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Insuring your household goods when moving within your city
Many people are moving at the moment within Dubai and across the UAE to benefit from the fall in rents and house prices.
- By Samantha Lloyd du Plessis, Special to Gulf News
- Published: 23:04 July 10, 2009
Question: I've lived in the same apartment in Dubai for five years but am planning to move to take advantage of the drop in rents. However, I have a lot of valuable possessions and I want to make sure they are protected against any damage - what kind of insurance do I need?
ANSWER: Many people are moving at the moment within Dubai and across the UAE to benefit from the fall in rents and house prices. Moving home is both an exciting and stressful time. First securing the new property deal, followed by the reality of having to up-root and transport your worldly possessions across town.
In the midst of all this change it is easy to forget that the contents of your home are valuable. You need to consider protecting them against damage and theft, both in transportation and once you are settled in your new home.
Contents insurance is readily available and inexpensive, which with the help of an independent financial adviser can be tailored to your individual needs.
The first thing to consider when moving is whether the removal firm you have booked is insured against loss and damage to your possessions. With reputable companies this type of insurance is usually standard. But if you go for a cheaper option then make sure you ask about insurance and what it covers - because you never know what might happen when that van takes off down Shaikh Zayed Road.
When moving into a rented apartment it's essential to find out what is already insured by the building's owners and your landlord. This is important because if there's a fire in your neighbour's apartment, for example, and the building's sprinkler system goes off then your possessions could be damaged.
Your apartment could also be damaged by smoke from the fire and without sufficient contents insurance you could end up spending substantial sums replacing a brand-new sofa that was accidentally destroyed by water, and redecorating.
Theft is also an issue that needs to be considered. Although uncommon in Dubai, it can happen, and when treasured and expensive possessions go missing often the only comfort is that the insurance money means the loss can be replaced.
Another important point to remember when buying contents insurance is that you must make sure it covers the "replacement" value, and not the "resale" value, of your possessions. This means that if your 15-year old carpet gets damaged then the insurance money will match the cost of a brand new one, not just the value of the old.
It is always a good idea to speak to an independent financial adviser who will be able to guide you as to the most suitable forms of insurance available in the market to fulfil your specific needs.
- The writer is Team Leader General Insurance, Nexus Insurance Brokers LLC, one of the leading financial advisory companies in the region.
Views expressed here are the author's own and do not necessarily reflect the views of Gulf News. If you have any questions, please e-mail: advice@gulfnews.com
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