Property rates in the UAE have always been high, given the quality of its infrastructure and the standard of living it affords to its residents. Investing in a home in the UAE is an expensive affair, making it one of the most valuable assets you own.
Further, setting up your home also calls for substantial emotional investment. It is no wonder that experts lay stress on how essential it is to get your home properly insured.
With home insurance, any losses resulting from disaster (natural or otherwise), theft or burglary can be recovered. Getting your home insured is not a complex task but with so many insurance schemes at your disposal, selecting the best one can be confusing.
Here’s a list of things to keep in mind before deciding on the best insurance plan for your home:
1. Coverage:
The first step to take is to decide what extent of coverage you would require with your insurance. Is it enough to get building insurance, or would you also opt for contents insurance? While it may see otherwise, opting for the cheapest home insurance plan is not always the best solution.
Depending on the value of investment made on the contents of a house, it is prudent to go the extra mile and get contents insurance for better financial stability.
2. Weigh the options:
There are many policies available, but it is advisable to deliberate instead of making a hasty choice. Comparing the options presented by different companies in terms of premium rates, interests and coverage ensures that the best decision is made for your property.
3. Premium rates:
One thing to be kept in mind while dealing with insurance companies is that the premium rates are automatically higher when the property is already at risk. For example, property that is located in a risky neighbourhood known for break-ins and burglaries invites higher premium rates from insurance companies.
For better premium rates, you might add basic protection to your home, such as installing fire alarms or safety measures against burglaries.
Additionally, remember that insuring every item in the house would invite higher premium. Insurance services are best availed for property of higher economic value. This can go a long way in getting you more lucrative deals for your insurance policy.
4. Keep abreast of offers and discounts:
Home insurance companies often come out with attractive offers and discounts that you could keep tabs on. By staying keyed in, there is always the possibility of saving money.
