Dubai residents get affordable home insurance plan

Dubai: Dubai's tenants and homeowners won't have to shell out large sums for safety and security as one could insure a home for as low as Dh190 for Dh50,000 coverage.

Affordable insurance in Dubai for tenants and homeowners alike is on offer through an alliance between Better Homes and insurance giants RSA.

In the past, Dubai's transient nature and low crime levels resulted in low levels of insurance purchases. According to Better Homes insurance levels for the UAE were at a low five per cent.

"Historically people came to Dubai with the intention of only staying for a short period of time, they lived in rented accommodation and didn't invest too heavily in the contents and therefore saw no need to take out insurance," said director of operations at Better Homes Billy Rautenbach.

However, due to more and more expatriates opting to make Dubai their permanent homes there was a growing demand for insurance services. Recent incidents, flooding and fires, for example, have also strengthened the need for insurance coverage as such incidents had left business and homeowners vulnerable.

"It's so important for property owners and tenants to have adequate insurance. We recognised that our clients were having trouble accessing a first-class product so found them one that can be offered directly at the time of purchase or lease, with the added advantage of a 20-30 per cent saving against market rates," Rautenbach said.

RSA worked with Better Homes to come up with a product that offers extensive coverage at an affordable rate.

The cover includes accidental damage caused by fire and floods and was designed to accommodate spaces from bedrooms through to villas and at prices starting from Dh190 per annum, among the cheapest in the market.

"We have designed a range of packages with set rates to suitably fit with most clients requirements. We have developed standard rates for content values. For clients with larger properties or additional contents, we would customise the quote," said Better Homes spokeswoman, Julie Deighton.

"The good thing with this is that it doesn't really matter about the size of the property as you can select the amount of coverage that suits."

The policy is offered through a streamlined process in which clients receive a complimentary quote based on their property requirement, a process which is free from lengthy paperwork.

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