Buildings and Contents Insurance in UAE

I thought this time out I would share some of the many thoughts I have on the subject of Buildings and Contents insurance here in the UAE. I am sure everyone in the UAE has looked on in horror at the second residential building fire in Sharjah, coming so soon after a similar incident in the same Emirate.  The subsequent disclosure that non fire resistant cladding has been used on as many as 500 of the towers constructed in the Emirates has only added to that feeling of shock and horror.  See the report in the Gulf News.

Equally disturbing  was a recent report (detailed in a press release) by Aman Insurance regarding the number of fire related incidents in the UAE,  a staggering 3,274.  In the press release Aman Insurance highlight the benefits of protecting your personal assets from fire,  should the unthinkable happen.  You can read the report here, Aman Insurance Press release

My simple call to action would be for every tenant to check the following,

1. Ask your Landlord/Owner if they can

• Provide a block contents policy for your building. (which generally works out cheaper than individual cover)
• Provide a contingency plan for relocation should the building be uninhabitable.

2. Make a list of all you possessions and how much it would cost to replace on a new for old basis.

3. Speak to an Insurance broker who can advise you on what level of cover you require.

I urge consumers to take immediate action to protect their families, and personal belongings, by purchasing a suitable insurance policy from an Insurance broker.  They will be able to provide you with a policy to suit your specific needs at a price that is affordable. I also urge socially responsible landlords to fully insure their buildings, and if possible, provide mandatory contents insurance for all of their tenants. LifePlus Insurance Brokers can provide tenants with a contents insurance policy for as little as AED 295 per annum so there really is no reason for anyone to be without basic contents insurance cover.

Iain McIntyre is a Senior Consultant with LifePlus Insurance Brokers LLC and can be contacted on iain.mcintyre@lifeplusuae.com

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