Home insurance is a form of property insurance that protects losses insured or damages caused to an individual’s property. Apart from the building itself, furniture and other valuables within the home are insured as well. It provides protection liability coverage against calamities within the house or entire property.
Did you know – over 63% of UAE residents do not own home insurance? That’s a huge portion of the population! In a survey carried out by Dubizzle Property, absence of knowledge on home insurance policies – stopped people from insuring their homes.
While it is not mandatory in the UAE, purchasing coverage will lower the chances of being affected. Ideally – when a house is purchased, home insurance should be bought right after. Most people regard it as luxury but in reality, it is a necessity!
(Related: If you’re buying your first house – here’s What You Need to Know as a First-Time Homebuyer.)
You do not have to own property to get it insured, homes on a lease can benefit from it too! As usual, let Hala simplify it for you 😉 Scuba suits on? We’re diving in!
Home building and home contents insurance
Home insurance can be grouped into two categories – building insurance and contents insurance. Building insurance provides coverage for any damages caused to the structure of the house, its permanent fixtures and built-in appliances. Contents cover provides coverage to all your belongings, from furniture to fleece blankets and fuzzy socks!
If you are looking for the real deal – a comprehensive plan is something you can opt for! Should an accident strike; home insurance will have you covered. Depending on the coverage you’ve chosen – you will be able to replace some personal belongings or even rebuild your home.
In the same poll, 19% of the respondents believe that home insurance is ‘too expensive’. I beg to differ! Fires are very common in the UAE and repairing damages caused by them are far more ‘expensive’!
Dealing with fire or water damages in an uninsured home is every home-owner’s nightmare. Without insurance, It is highly unlikely you will have the financial ability to repair or replace everything that has been damaged. You never need it, until you do!
Looking to protect your home? Here is how Hala can protect your home with our home insurance plans!
Why is home insurance important?
If your home is under a comprehensive insurance plan, you won’t have to worry about the cost of fixing damaged property.
Obtaining a mortgage:
Mortgage companies expect borrowers to have home insurance coverage equivalent to the value of the property as security. To protect their financial interest by making sure the property is insured by damage. Without proof, they will not process transactions or loan requests unless they receive all the paperwork.
When renovating your home, damaging plumbing fixtures and knocking down walls are all part of the process. But, make sure your policy covers these damages. If it isn’t included, ask your insurance provider if it can be purchased as an add-on.
Protection against liability:
Accidental damages might extend beyond your own house. If it pays a visit to your neighbours’ house, you will have to take responsibility for the damages. However, a comprehensive home insurance policy should cover damages caused to a third party member as well! Ask your provider if your insurance covers your neighbours too.
If floods or forest fires engulf your property – where would you and your family go? Most policies provide an alternate home for you, your family and pets till you can get back home safely. Ensure you go through every document and acquaint yourself with the claims process of your insurance provider.
Insuring your house costs a fraction of the cost incurred while repairing or replacing your damaged property or personal possessions. Do yourself a favour and give yourself some peace of mind by protecting your beautiful home with Hala! 😉