A home insurance policy is a must have for any person who owns a house. You get exposed to many challenges in your journey of life and taking out a home insurance plan can help you secure yourself against financial risks related to your home and its contents, in time of crisis. A Home insurance policy gives you coverage for protecting the physical structure to relieve you of any financial burden during the hour of crisis. You may not be able to guard your home from all possible risks; however you can take steps to help tide over some unexpected events.
While a home insurance should be taken out by the owner for the building and its premises, a home contents cover should be taken out by the tenant to insure the contents of his home like furniture, home appliances, paintings etc. Personal losses cover should be taken out separately to insure for movable assets.
When taking out a home insurance plan it is better to know what you are in for to make an informed decision.
Common Coverage offered by Home Insurance in Dubai
Fire and allied threat (home contents)
The home insurance policy covers the contents within your house like furniture and home appliances against losses caused by fire, explosion, overflowing/bursting of water-tanks, malicious acts, riots, cyclone, earthquake, flood, landslide and so on.
Burglary and other threat (Contents)
Dacoity, burglary & housebreaking can cause considerable damage to your home and contents. Damage is also caused due to collapsing electric poles/trees/lamp post, dropping on the building or destruction of television or satellite dishes/radio aerials and indemnities caused by civic authorities while dousing out fires. The home insurance policy gives you coverage against all these losses.
Television / Video Equipment
Destruction can happen to Television sets and accessories, Video equipment – Aerial fittings and masts, Cable/satellite/digital television receiver etc. due to electrical voltage variances, lightning etc. For getting home insurance coverage, it is required that all objects be owned by your family or you or at least be your responsibility whilst kept in your house. These objects/equipment must be 7 years old or less, on the day of the damage to be covered under the home insurance policy.
The Insurance Company will cover loss of movable assets like jewellery, mobile devices and valuable paintings and for that separate policy should be taken out.