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Insurance operations in UAE are divided into the following classes
- Life Insurance: This covers all insurance operations connected with human life and related risks.
- Saving and accumulation of funds: This covers all insurance operations based on issuing documents, certificates and the likes, by which the company is obliged to pay a specified sum or sums of money at a subsequent date against payment of one or more periodic premiums.
- Accident and Liability Insurance: This covers insurance against damages resulting from personal accidents, work accidents, burglary, dishonesty, vehicle insurance, civil liability insurance, engineering insurance and other forms of insurance by which common practice or custom come under this class of insurance.
- Fire Insurance: This covers insurance against damages caused by fire, explosions, natural phenomena, all kinds of civil commotions and other forms of insurance by which custom or common practice are included under fire insurance.
- Land, sea and air transport insurance: This covers the insurance of cargo and other movables like freight charges, ship and aircraft hulls, machinery and insurance against risks incidental to their construction, manufacture, use, repair or docking, including damages which afflict others, and other forms of insurance by which custom or common practice fall under this class of insurance.
- Other classes of insurance: This covers insurance against all risks which do not fall under the above classes.
Home Insurance Guide
When it comes to protecting your home and possessions, you should ask yourself one question? Under what circumstances will your home loss be covered and what would be covered in case you lose everything in your home. The last thing you need is to find out after your home has been damaged, that you don't have enough insurance to cover all the loss. Likewise, you don't want to be paying for an insurance you really don't need either. Most banks offering mortgage financing in UAE will require home owners to insure their properties in case of accidents and damages in their homes. For an annual premium, you can have your properties and possessions protected against a number of risks:Accidental loss or damage, Theft, Fire Damage, Storm damage
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There are ways to make sure you have the protection you need:
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You need to estimate how much your house would cost to completely rebuild it. Using a national sophisticated cost data to calculate the replacement cost of your home is an important service that your insurance company can offer you.
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We recommend you also consider purchasing "inflation" protection, which adjusts your limits annually to reflect any increase in value due to inflation.
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We also suggest that you add guaranteed replacement cost on your policy so in case of loss, the insurance company will replace your house, other buildings, and personal property without any deductions for depreciation.
Even though some mortgage banks will require you to cover the full mortgage amount, insurance companies will indicate that you need to cover lesser amount since your insurance will cover the house and additional structure not including the cost of the land or the market value of the house |
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SAVED PROPERTY
Property Saved: 0
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