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What is Home Insurance?
Home insurance is a type of insurance policy that covers the risk of loss or damage to your home. The policy provides comprehensive protection for the residential building, its contents, and all your personal belongings.
A typical house insurance policy covers the loss or damage due to theft, fire, or natural calamities such as floods, earthquakes, storms, etc. It also provides liability coverage for third-party claims that arise on account of this loss or damage.
What are the Types of Home Insurance?
A building insurance policy or Property All Risks insurance protects the building structure from physical damage due to fire, floods, earthquakes, storms, and other natural disasters. The policy covers everything from basic repair expenses to the complete rebuilding of your home.
Home Contents Insurance
A home contents insurance policy covers all the major items inside your home, such as electronic appliances and furniture. Both homeowners and tenants can purchase this policy.
Personal Possessions Insurance
This type of home insurance policy covers personal belongings such as legal documents, clothing, and jewelry. Portable items such as mobile phones and laptops are also covered under this policy.
What are the Features of a Home Insurance Policy?
Offers comprehensive protection to the building, its contents, and personal assets against theft, vandalism, fire, and natural calamities covers under Property All Risks insurance
The liability coverage protects homeowners and occupiers if a third party is injured or their property is damaged. The policy also pays for the legal costs.
Tenants can purchase the policy to protect against any loss or damage to the contents and personal assets.
Homeowner’s insurance also covers the expenses on alternative housing until the damaged house is repaired or rebuilt.
What are the Benefits of Buying Home Insurance?
The policy covers the building structure and the contents of your home from physical damage.
You can protect your valuable personal belongings, such as clothes, jewelry, laptops, phones, and legal documents.
Theft or burglary cover protects your home while you are away and traveling.
Liability coverage protects the homeowners from third-party claims that arise due to the insured peril.
Tenants can protect their personal items by purchasing home insurance.
The premium payable for home insurance is relatively lower than other types of policies.
Home insurance covers the cost of alternative accommodation if your house is damaged and needs repair.
Who Needs to Buy Home Insurance?
Homeowners and Landlords
Homeowners and landlords need the home and contents insurance. This protects their residential properties and contents from physical damage & theft.
Tenants also need home insurance to protect their own items & personal assets. The building may be insured by the owner. But to cover the contents, valuable items, and the occupier’s liability, tenants need to purchase home insurance.
Tips to Buy the Best Home Insurance Policy
There are several insurance companies that offer home insurance in UAE. You can get the best home insurance in Dubai by following these simple tips:
Assess the risks and compare the premiums
Evaluate your situation to know the specific risk(s) that your home is exposed to. Is it situated in a region that is earthquake-prone? Or is it close to an industrial zone? This will help you delineate the risks clearly. Then compare the features and home insurance quotes of different policies. Ensure the policy suits your needs, and the premium fits your budget.
Check the insurance company’s reputation
Trust and integrity should be the foremost criteria for selecting the right insurance company. It should have a solid reputation in the market with excellent customer service. Read the online reviews to know what other people have to say about the insurer.
The claims settlement ratio (CSR) refers to the percentage of claims settled by the insurer out of the total claims received in a year. Select the insurance company with a track record of speedy settlement with a high CSR.
How to File a Claim for Home Insurance in UAE?
The general procedure to make a claim in home insurance UAE is listed below:
Inform your insurer about the loss or damage at the earliest. Most insurance companies specify a time limit of 7 to 15 days. The information can be sent through email or by post.
Lodge an FIR with the local police. A copy of the FIR, along with other documents, should be provided to the insurer.
The following documents (copies) are essential to make a claim for house insurance:
Police investigation report
A medical officer’s certificate (for death or disability)
Fire brigade report (in case of fire accidents)
An estimate of the repair expenses made by a professional
Supplier’s invoice (for replacements)
Invoices of owned articles and personal assets
The above list is merely indicative. The insurance company may ask you to submit additional documents, if any.
Please contact the claims management team at Prominent Insurance Brokers for a quick and seamless settlement of your claims.
Why Do You Need to Choose Prominent Insurance Brokers to Buy Home Insurance UAE?
A leading insurance broker in UAE with a track record of 20+ years in the insurance industry
Offers comprehensive home insurance coverage designed to cover your specific requirements
Over 12,000 personal insurance policies sold, and 6,000+ claims settled successfully
Attractive discounts on premiums and other value-added services offer significant savings to policyholders
A professional team of experts to help you choose the best policy.
Fast settlement of claims through a dedicated claims management team
Partnerships with the top insurance companies in UAE
Frequently Asked Questions About Home Insurance
No. Home insurance is not mandatory in the UAE. But it is beneficial to protect your property & belongings from unexpected damages & losses.
Yes. You can customize the home insurance policy based on your specific requirements and choose the required coverage.
You can get home insurance for unoccupied properties subject to certain conditions. Most insurers specify a limit of 45-60 days. If you are away for a longer period, the policy may become inoperative. Check with the insurer for more details.
The premium depends on several factors, such as the value of your property & contents, location, sum insured, and past claims history. Please compare house insurance premiums and features of a couple of policies to select the best one.
No. Before you proceed with any repairs or replacement, you should make a claim for the damages and receive the insurer’s approval.
A house insurance policyholder has to do two things to avoid any hassles.
(i) Report the loss immediately to the insurance provider
(ii) Take the necessary precautions to avoid any further loss or damage to the property
If you are an individual with a significant private collection of valuable Jewelry, you can buy home insurance policy to cover your risks. It protects your personal jewelry from theft & burglary and loss or damage due to accidents.
Disclaimer: It is important to carefully review policy documents to understand the terms and conditions that apply to the policy & make sure that it meets your specific needs and requirements.