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 Property Insurance Services in UAE

Property insurance, in the simplest terms, is the financial contribution a property owner makes to an insurance company for financial protection against loss or damage to the said property for an agreed upon amount in accordance with an insurance policy. What the insurance company will pay for is covered in the policy and is usually divided into two categories; named perils and open perils.

Named perils are fairly explicit in their nature. If the named peril is not in the policy then the insurance company will not pay for any damage or loss caused by the peril that occurred. The most common named perils are fire, theft, flood, lightning and explosion. Open perils are perils that are not specifically excluded in the policy and can include such things as acts of terrorism, earthquakes, floods and even nuclear accidents.

Insurance can be categorized into three distinct types of coverage; replacement, cash value, and extended replacement.

Replacement coverage will replace the property regardless of whether the market has gone up or down. There are no cash values pre-agreed upon as replacement cost will depend on the actual cost of materials and labor at the time of replacement.

Cash value coverage will account for the replacement cost minus depreciation.

Extended replacement coverage will pay for any amount over the limits when costs of construction, such as labor and materials, have increased.

Covering property insurance premiums every month may seem like a financial outlay that provides little reward, but should disaster strike there is no doubt that you will be glad you made the sacrifice. Home insurance is a safety net that provides for the means to start again should floods, fires, or earthquakes suddenly dispossess you of all your belongings without warning. There’s nothing like a disaster to make most people realize that those monthly premiums are in fact a pittance, compared to the cost of getting back on your feet without the benefit of financial aid, which only adequate insurance may provide. 

Choosing the correct coverage can be a daunting task for both tenants and property owners. You don’t want to be paying for insurance you don’t need, but at the same time you want to make sure you are covered