Property Insurance
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What is Property Insurance?
Property Insurance offers protection for your residential & commercial properties. It covers the risk of damage to your property due to the following:
Fire
Lighting & Explosions
Floods, earthquakes, and storms
Accidents, riots, and burglaries
Types of Property Insurance Offerings
The major types of property insurance are as follows:
Home Insurance
A home insurance policy protects your house from disasters. The policy provides comprehensive protection by covering the house and all your belongings. Apart from physical damages, you also get a cover for loss due to theft or burglary. Tenants can also buy house insurance to protect against any third-party liabilities.
Building Insurance
A building insurance policy covers any damage to the insured building. Both residential & commercial buildings come under this policy. Building insurance covers the following risks:
Natural disasters such as floods, earthquakes & storms
Manmade disasters like riots, accidents, and terror attacks
Fire incidents
Theft & Burglary
Breakdown of machinery & appliances
Building insurance provides complete protection. It covers the building and its contents.
SME Package Insurance
SME Package Insurance provides comprehensive coverage to small businesses for all their common risks under a single policy. The coverage primarily includes the following:
Property Insurance (covers building, stock, and equipment)
Liability Insurance (covers public liability, product liability, and workers’ compensation insurance)
Cash (on business premises and in transit)
Goods in transit
Cheating by employees
These policies are offered as a package and can be customized to suit the specific requirements of any industry.
Fire Insurance
A fire insurance policy protects the property from fire accidents. It also covers your personal belongings and movable business assets.
The policy covers the expenses incurred in repairs, replacement, or rebuilding of assets. Any damage to the adjacent properties is also covered by the policy. You can also claim compensation for shifting & relocation expenses.
What is covered under Property Insurance?
Property Insurance UAE covers the following perils & hazards:
- Fire accidents
- Damages due to lightning and explosion
- Natural calamities like floods, earthquakes, cyclones, and storms
- Manmade disasters such as strikes, riots, and terror attacks
- Theft & burglaries
- Damage due to bursting of water pipes
- Airplane damage also comes under property insurance coverage
Type of Home Properties Covered
Home Insurance covers the following aspects:
Home Content Insurance
This policy covers personal property and the valuable items in the house belonging to the policyholder.
Building Insurance
This policy protects the structure of the building. It covers the cost of repair or rebuilding due to fire, earthquake, floods, etc.
Personal Items Insurance
This policy covers personal items like clothes and other valuable items belonging to the policyholder.
Please note that a house insurance policy covers both owned & rented properties. The policy also covers any loss of income and third-party liabilities.
Why do you need home insurance as a tenant?
Content Insurance: This covers the cost of repair or replacement of damaged articles.
Liability Insurance: This protects the tenants from any third-party liability that may arise due to accidental damages.
Why Do You Need to Buy Property Insurance?
You need to buy property insurance to protect your property from any loss or damage. You can reduce or negate the impact of severe financial losses.
Some of the important reasons to choose property insurance coverage are:
Natural calamities are natural but unpredictable. A flood or an earthquake can strike at any time. One such unfortunate event can completely cripple your life. You may end up losing your lifetime earnings.
Man Made disasters have become far too common today. It is impossible to prevent every riot, terror attack, or theft. The best alternative is to cover these risks with property insurance.
Minor lapses can lead to major accidents. Fire accidents can gut your entire property within a few minutes. You may not have enough time to respond to such emergencies.
When you buy the best property insurance, you buy peace of mind and certainty of life
Types of Business Properties Covered
Office Premises
Educational Institutions
Hospitals, Clinics, and Diagnostic Centers
Factories & Warehouses
Retail Shops
Restaurants & Food Joints
Movable properties such as stock, plant & machinery
Why You Need to Choose Prominent Insurance Brokers to Buy Property Insurance Online?
Established track record of 20+ years in Insurance
Comprehensive property all-risk insurance for your home and business establishments
Over 12,000 personal insurance policies sold & 6,000+ claims settled in total
Best premium guarantee with attractive discounts
Expert insurance advisory services at no extra cost
Excellent customer support to help a smooth claims settlement process
Access to the best insurance companies in UAE
How can I choose the right property insurance policy?
You need to compare and check various plans to get the best property insurance. You can look at a few important factors like
Insurance coverage
Premium payable
Inclusions & Exclusions
Warranty in insurance policy
Add-ons available
Claims settlement history
Quality of customer support
Frequently Asked Questions About Property Insurance
Property insurance protects your residential & commercial properties from damage and destruction. Apart from the buildings, the policy also covers their contents.
Property insurance coverage can protect your property from loss or damage due to the following:
- Fire,
- Lighting & Explosions,
- Floods, earthquakes, storms, and cyclones,
- Accidents, riots, and burglaries.
Property Insurance UAE covers the following property types:
- Residential & commercial buildings,
- Personal belongings & office equipment,
- Goods & Stock in Warehouses,
- Plant & Machinery,
- Furniture & Fixtures.
No. Tenants can also buy a property insurance policy to cover third-party liabilities.
