Home insurance in dubai

We work closely with local Independent Financial Advisers Globaleye in order to provide our clients with a comprehensive range of financial services.

Buying your own home represents a very large investment and home insurance is one way of protecting that investment. Like most insurance, it can be difficult to see the tangible benefit and value of home insurance, until of course you have that dreaded unforeseen incident, which could range from fire damage to your buildings to theft of your most treasured possessions. If your home burned down in a fire or you were burgled and lost your television, stereo, computer, jewelry, and other valuable items, how would you replace them? And even if you had the financial ability, it could potentially wipe out all of your savings.

Some insurance companies provide a package of different covers to provide as much, or as little protection as you feel necessary. Taking the time to understand home insurance will help you to fend off potential financial misfortune in the future.

A basic home policy covers perils, which are specifically named risks such as lightning, theft, fire, smoke, storm and explosion. One thing to remember with this type of policy; any risk that is not mentioned specifically in your policy is not covered. You should consider insuring with a company able to provide a multi-cover policy that includes Accidental Damage for both Buildings and Contents and extends for all perils (except those explicitly excluded by the policy). An example of some of the cover provided are:

Buildings

• rebuild or replace your home if it is destroyed
• repair or replace parts of the structure which are accidentally damaged
• additional living expenses if you are forced to move out of your home because of a fire or other disaster
• Liability protection in case you are responsible for injuring someone in your home or as a result of your occupancy (e.g. a fire which spreads to other property)

Contents

• replacement of your contents if destroyed, stolen or accidentally damaged
• cover for contents in your garden or temporally removed from your home
• cover for spoilage of food in deep freezers
• liability protection as a tenant in case you are responsible for damaging your landlords property (including fixtures and fittings)

Personal Belongings

• Loss of your personal possessions away from the home (including cash, cheques and credit cards)
provides cover anywhere in the world

Other possible extension of cover

• Personal Accident and medical expenses cover for domestic servants
Damage and liability cover for small pleasure craft

Like any other insurance, home insurance premiums are directly related to the value of the property being insured i.e. the more extensive the cover, the higher the premium. There are only a few companies offering home insurance cover in the UAE, but the cover and expertise provided differs from one insurance company to another. It's therefore important to check the level of cover being offered. Some companies may limit the amount you can claim for any one particular item; others will require you to specify high value items on your policy.

Once you have fully investigated the quality of cover you're being offered, it's just as important to investigate the quality of the company providing the cover. How reputable is the company? How good is their claims service? How long have they been in operation? Do they have a reputation for quality and good customer service? Ensure the company has sound financial backing and employs a sufficient number of qualified staff to provide you with a good level of customer service. Find out whether the company operates extended working hours so that you are able to contact them out of normal office hours. Some of the more established companies can provide instant cover over the telephone if you are able to pay by credit card (you may even get a discount for purchasing your insurance this way!).

USE THIS CHECKLIST BEFORE PURCHASING HOME INSURANCE

• Check the 'limits' and cover on your insurance policy for Accidental damage, theft or loss and worldwide cover.
• Ensure the company explains rebuilding cost of your villa so you do not over insure and pay too much - they may be able to recommend a qualified property valuer/surveyor.
• Does the cover extend to cover contents when being moved (e.g. house removals)?
• Understand the claims procedure and the excess (the amount you need to pay towards each claim) payable under each section.
• How reputable is the company providing the insurance?
• Does the company operate a customer service facility outside normal office hours?
• For your valuable items, ensure the company specifies such items on the policy so there can be no dispute on value in the event of a claim.

Dubai Luxury Homes local adviser, Globaleye have taken the trouble to locate who is the best provider of Home Insurance in the United Arab Emirates and we have a special arrangement with AXA. You can call them toll free 8004845 (+9714) 3243434, get a quote and pay over the phone plus if you mention "Globaleye" you receive a special customer discount of up tp 15%.