Buildings And Contents Insurance In Dubai
Most people seeking either building or contents insurance in Dubai often have one doubt how much should my home and contents be insured for?
While obtaining buildings insurance the following things should be kept in mind:
The building or home should be insured for its rebuilding cost and not for its market value.
Information on rebuilding costs can usually be found on the buyers' report, obtained upon purchase of the property.
Its important to know that this value will be revised based on the market scenario and inflation.
All domestic garages, outbuildings, sheds, extensions and conservatories fall under the definition of buildings and are covered under that section. You should ensure that the sum insured for your buildings cover includes the rebuilding cost of these structures.
Listed below are brief points to consider while insuring contents of your home:
Contents are all the items in your home that you are likely to take along when you decide to move out.
Items like carpets, curtains, furniture, electrical appliances, valuables, clothing and personal effects are all included as part of contents.
Your contents sum insured must represent the total current replacement cost of all such items in your home.
Items that are to be insured outside of the home do not need to be included in the contents sum insured figure, as there is a separate cover under Home Insurance available for those valuables.
While obtaining a contents insurance you need not list all your contents. Most insurance companies in Dubai will ask you to list specific items above a certain value for their reference.
Under home insurance your lost or damaged items will be replaced on a new for old basis, except for clothing where a wear and tear deduction is included.
While obtaining buildings insurance the following things should be kept in mind:
The building or home should be insured for its rebuilding cost and not for its market value.
Information on rebuilding costs can usually be found on the buyers' report, obtained upon purchase of the property.
Its important to know that this value will be revised based on the market scenario and inflation.
All domestic garages, outbuildings, sheds, extensions and conservatories fall under the definition of buildings and are covered under that section. You should ensure that the sum insured for your buildings cover includes the rebuilding cost of these structures.
Listed below are brief points to consider while insuring contents of your home:
Contents are all the items in your home that you are likely to take along when you decide to move out.
Items like carpets, curtains, furniture, electrical appliances, valuables, clothing and personal effects are all included as part of contents.
Your contents sum insured must represent the total current replacement cost of all such items in your home.
Items that are to be insured outside of the home do not need to be included in the contents sum insured figure, as there is a separate cover under Home Insurance available for those valuables.
While obtaining a contents insurance you need not list all your contents. Most insurance companies in Dubai will ask you to list specific items above a certain value for their reference.
Under home insurance your lost or damaged items will be replaced on a new for old basis, except for clothing where a wear and tear deduction is included.