Insurance for Property Buyers in the UAE

Whether you are planning to buy apartment in Dubai, or a commercial building, you know that this process involves investing a huge amount of money. Thus, it is not difficult to see why you need to protect it from unforeseen tragedies, risks, and problems.

Among the best ways to protect your property is through insurance policies. In fact, in some cases, getting your property insured is mandated by law. It is not just there to protect properties, but also you and other people.

In this post, you will learn more about insurance policies for property buyers like you in the UAE.

Building insurance

You can’t buy property in Dubai on a mortgage if you don’t purchase building insurance. The good thing about building insurance is it protects the permanent structure of your property against accidental damage, natural disasters, fire, and water damage.

Building insurance may not only cover the four walls of your home, but it could include other structures such as the garage, swimming pool, and parking areas.

Now, what happens if a third-person gets injured while he/she is in your home or your property caused damage to your neighbor’s house? There’s a special types of insurance that offers “owner’s liability” which accommodates this need.

In the event that you plan to rent out your property, you might want to purchase additional cover on top of your building insurance policy. If the damage is caused by your tenant, your standard building insurance might not protect you. Therefore, you can require your tenant to take out a “tenant’s liability” cover specifically for this purpose.

If you own a commercial property, a Property “all risks insurance for commercial properties” is what you need.

Contents insurance

Do you want to cover your kitchen appliances, tables, chair, furniture, interior decorations, fixtures, home electronics, and other belongings within your home? If yes, then “contents insurance” should come to mind. This policy could also cover your portable belongings such as mobile phones and laptops as long as they were damaged within your insured property.

Personal Belongings

To specifically cover portable belongings even if they are outside of your property, you can go with personal belongings insurance. If your personal belongings get damaged while you are outside, you can get covered. These personal belongings may include laptops, jewellery, watches, mobile phones, clothes, bags, and others. If you are a frequent traveler, the more you will need this type of insurance.

According to one statistics, personal belongings insurance is the most used type of insurance. In fact, more than half of home insurance claims are due to damages or losses of personal belongings. 

Moreover, the items that are most commonly claimed for are electronic devices and jewellery.

Additional cover

Aside from what was mentioned above, there are other types of insurance cover that you may want to check. For example, Alternate Accommodation or Loss of Rent Insurance can fill the gap when you are unable to rent out your real estate in Dubai due to heavy damages.

Knowing more about property insurance

Now that you got a comprehensive overview of insurance policies for your property, you might want to learn more about this subject. Get a deeper understanding of insurance policies and how it can affect your Dubai properties by discussing your situation with Rocky Real Estate. They have the best real estate agents who have the right knowledge, experience, and skills to guide you through your investment process. Give Rocky Real Estate a call now!