A home is the result of years of toil and hard-work, a place you call yours. And so, it is imperative to have your home secured as much as anything else in life. Security is more than locking your house; it is extending a cover to your home that protects it and its contents from unforeseen circumstances. Homeowners Insurance Policy, it is!
Though, the UAE has garnered a reputation for being one of the safest countries to live in, with its meticulous planning and laws in place, yet, perils such as floods, earthquakes, sandstorms and theft, are beyond our control.
Whether you choose to live in your home or rent it out to a tenant, a Homeowners Insurance Policy will ensure you are protected from all such incidents.
#1. What Is a Homeowner’s Insurance Policy?
Homeowners insurance covers damages and losses to your residence including your structure and its contents such as furnishings and other assets, providing compensation against liability against accidents within the premises.
Watania Home Insurance ensures that you and your labour of love and sweat is protected from any loss from unfortunate events. We cover two scopes of coverage under home insurance policy- Homeowners Comprehensive Insurance and Home Contents Insurance.
Here we have put together the benefits and coverage that a Homeowner’s Insurance Policy typically entails, to help you pick the one that is best suited for your home.
#2. The Home Structure
This forms the basis of the Homeowner’s Insurance policy. This covers the entire dwelling or the house and its structure- from the walls, floors and ceiling to the nuts and bolts fitted into its structure.
This includes the cost of repairing any part the Cash Value Coverage. This compensates in cash for the repairing cost cash value or in case of the house being unliveable, the cash value as per declared in policy along with terms and conditions.
#3. Other Structures
Other structures here include- the fence, garage, railing, shades etc. In some policies, swimming may also form a part of this cover. This cover extends compensation for these structures. The compensation, though, depends upon the property expanse. This, of course, is proportional to the additional structures you build. One garage would obviously include lesser coverage than someone with two garages or a barn.
#4. Personal Property
Imagine if that piece of jewellery you procured for an exorbitant amount of money was stolen or your laptop got destroyed in a fire! Devastating even to think, right? This coverage compensates for all such contents of your home such as art pieces, valuable jewellery, watches, bags etc. Since it involves all personal items in your home, this cover can get tricky as a lot of policies have limits on such contents.
It is also important to ask your insurance provider whether they include a Replacement cover or Cash value cover.
#5. Replacement Home Cover
God forbid, if your home becomes unlivable due to fire, flood or any other unforeseen circumstance, this cover will compensate the cost of replacement living area as per declared in the policy limit, that you incur as result of not being able to live in your home such as – you stay in an alternative accommodation as well as meals.
#6. Personal Liability
Personal Liability means any compensation you are liable to pay or lawsuits filed against you in the event of an untoward incident resulting in injury or property damage of a guest on your premises. For example, in the event of a third party injury or loss due to insured peril, you are responsible for paying medical bills for the treatment.
#7. Loss of Rent
Loss of rent cover compensates you as a homeowner in the event that your tenant must move out due to an insured event such as fire or flood. This will cover the additional cost of an alternative accommodation for your tenant while protecting the loss of income from rent you incur, enabling you to claim the lost income back.
There’s lots that a Homeowners Insurance can benefit you with- Safety, financial loss and most of all, being responsible for self and others. If you don’t have one yet, connect with WATANIA the best coverages, to keep you protected anytime, anywhere.