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Home insurance is a hedging tool to protect your bellowed house from all possible damages in the future. Home insurance can protect both the structure and the valuable objects within the house giving the homeowner a much-deserved peace of mind.

The volume of home insurance in UAE has been increasing at a steady rate, this is because people across the country are more aware of the same. A home is a special place where people come to relax with their family members. Hence, the safety and security of their house become a top item in their priority list, this is where the importance of home insurance comes into play.

Different Types of Home Insurance in UAE

Since UAE is a highly competitive and mature insurance market the country has developed capabilities to offer insurance products that meet the requirements of its residents. Some of the most common types of home insurance products available in the UAE include the following:

Simple or Short Term Policies:

Simple policies are policies that cover the home for a short period, usually between 1 to 3 years. The homeowner can renew the policies before the expiry of the previous policy. This is one of the most sought-after home insurance Dubai. The low premium and short policy term make it a favorite among the expatriate community in UAE.

Long-Term Policies:

Long term policies as the name suggests is an insurance policy that covers the house for a long period of time. The insurance policy premiums for these insurances are usually a bit higher than short-term policies due to the high risk associated with the policy over the long term. These policies are usually opted by Emirati citizens, long-term visa holders, or people who wish to settle in the UAE and make it their home.

Structural Home Insurance:

Structural home insurance is an insurance policy that covers the home structure. It does not cover the valuables that you might have in your house.

Personal Belongings or Content Insurance:

Content insurance covers the cost of all the assets inside the house like furniture, electronics, electrical appliances, jewelry, and so on. There are additional covers that can offer extra protection to high-cost items like diamonds, expensive shoes, collectible bags, and other accessories. These insurances can be bought separately or as an add-on to the existing insurance policy based on the insurer, you do business with.

Advantages of Buying Home Insurance

Some of the biggest advantages of having home insurance in UAE include the following:

The biggest advantage of having home insurance is that it protects people from all the possible losses that might occur in the future. This gives the policyholder much-deserved peace of mind.

Insured houses generally command a higher retail price, this is especially true in the case of Dubai. This is probably one of the reasons why the demand for home insurance Dubai has increased rapidly.

When renewing home insurance the homeowner will have a chance to get his/her house appraised. This helps them understand the true market value of the property. It is especially useful for people who are looking to sell their property.

It helps to protect your savings, being a hedging tool home insurance protects the homeowner from all the possible losses that might incur in the future. Hence, your hard-earned savings are always intact.

When to Renew your Insurance Plan? 

Generally, the policyholder can renew the insurance policy online from the comfort of their home. All that is required is a valid ID proof, tax return slip, salary data, and a soft copy of the previous home insurance policy. The insurance company might on some rare occasions ask for further documents, in such cases please furnish those documents to complete the policy renewal procedure.

There is an offline mode available for people who wish to use it, they could directly approach an insurance agent and pay the insurance premium through them. In both cases, the insured should consider starting the insurance renewing process a few months before its expiry.