Renting in the UAE? Here’s why you should still get home insurance
How tenants can apply for home insurance – a step-by-step guide
Dubai: Getting insurance for a home that you are buying is pretty much a part of the purchase process. But what about renting in the UAE? Can tenants also get home insurance? And how does it help?
Gulf News spoke to insurance experts in the UAE to find out why getting home insurance as a tenant might be a good idea.
Can tenants get home insurance?
“Yes, tenants in the UAE can absolutely insure their personal belongings and household contents. Even though you don’t own the property, a home insurance can protect your valuable items such as electronics, gadgets, televisions, home appliances, and furniture,” Hitesh Motwani, Chief Marketing Officer of insurancemarket.ae, told Gulf News.
Home insurance, or home contents insurance, is also seeing an increase in interest after the heavy rains in April this year, according to Faisal Abbas, vice president of employee benefits and general insurance at the Continental Group.
What should I get insured?
“If you are living in an apartment or villa on rent, the home insurance can provide cover for items within your home. This can include furniture and fixtures, electronic equipment, jewellery, mobile electronic items like vacuum cleaners as well as paintings, luxury rugs or antique items,” Abbas said.
“Home contents insurance can be as detailed as you want, depending on which items you would like to get insured,” he added.
“In the unfortunate event of fire, theft, flooding, or accidental damage, these contents are covered under your insurance policy. It is important to note that any high-value items (typically over Dh10,000 per item) should be declared at the time of purchasing the policy to ensure they are covered properly. Home contents insurance gives you peace of mind knowing your possessions are protected, even in a rented house,” Motwani said.
Yes, tenants in the UAE can absolutely insure their personal belongings and household contents. Even though you don’t own the property, a home insurance can protect your valuable items such as electronics, gadgets, televisions, home appliances, and furniture.
How can you apply for home insurance?
Step 1: Assess what you would like to get insured
The first step is to look at all the items you would like to get insured and keep a list handy with the name and price of each item.
Step 2: Look for an insurance broker or provider
Then, you can visit an insurance broker’s website, where you will be asked to fill out a form with the details of the items that you would like to get insured.
Step 3: Compare insurance premiums
Once you submit the form, the service provider will get back to you with a few quotes from different insurance companies, explaining the cost and coverage of each.
Step 4: Make the payment
Once you have made your selection, you will need to follow a payment link. Once the payment is complete, you will receive the policy in your email within 24 to 48 hours.
Why renewing your insurance on time is important
"People usually forget to renew the home insurance policy, or assume that they can avoid renewing their policy, as they haven't faced any losses in the past few years. That’s a mistake. Insurance is bought for unforeseen circumstances that might happen in future and as such if you don’t renew your policy, and a loss happens that year, it might cost a fortune to the home owners and tenants," Abbas said.
Insurance is bought for unforeseen circumstances that might happen in future and as such if you don’t renew your policy, and a loss happens that year, it might cost a fortune to the home owners and tenants.
How can I make any insurance claims?
According to Abbas, in case a tenant needs to make claims, they would be required to provide proof of the damage as well as the value of the item. This requires you to either submit a purchase receipt of the item, and in case you do not have a bill for the purchase, you can hire a certified valuator to provide a valuation of the damages. Most insurance service providers can also connect you with such a valuator, depending on your need and the type of content that needs to be valuated.
Once you submit the claim, it will be assessed by the insurance provider and your money disbursed accordingly.
Home insurance checklist
Motwani also advised readers to follow some best practices when looking for home insurance:
• Evaluate your belongings: Start by making an inventory of your valuable items and their approximate worth. This will help you decide on the level of coverage you need and ensure all significant items are declared, especially those over Dh10,000.
• Understand the coverage: Make sure you understand what’s covered in your policy. It should protect you against common risks such as fire, theft, and water damage due to accidents or flooding.
• Liability coverage: Ensure that your policy includes liability insurance to cover any accidental damage to the property or injuries that occur to others while they’re in your home. This can protect you from legal and financial risks.
• Compare policies: It’s always a good idea to compare several insurance options from different providers. Not all policies are the same, so look for one that offers the right balance of coverage and cost for your needs.
• Check the fine print: Always review the policy exclusions and limitations, particularly around accidental damage and high-value items.