DUBAI // Residents preparing to travel abroad for the holidays need to ensure their home insurance coverage is sufficient to cover risks when leaving their property vacant for an extended period, according to Nexus Group, an independent financial adviser.
Property owners and tenants need to ensure that they have adequate protection in the event their property is damaged or burgled while they are away.
“All too often, we see that people in this part of the world underestimate the importance of home insurance. If they do have any form of insurance, they often don’t pay attention to what it does actually cover, until it is too late,” said Alison Fenech, head of general insurance at Nexus.
“Tenants often assume that their belongings are covered by the landlord’s insurance, which usually only covers the actual building, while a new property owner may not make insurance coverage a priority,” she said.
The cost of home contents insurance was affordable, she added. For example, for an apartment with contents valued up to Dh60,000, the annual premium would be an estimated Dh180.
nalwasmi@thentional.ae
