Home insurance provides everyone the peace of mind that their property is protected from unforeseen circumstances such as a fire or a natural disaster. However, many people forget about it once they purchase it, instead of reviewing it regularly. ServiceMarket partners with companies that offer home insurance in Dubai and Abu Dhabi, and has listed a few reasons on why you need to review your home insurance policy periodically.
While you may have insured your home for AED 300, 000 when you first bought it. A decade later, the cost to rebuild it from scratch will have gone up significantly. If you don’t address the gap in coverage, you will have to cover the costs out of pocket when you make a claim. Besides changes in construction costs, any renovations you have done since you purchased your home increase it’s value. You need to review your house insurance policy to make sure that it reflects this increase.
Paying too much
Insurance companies are always adding new services and offering discounts. If you review your home insurance policy periodically, you can find out if you are eligible for any discounts. For example, you might qualify for discounts if you have installed a home security system or if you have a claim free house insurance history. If you hire a professional to review your insurance, you can confirm if you are paying a fair price or if you need to shop around for a better price.
If you have purchased more creature comforts or have been given expensive gifts, you might have outgrown your personal belongings coverage. An annual inventory of your belongings along with a review of your policy will help you determine if you need to increase the limit in your policy.
Work from home
If you started working from home after purchasing your policy, you might need business use cover as an add on. This is especially important if you have expensive equipment. A review of your policy will help you determine if you need to make such changes.
Changes in life
To ensure that you won’t be denied a claim, inform your home insurance company of any major changes in your life. If you switched neighborhoods or changed your workplace, for example, you need to inform your insurance company so they can update your records. If you don’t get your information updated, it can delay things when you need to make a claim.
If you haven’t purchased a policy yet, but are considering it, remember to do your homework. There are three types of home insurance that are common in the UAE. Once you have determined what coverage you need, get free quotes from reputable insurance companies in Dubai on ServiceMarket.