Renting in the UAE? Secure Yourself & Protect Your Assets
Whether you own or rent it, your home is more than just a structure—it’s a refuge that you’ve spent years building. Find out how Home Contents Insurance’sbenefits far outweigh its minimal costs
UAE residents tend to overlook the importance of insuring their household contents. The majority of expats in the UAE rent our homes, so we tend not to think about insurance all that often. Many of us assume that providing home insurance to us is our landlord’s responsibility, but this is sadly not the case and can be a costly false assumption.
A recent survey reported that less than 10 percent of UAE residents have home insurance with the majority of residents preferring to rent a property over buying. This distinct lack of coverage means that the majority of UAE residents are ill-prepared for an emergency.
Tenants affected by home disasters may be shocked to discover the costly mistake of not having home contents insurance. Though some precious objects lost in one’s home in a disaster are irreplaceable, home contents insurance covers nearly all the replaceable ones, making recovery much simpler. Here are some facts about Home Contents Insurance so you can be better prepared for any disaster and face the loss with a strong insurance partner backing you.
Building your home was expensive though many of us forget the incremental costs of small-value items as we built them up slowly and over time. Insuring your home’s contents is a guarantee that, in the event of an emergency, you will not have to spend the countless expenses to rebuild and re-buy your personal belongings. If it seems worth it, that’s because it is. The benefits far outweigh the minimal costs of purchasing it, and it’s a small price to pay for peace of mind.
What is Home Contents Insurance?
Simply put, Home Content insurance pays for the damage or loss of the possessions present in your home. This insurance covers damages to your belongings present inside the home in the event of a home accident caused by disasters like fires, flooding, earthquakes, lightning storms, theft, and vandalism.
Who Needs It?
Home Contents Insurance is meant for tenants who occupy but do not own their homes. If you own the house you live in, you need all-around insurance coverage to protect the physical premises of your home, its contents, as well as your personal belongings.
It is the landlord’s responsibility to insure the structure of the building because that is his or her investment in the property, while it’s the tenant’s responsibility to insure the contents of the home they occupy.
What Does It Cover?
To understand why you need Home Contents Insurance, let’s break down what Home Contents insurance actually covers and what it does not.
Home Contents Insurance covers almost all damages to your belongings present in your home when the accident occurred.
If you are an owner and already have a Home Insurance Policy in the UAE, it’s comforting to know that everything in your home is covered. But simple home insurance or property insurance policy only covers the physical premises and does NOT cover the items and personal belongings inside your home. So, getting a Home Contents policy is just as important as insuring your home.
Though a Home Contents policy can not bring back your lost belongings, it will help you to easily replace all those that you can replace. A typical Home Content Insurance plan covers contents, such as but not limited to furniture, appliances, art, jewelry, expensive watches, and personal effects against loss or damage.
Save Your Valuables from Yourself
If you’re absent-minded and often lose things, you aren’t alone. Thankfully, there’s insurance for that! A perk of having Home Contents Insurance is that covers loss. Some policies even cover your internationally for those rare times you lose something abroad.
You’re Not Just Saving Yourself
Although no one plans for anyone to get injured on his or her property, accidents happen. The liability clause is a lesser-known benefit of home insurance policies—it protects the homeowner/tenant from potentially expensive incidents involving a third-party on your premises. It pays for legal charges, medical bills, and material damage caused by the accident on your property.
At an additional premium, you can pick optional add-ons to go with your home insurance policy—think of them as side dishes. Add what you think you may need or like. They don’t cost much additionally and can provide you a world of peace of mind. Such add-ons include loss of rent, cost of alternative accommodation while your home undergoes repairs, cover for personal belongings regularly carried outside of the home, accidental damage to building or contents where you’re at fault, emergency assistance, and a lot more.
Home Contents Insurance is a must-have for everyone who rents a home. It can cost as little as a few hundred dirhams per month so what’s stopping you from securing all your personal belongings? This small, inexpensive act can save you a world of grief and restore your peace of mind.
Learn more about Watania’s Insurance Policies here and secure the people and things you love most, simply.