The Dubai’s recent high rise fire has caused a lot of speculation on how to protect the belongings and who is obliged to pay for the damages. Due to misconception, lack of awareness many residents have not obtained an insurance. Based on a recent survey conducted the quarter of the residents felt home insurance is very costly and the latter 12 percent the home insurance of applicable for the landlord and not the resident. Majority of the residents feel that home insurance is when a person acquires a huge property when they have valuable possession at home. These misconceptions can turn costly because of a damage to the property not intentionally caused by you. When there is a fire outbreak and if you did not insured your home then you will be responsible to pay for every damage caused due to the fire. Home insurance is affordable and is available with competitive pricings, for a property worth Dh 1 million with contents worth Dh 100,000/- the annual insurance cost will be just be Dh 1000/-. When you choose a policy making the insurance provider liable of damages only to contents then the cost will be below Dh 500/-. There are different types of policies involved available within reasonable cost, considering a home insurance as part of your budget will most likely save you from paying a lump some damage cost.
The types of Insurance cover available for you
- Building/Home plus content insurance: Most suitable for a home owner or end user of the property.
- Only Building insurance: This insurance will be ideal for investors or landlords who have rented their property.
- Only Content Insurance: This type of policy will cover the damage cause to the possessions or contents which were present at the time of devastation.
Factor to be taken care of when choosing an Insurance Cover
Analyze what type of insurance is the best for you and choose the type which will be of great and most help during an adversity.
There are different type of packages available in the market and choosing the ideal package is wise but also be mindful not to underinsure your home in order to save a little amount of money.
Lastly read the insurance policy limitation and exclusions carefully to make sure you have choose the right type of policy with the most suitable insurance provider in order to avoid dispute during a mishap.