Insuring your apartment in Dubai protects your property and contents from unforeseen events and this is an excellent way to secure your building, no matter if you buy or rent it. Here’s everything you need to know about apartment insurance in Dubai and why it’s important for both property owners and tenants.
- What Is Apartment Insurance?
- Why You Should Insure Your Apartment in Dubai
- How to Insure Your Apartment in Dubai
- Top Companies Providing Apartment Insurance in Dubai
- FAQs
What Is Apartment Insurance?
Apartment insurance gives financial security against many hazards such as fire, theft, disasters of nature and claims of liability. There are generally two common forms:
- Building Insurance: Insurance that covers the physical structure of your apartment, including walls, ceilings and built-in fixtures.
- Contents Insurance: Protects personal belongings like furniture, electronics and valuables from damage or loss.
A comprehensive insurance policy combines building and contents coverage for complete protection, ensuring the security of your property and possessions.
Why You Should Insure Your Apartment in Dubai
The modern apartments for sale in Dubai are usually well-equipped with the most up-to-date security systems, but still, one can never tell when fire or flood may occur. Here’s why apartment insurance is imperative:
For Property Owners
If you own the apartment, securing both building and contents insurance is critical to safeguard your investment.
- Natural Disasters and Accidents: Insurance protects against damages caused by events like fires, storms or floods.
- Protection for Belongings: A wide-ranging insurance policy covers personal belongings for replacement in case of loss or damage.
- Mortgage Requirements: Many lenders in Dubai require property insurance as part of their loan terms.
For Tenants
The landlord’s insurance coverage usually covers the building but it doesn’t cover the tenant’s personal belongings.
- Belongings Protection: Contents insurance protects your belongings from any form of damage or loss.
- Peace of Mind: With insurance coverage in place, you won’t have to worry about the cost of replacing items in case of loss.
How to Insure Your Apartment in Dubai
Whether you’re an owner or tenant, understanding and getting home insurance in Dubai is important. Here’s how you can do it.
For Owners
Homeowners can follow these steps to secure their apartment with the right policy:
- Evaluate Your Needs: Decide whether you need building insurance, contents insurance or both.
- Compare Providers: Research and compare insurance companies in Dubai to find the best coverage and rates.
- Understand the Policy: Read the terms, conditions and exclusions carefully. Ensure the policy includes coverage for natural disasters if needed.
- Get a Quote: Provide details about your apartment, including its location and value, to get an accurate premium estimate.
- Purchase Cover: Once satisfied, finalise by returning the relevant documents and premium.
For Tenants
This is how to safeguard your tenanted apartment:
- Assess Your Belongings: List the items that are valuable and add up the amount.
- Choose a Contents Insurance Policy: When buying home insurance, be vigilant and pick a policy which provides for the replacement of such items if they get destroyed or stolen.
- Check Your Tenancy Contract: Ensure that the landlord’s insurance doesn’t expose you to additional risks in terms of loss.
- Activate the Policy: Fill up the required details and payment for activating your contents insurance.
Top Companies Providing Apartment Insurance in Dubai
Following are some companies offering apartment insurance in Dubai:
1. Sukoon Insurance
With nearly fifty years of experience in its pocket, Sukoon Insurance is one of the popular insurance providers in Dubai known for flexible and comprehensive home insurance plans. Sukoon caters to both owners of property and tenants to ensure they cover a wide range of risks. It is also one of the popular home insurance companies in Sharjah.
Key Plans Offered
- Home Umbrella Insurance: Provides extensive coverage for buildings, contents, personal valuables and domestic helpers. It also includes coverage for loss of rent and temporary accommodation.
- Privilege Home Insurance: Tailored for high-value homes, this plan offers worldwide protection for luxury properties, jewellery and valuables.
Location
Sukoon Building, Omar Bin Al Khattab Street, Next to Al Ghurair Mall, Deira, Dubai, UAE
Contact
+971-4-233-7777
Operating Hours
08:00 AM to 05:00 PM (Monday to Friday)
2. GIG Gulf
GIG Gulf is famous for providing the most affordable and complete insurance plans at AED 1 per day. The coverage options can benefit both residents and non-residents, providing peace of mind whether your property is occupied or vacant.
Key Features
- Building Insurance: This covers basic damage such as fire, accidental or breakages.
- Contents Insurance: Covers personal property against risks of theft, fire and earthquakes.
- Liability Coverage: It includes owner and tenant liabilities for property damage or claims by third parties.
Location
Floor 39, Churchill Executive Tower, Business Bay, Dubai, UAE
Contact
800 292 | +971-4-507-4085
Operating Hours
08:00 AM to 05:00 PM (Monday to Friday)
3. Tokio Marine & Nichido Fire Insurance Co. Ltd.
Tokio Marine has been operating in the UAE since 1976 and is one of the most established non-life insurance companies in the region. With Tokio Marine, the insurance policies start from AED 1 per day, giving both affordability and comprehensive protection.
Key Features
- Global coverage on personal belongings up to AED 150,000 worldwide.
- Accidental Damage Protection: Covers damages caused by fires, floods or other unforeseen incidents.
- Additional benefits: Covers domestic workers, medical costs for animals and death benefits in case of loss of policyholder life.
Location
Office Number 302-305, 3rd Floor, Single Business Tower, Near Emirates Holidays, Dubai, UAE
Contact
+971-4-350-2777
Operating Hours
08:00 AM to 05:00 PM (Monday to Friday)
4. Dubai National Insurance (DNI)
Dubai National Insurance offers several types of policies that will cover risks such as natural disasters and accidental damages. It has third-party liability protection that gives homeowners and tenants financial security.
Key Features
- Comprehensive Coverage: Protects against fire, explosions, floods and water pipe damages.
- Third-Party Liability: Covers legal claims and damages made against the policyholder.
Location
3rd Floor, Dubai National Insurance Building, Sheikh Zayed Road (Next to Mazaya Centre), Behind Coca-Cola Arena, Dubai, UAE
Contact
600 5 8000 | +971-4-596-9666
Operating Hours
08:00 AM to 05:00 PM (Monday to Friday)
5. Liva Home Insurance
Liva is customisable. It allows homeowners to customise their policies according to their needs. Reliability and excellent customer service are hallmarks of Liva. This is why Liva is one of the most popular choices for comprehensive home insurance.
Key Features
- Comprehensive Plans: Coverage for both building structures and contents.
- Add-Ons: Options to include high-value items like jewellery and art.
Location
38th Floor, Burj Al Salam Number 2, Sheikh Zayed Road, Dubai, UAE
Contact
800 772
Working Hours
08:00 AM to 05:00 PM (Monday to Friday)
FAQs
Yes, apartment insurance is essential to protect your property and belongings from unforeseen risks.
Premiums range from 0.1% to 0.5% of the property’s value annually, depending on the location, type of coverage and policy terms.
The right choice of insurance provider is required to secure the apartment in Dubai. Compare the plans, analyse your coverage options and settle for the insurance company best suited to your needs.
For similar choices in the capital, check out the following home insurance companies in Abu Dhabi.
