Monday, August 04, 2008

Now affordable insurance for tenants/homeowners in Dubai

Now tenants and homeowners in Dubai can relax, as they do not have to spend hefty sums for safety and security. A deal between Better Homes, leading property consultancy group, and RSA, the insurance giants have brought in affordable insurance in Dubai for tenants and homeowners, for as low as Dh.190 to Dh.50,000 coverage.

Better Homes said that insurance levels for UAE were as low as five percent during the past, due to Dubai's transient nature and low crime levels, which resulted in low levels of insurance purchases.

Earlier people visiting Dubai, were short-term visitors and they lived in rented accommodation and never invested heavily in the contents, and hence felt that insurance was not a necessity, said Billy Rautenbach, Director of Operations, Better Homes.

However, with more expatriates choosing to make Dubai their permanent home, the demand for insurance services grew. Recent flooding, fires and incidents have further strengthened the need for insurance coverage.

Rautenbach explained that it is important for property owners and tenants to be covered by adequate insurance.

Rautenbach said that his company felt that most people have trouble in accessing a first-class product, and hence they have come up with a product that can directly be offered at the time of purchase or lease, apart from saving 20 to 30 percent against market rates, in addition to vast coverage.
The cover is inclusive of accidental damage due to fire and floods, and accommodates spaces from bedrooms to villas with prices beginning at Dh.190 per annum, which is one of the cheapest in the market.

Together with RSA, Better Homes have come up with a range of packages with rates that aptly fit the client requirements. Standard rates have been developed for content values. Clients with larger properties or additional contents, would customize the quote, said Julie Deighton, a spokeswoman for Better Homes.

The best part about the entire thing is that size of the property is not taken into consideration, as the client can select the amount of coverage that suits them. The policy is being offered through a streamlined process during which the clients will receive a complimentary quote depending on their property requirement, which is far free from the elaborate paperwork.

Here's a gist of Premium Value for coverage:
  • For a content coverage of Dh50,000, the premium is Dh190
  • For a content coverage of Dh100,000, the premium is Dh300
  • For a content coverage of Dh250,000, the premium is Dh700
  • For a content coverage of Dh500,000, the premium is Dh1,500.

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