Insurance could have covered damages
Victims would have got financial relief — expert
Dubai: Sharjah families recently displaced by a fire would have received some financial relief had they taken out an insurance for their valuables and personal belongings.
Steve Gregory, managing partner at Holborn Assets, yesterday advised UAE residents to get a "comprehensive home contents policy", not just a fire insurance.
A fire insurance is a specialised product that covers damage to property caused only by fire, whereas a home contents insurance protects residents against all major risks including fire, flooding, explosions, earthquakes, storms, theft, leakage of water from tanks or pipes, among others.
"Fire insurance alone is not enough in my view… It is important to cover all risks, not just fire risk, though most people fail to do so and hundreds suffer when a major incident occurs," he told Gulf News. Apart from offering peace of mind, a home insurance policy covers the repair or replacement of destroyed properties, including furniture, jewellery, gadgets, laptops, kitchen equipment, home décor, curtains and clothes.
Moving house
The insurance also covers expenses towards a temporary accommodation.
The home contents are covered even while moving house within the same city. One can also avail of optional covers on added premium for loss of official documents, an insurance company official said.
In the UAE, residents can buy a home insurance for as low as Dh21 a month and, in return, get a payout worth Dh50,000 for damaged contents and Dh10,000 for personal possessions. One can also buy an insurance policy that reimburses Dh150,000 for damaged goods for only Dh600 a year.
