A home is not only everyone’s safe heaven, but also the biggest investment one makes in their life span. For an investment of this proportion, the risk factors are also high. A disastrous event is enough to devastate it financially and hence living without a proper home insurance is useless and simply not worth it. As per records, there have been fire incidents recorded in Dubai Marina apartments in 2017, indicating that its not just about the building, its about the prevention as well.

Insurance Is A Need – Not A Want

Keeping in mind the living costs in Dubai and that a home-owner already has spent a very good amount of his or her life savings in a home, it is natural for home-owners to avoid “unnecessary” costs because a lot of people think of insurance as a good-to-have and not a must-have. However, getting your property – your biggest asset secured should no way be considered as a nice-to-have requirement.

Secure Home-Owner’s Belongings

Many people, especially the ones living in apartments, misunderstand and assume that the protection of home contents and their belongings is the responsibility of managing developer of that project. However, the project developer is only responsible for the damages done to physical structure of the property and whether it is the tenant or home-owner, they must come up with their own strategies of protecting their belongings.    

Insurance Coverage

Following are the home contents covered by most of the policy plans:

1. Furniture fixtures inside the home
2. Coverage against fire, burglary, accidental flooding, explosions, lightening, earthquakes and other such unexpected events.
3. Personal possessions like jewelry, mobile phones, watches etc.
4. Accidental damage caused by landlord or tenants. For example, a damage caused by toddler who drew something on the sofa or the wall etc.

Cost Of Insurance

Contrary to myths, home insurance is affordable, and many plans are available in the market suitable to everyone’s needs. This is generally kept around 0.1% of combined value of property and home contents. For example, if a home costs AED 1.1M and has valuables worth AED 175,000, then the insurance plan would be AED 1500, which is affordable and doable keeping in mind the protection of possessions worth millions.  

To get started, the home-owner has to go to the insurance company they are interested in, get a quotation and make claims when needed.