Types Of Home Insurance Claims In The Uae: What You Need To Know – Insurance House offers a wide range of affordable, high quality products and services that meet international standards, meet local requirements and cover both conventional and specialist insurance classes.
Abu Dhabi, UAE, 14 August 2023: Insurance House PJSC (IH), one of the leading insurance institutions in the United Arab Emirates, primarily known for offering exceptional insurance services and competitive insurance products, today published its half-year financial results for the period ended on June 30, 2023, IH recorded a complete comprehensive loss…
Types Of Home Insurance Claims In The Uae: What You Need To Know
Insurance House’s strategic transformation paves the way for future progress Abu Dhabi, United Arab Emirates – July 10, 2023: Insurance House PJSC, a leading insurance provider in the United Arab Emirates, has unveiled a major roadmap to strengthen financial stability and drive future growth . The plan anchors several transforming pillars through…
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Abu Dhabi, 06 July 2023 – Insurance House PJSC, a leading insurance provider in the Middle East and Africa region, is spearheading a new era of innovation in the insurance sector by embarking on a sustainable profitable growth strategy focused on ‘InsurTech’ and business efficiency. This strategic shift in response to evolving diversification, technology, …
Abu Dhabi – 04 May 2021 – Insurance House PSC (IH) recorded a 28% increase in net profit reaching AED 4.01 million in the first three months of 2021, compared to a net profit of AED 3.14 million, recorded in the corresponding period of the previous year, demonstrating… Many Dubai residents have a ‘it will never happen to me’ perspective when it comes to purchasing home insurance. They need to rethink this because we never know what might happen.
Dubai – A bit worrying: a survey shows that around 90% of people do not have home insurance in Dubai
The UAE has seen a sharp rise in home insurance, with the majority of Dubai residents not having one, ServiceMarket research has revealed.
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Emre Güclu, head of insurance at ServiceMarket, said: “We often experience a spike in home insurance sales after accidents. People don’t like to think about risks until something quite dramatic happens. Still, it’s better to cover yourself beforehand and have peace of mind. After all, no one can predict what can go wrong when.”
About 90 percent of people do not have home insurance in Dubai, and therefore in certain cases, residents are likely to be left with huge bills to replace their household contents and personal belongings. People often don’t realize how much their belongings are worth; the value of basic furnishings, electronics and clothing can easily exceed the price of a car.
Many Dubai residents have a “it’ll never happen to me” perspective when it comes to purchasing home insurance. However, home fires are one of the most common causes of home insurance claims. In 2016, there were 215 reported fires in residential units in Dubai – more than one fire every two days. Some of the most common causes of house fires are electrical equipment (such as irons and hair straighteners), faulty electrical wiring, smoking and barbecues.
However, home insurance doesn’t just protect you from fires. It can also protect you from things like flooding, theft, and even loss of personal belongings. An important aspect that many people overlook is that if a fire or flood occurs on your property, then you will be liable for any damage they cause, including that to other properties. Your home insurance policy usually covers third-party damage as well.
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“There has been an increase in the purchase of home insurance due to recent fires in high-rise buildings where fires have occurred due to cladding and other defects. Residents had to leave their homes until the building was rebuilt. Loss of rent, loss of belongings, costs of staying elsewhere plus other miscellaneous expenses add to the financial and mental burden. Every year several towers are set on fire in different emirates. Insurance is taken out by residents to cover contents and loss of rent,” said Jasjeet Bindra, managing director of Howden Insurance Brokers.
“Tower owners also take out insurance, whereas a decade ago many buildings were uninsured, whereas these days most are insured, while some owners go into Strata Insurance specifically designed to insure tall towers. Seeing fires in high-rise buildings, people take out insurance for their villas and low-rise apartments, which is out of fear. In addition, the third party liability policy is also taken in conjunction with the all property risk policy.”
The ServiceMarket survey revealed that 42 percent of respondents without home insurance don’t see the point in buying home insurance because they only rent their home. What these people don’t realize, however, is that structural damage protection (home insurance) is only one aspect of home insurance: it can also cover your home’s contents, such as furniture and fixtures, and personal items such as jewelry, laptops, and smartphones.
Home insurance can even protect the items you carry with you. The type of insurance you buy depends on whether you own the property or are a renter. If you own the property, you should make sure you have building insurance to cover the property against structural damage. If you live in the property (even if you just rent it) then you should have household contents and personal belongings to protect you from damage to your belongings. Your insurance policy can also cover you against liabilities to your landlord if you accidentally damage the property, ServiceMarket reports.
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Varun Kalia, CEO of Dana Insurance Broker said, “A large part of the profits or savings are invested in building our home. Unforeseen accidents caused by fire or natural weather are expensive to restore if the home is mortgaged than the loan repayment is an additional burden on top of paying for alternative accommodation. The suffering is compounded more if someone is held responsible for causing the fire, as they are legally liable for financial compensation to affected third parties. A simple home insurance policy can ease the financial burden at a nominal cost.”
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The Global Climate Summit will be held at Expo City Dubai this year from November 30 to December 12 Rain in the UAE: Do car and home insurance cover flood damage? Companies start receiving claims within days of rain
Rain damage to homes and vehicles is usually covered by most insurance policies, but it also depends on the package chosen, local insurers say.
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Heavy rains have lashed the UAE over the past 24 hours, causing massive flooding and property damage in the northern emirates.
“Rain damage is covered by both types of insurance policies, individual and corporate. Damage is considered damage regardless of the cause,” says Anas Mistareehi, Chief Operating Officer of Al Wathba National Insurance Co. (AWNIC).
Mistareehi added that insurance companies only really start receiving claims a few days after each rain. However, the severity depends on how heavy the rain is.
Sanjeev Anand, general manager of business development at Al Sayegh Insurance Brokers, said all insurance companies offer rain damage cover and various products to customers in the UAE.
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On vehicles, he said mostly engine damage claims arise after heavy rains and floods and are covered under comprehensive motor vehicle insurance policies.
While responding to a query on how long it takes to settle customer rain damage claims, Anand said there is no prescribed time frame as it can take several weeks to months, depending on the damage.
“Once the claim is reported and registered with the insurer, the insurer/broker will advise the client whether the claim is admissible or not and provide guidance on loss minimization measures. In case of massive damage, the insurer immediately deputes the damage inspectors/experts to the site of damage to assess the damage,” he said.
Al Wathba’s Mistareehi said claim settlement times vary from one insurance company to another. “At AWNIC, for example, we start processing once a claim is reported.”
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He highly recommended home insurance for individuals in the UAE as it protects their assets and house contents.
Anand suggested that people can take out a comprehensive car policy including rain damage/natural disasters, home insurance and property owner insurance that covers all risks. Similarly, corporations can take out all risk property insurance, office multi-insurance and fleet insurance.
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The Global Climate Summit will be held at Expo City Dubai this year from 30 November to 12 December. Dubai – comprehensive home insurance in the UAE is so affordable that it starts from Dh1 per day onwards.
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Home insurance isn’t expensive, but mishaps caused by natural disaster, accidents or malicious intent sure can be! Although the list of compelling reasons to buy home insurance is long, home insurance is often overlooked by people in Dubai.
If you’re one of those expats who think they don’t need home insurance because they’re renting, you
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