount of content. Find out the best deals based on the customer satisfaction of the insurance companies around you.

Benefits of Dubai Property Insurance

There are a number of reasons why you should purchase home owners insurance. You never know what disasters may occur, and a natural disaster, or man-made disaster destroying an insured home will take months, or even years to fix on your own.

If you can handle the payments, and feel that you are likely to experience one of these disasters then you should get property insurance. This is especially recommended if you live in a neighborhood that is known for having a lot of burglaries or man-made disasters of that nature, or you live in an area that suffers a lot of weather related damage on a regular basis.

If you do live in a moderately safe neighborhood, and you don’t see a lot of drastic weather change within your home then you shouldn’t purchase property insurance. Especially if you are renting and you don’t own your home, but at the very least you should purchase content insurance just in case.

Legal Norms in Case of Non-repayment

Remember that if you refuse to pay your insurance that it will be discontinued and you will no longer be covered until you pay all of your fees.

If you have more questions about property insurance, property insurance premiums, or you want to learn more about it go to moneygulf.com

Legal action for any kind of loan default: Non-payment of a loan results in the bank depositing the security cheque provided by the borrower. A chq bounce is a criminal offence and one may end up being put in prison.