Personal Assets Insurance in the UAE

It isn't mandatory to get home insurance if you're renting, but it still makes a lot of sense. When you rent an apartment, you need to understand that only the building's structure is insured, not your belongings or the content of your home.

If you intend to live in the UAE for a considerable time, you should look into insuring your home's content and personal belongings. If they get damaged, you will have to pay for replacements through your pocket, which is inconvenient and devastating at worst. Is that a risk you're willing to take?

Excess, or deductibles, is a set amount that the insurance holder has to pay before the insurance company compensates the rest of the claim. Insurance companies enforce this so the policyholder will practice diligence towards home maintenance and the general up-keep of the property.

The formula is simple – the higher the excess the lower the premium. Though higher excess might make sense in the short term because they lower the premium significantly it is not recommended for the long term. Reason being you’ll have to pay a greater amount out of pocket in cases of higher excess. So if you want the insurance company to pay more of the claim go for lower excess.

Keep the following steps in mind when making a claim:

• Immediately inform your insurance provider
• Inform the police and register an FIR
• Keep a copy of the FIR as well as the police report
• Get all your documents in order
• Take photographic evidence
• Get witness statements if possible
• Submit all of the above to your insurance provider as soon as possible (preferably within 7-15 days) to start the claims process

This depends entirely on your unique case. Factors such as the location of the building, how big or small it is, extra features such as a large garage, a basement, or a swimming pool are also included, as well as how much you want to cover, especially home contents and personal belongings. Another factor that adds to the coverage is whether you will be using the property personally or putting it up for rent.

Each case is unique and what the buyer needs will affect what is covered greatly. Only those aware of the location of the building and its surroundings will know just how much coverage is adequate.

Home Contents Insurance only covers personal items within your home's confines. It includes all electronics, appliances, and furniture because they rarely leave home. Things like portable cameras, laptops, and sports gear which are regularly taken out of the home for use, are not included. To ensure the safety of those, you will have to take out a Personal Belongings Insurance policy.

It is true that unoccupied properties are at greater risk of theft and burglary, or damage due to malicious vandalism. However, a property is still insured for up to 30-60 consecutive days without being occupied depending on the terms of your insurance policy. It must be kept in mind though that the claim will become harder the longer the property remains unoccupied and may be completely rejected if the tie period is extended beyond 60 days.