Insurance Esssentials – Purchasing a Policy
You're relaxing in your new home enjoying your surroundings, having spent quite a bit of cash making it what you want it to be. Don't lose it, insure it.
The Dubai Survival Guide’s article on home contents insurance explains the need to cover for any loss or damage to your personal property.
It is relatively easy to purchase home contents insurance. There are a number of international and local insurers here in Dubai that provide such cover. You should always make sure that you buy your policy in the UAE rather than back home as locally issued insurance policies are the only valid contract enforceable by UAE law.
Typical cost of a package policy for AED 100,000 contents cover in an apartment, with AED 1,000,000 liability cover would be in the region of AED 1,000 to AED 1,500 a year.
You have three options for purchasing a policy:
- direct from the insurer – and a number of insurers allow you to purchase online (we’ve noted 3 below).
- through an insurance broker – make sure they are a registered insurance broker by asking for a copy of their business license.
- through your bank – many banks have partnered with insurance companies to provide insurance for their customers.
You need to estimate the total overall replacement value of your contents. If you recently moved in to your apartment – the packing list is a good starting point to allow you to arrive at a comprehensive list of all your contents.
Keep photographs of jewellery and any artwork – this always helps. In fact, when you move into a property keep a photographic inventory (externally and internally), if possible date stamped. This record will help in any possible dispute when leaving the property.
If you have any significant valuables, such as jewellery, paintings or works of art, it is best if you have these valued and keep the valuation certificates safe with other personal papers. Scanning and sending them to your personal email address is another way of keeping a record. A typical policy will limit valuables to 50% of the total sum insured. If you have a significant number of valuables, speak to your broker or insurer and they will advise if there are any special requirements to have these covered.
These are some of the most well-recognised home contents insurance companies. Double check the small print and make a phone call to the company if you’re not sure what cover to take. As always, if you have any queries contact Richard with your questions.
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek appropriate independent legal advice.
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