UAE sees uptick in home insurance enquiries after recent floods

Shutterstock (For illustration)

Home insurance seems to be back on the priority list of many UAE residents after the recent adverse weather conditions left several houses damaged.

Neeraj Gupta, CEO of Policybazaar UAE, told ARN News that there has been an uptick in inquiries.

He explains that home insurance is divided into two main elements - the structural aspect of the property, like walls, and the other includes the possessions or contents that are stored inside those properties. The first element is often taken care of by the landlord, while the second one is up to the renters. 

Neeraj encourages all residents to add home insurance to their annual rental contracts, highlighting how the cost for a basic cover for a standard two-bed apartment starts at AED 300-350 annually.

This, he stresses, is essentially cheaper than how much people shell out for their rent every year or even a decent-sized sofa or telly.

The price, he added, will add up based on the number of components in the property.

Neeraj also urges residents to read the fine print before signing on the dotted lines.

Anthony Cerchiai, Head of General Insurance department at Nexus, adds it's important to make home insurance mandatory for all renters as it'll help protect their valuables from any eventualities.

He explains how home insurance will also help eliminate liabilities that arise if you are responsible for causing the damage. For example, if the building fire started in your apartment, and damaged your neighbour's belongings then you are liable to pay for damages. 

Mehtab Malik, a resident of Fujairah, whose house was damaged in the recent floods, says having insurance will offer peace of mind, as such incidents can't be predicted. 

More from Local

Coming Up on Dubai Eye

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

  • Entertainment Extra

    1:00pm - 2:00pm


On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.