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Home Insurance: Buy Property Insurance for home Contents - Watania

Home Insurance

A Home Insurance Policy, also referred to as Property Insurance safeguards your house, and your belongings such as furniture, jewellery, and the like. A Home Owner’s Insurance Policy covers all threats to your property, including the structure and the contents of your home, that might occur due to a number of natural and/or man-made calamities such as floods, earthquakes, fire, theft, and other unforeseen events. This, keeping your peace of mind intact, compensating for the financial loss incurred due to these events.

Watania Home Insurance ensures that you and your labour of love and sweat- your house, is protected from any loss from unfortunate events. We cover two kinds of policies under this cover- Home Owners Comprehensive Insurance and Home Contents Insurance.

Memories are irreplaceable, everything else is insured with us. “Insure it with us and relax. We treat it like our home”

The flexibility of choosing from two assorted policies and various plans within.

1)  Home Owners Comprehensive Insurance

Watania Home insurance Policy that protects your House (building) and the house contents from Fire, Lightning, burglary, storms, floods or an explosion. Bringing back the happiness and tranquillity of your home with comfort like before.

2) Home Contents Insurance

Protecting every piece of a puzzle, you call home The product is specifically designed for the Home Tenants/Owners against loss or damage to their home contents like Furniture, Home Appliances, Jewellery, Loss of or theft of money/cash etc.

Furthermore to these, we bring extra benefits like the cover for Personal Accident, Alternative accommodation, Loss of Rent, Third Party liability etc.

Features & Benefits of a Home Insurance Policy

Home Contents
This cover compensates against loss of or damage to your belongings and contents within your Insured premises or temporarily removed from it, caused by any peril included in the policy, within the valid geographical area.
House Hold Appliances
In case your household appliances are damaged by insured peril or stolen due to theft, the cover compensates for the expense of repairing or replacing them.
Personal Property
This includes compensation for any damage or loss of the home building (concrete structure, walls, gates and fences around, pertaining to the same premises), and is included in Home Owners Cover only.
Personal Belongings
This feature covers all of your personal belongings such as your laptop, tablet, phone, credit cards, money and the like, against loss, damage, or theft.
Cost of Alternative Accommodation
In the event that your premises is unliveable due to a calamity or insured peril, reasonable additional expenses for an alternative accommodation is compensated for, until your premises is reinstated.
Loss of Rent
In case an incident leads to you having to move out of the premises for a particular duration, the company will, subject to the limits of the liability, indemnify you against the net loss of rent payable by you.
Third Party Liability
This covers any legal liability towards a third-party in the event of Accidental bodily injury (whether fatal or not) and / or Accidental damage to property, which occurs in or about the building within the period of insurance.
Personal Accident Cover
This feature provides compensation for bodily injury by violent external and visible means sustained as a result of fire or caused by the thieves.
Jewellery and Money
This feature covers for the loss and/or damage to Jewellery due to an insured perils, up to value declared in the policy, irrespective of the value of Jewellery unless specifically declared & agreed to in writing.
Cost of Legal Defense
The cover includes cost of legal defence against claims made under Tenant’s/Owner’s liability section of the policy.
Loss of Documents
Cost of reproducing documents such as Passport, Driving License, Visa/work permit lost/damaged due to an insured peril.
Replacement of Locks and Keys
Cost of replacement of Locks and Keys following damages due to theft/attempted theft or an insured peril.
Tenants’s/ Owner’s Liability
This covers the sum that a private householder occupying a building is liable to pay the third party in case of accidental bodily injury and/or accidental damage to property caused to the third party, within or about the building.

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FAQs

GET ANSWERS TO COMMON QUERIES RELATED TO HOME INSURANCE

  • Building – The value, also known as ‘sum insured’ is the cost for rebuilding the property in the event that your home is damaged beyond repair.
  • Contents – The sum insured should be the total current value of all the items you own inside your home.
  • Personal Belongings – The sum insured is the total current value for items such as jewellery, it is highly recommended to have these valued on a yearly basis to ensure that you are insuring your expensive piece of jewellery at the right value.

SAL is the maximum amount an insurer will pay for a single valuable item in the event of a claim.

So if your insurer’s single article limit for personal belongings is AED 10,000 and you happen to own a watch worth AED 18,000, that you have not listed it in your policy, the insurer would only cover you up to AED 10,000 at the time of a claim.

It is the amount to be paid by you and is applicable for every claim. It is not to be paid upfront for a valid claim, but the amount that will be deducted from the total claim amount payable.

Home contents costs roughly 0.6 percent of the total coverage value per year when insuring household contents.

For buildings, insurance costs are as low 0.1 percent of the insured value per annum.building insurance is based on the rebuild value and its risk profile.

So, if the total value of your home’s contents was an estimated AED 50,000, an insurance premium of AED 300 per annum is all it would take to protect these items against loss or damage.

Legally, your landlord is only required to have home insurance in cases where the property is mortgaged. And even if your landlord does have home insurance in place, this will only cover the physical premises of the property and not the contents of the house.

While buildings insurance is mandatory in the UAE, home contents cover is not.

House contents value is calculated on the basis of the current market value of the building and/or contents.

The cost of insuring home contents and personal effects in the UAE hovered around an average of 0.6 percent of the value of those items.