Real estate is one of the biggest businesses of Dubai. The purchase and renting rate of flats is very high over here and due to the newly built real estates and for the thousands of flats, office and retail spaces which are under construction, we can say, that the importance of having good home insurances is quite high over here. Good home insurances protect the owners from the costs of almost all possible damages, no matter whether they are caused by accident, failure of construction, or damage of any other nature. So, if you are planning, or have already purchased a flat, apartment or house in Dubai and you still stand without any home insurances, then you better go and get one as you can never know when you might need using them.
Buying a new Dubai real estate has almost has many potential dangers as of buying an used real estate. No matter anywhere in the world, problems can happen and these, do not avoid the newly built real estates either. Many already faced the consequences after moving in to their sunny Dubai home and had later realised that the soil on which their home had been built, is quite far from stable, yet it had been built without considering this fact. In addition, although robbery and such are not common in Dubai, yet take the necessary steps to prevent any such attempts. The biggest problem with a real estate lies in its construction though, including the building of interiors, specifically bathrooms and kitchens, the two main areas where problems can occur.
In order to prevent you from the costs of such, Dubai home insurances are multilayered, offering several services with additional too if wanted. There are three main diverse types of home insurances, according to the type of the ownership:
* Homeowners home insurances
* Condo owners’ home insurances
* Renters’ home insurances
These are good because they protect the interests of either side, which is very important in the real estate business. The new law concerns insurance against damages due to construction reasons and structural damaging, has been implemented in 2008, making things much easier for all those who wanted to buy real estate in Dubai. The office that is taking care of real-estate interests and insurances in Dubai is called Real Estate Regulatory Authority or RERA. The have also decided that a Home Owner’s Association will be made in every residential complexes and condominiums in order to represent and protect the owner’s interests.
This was a very necessary step, as previously constructors could not be held responsible for any poor quality construction, especially after the real estate had been sold. This leaded to many troubles and made an overall bad impression on how they handle things in Dubai.
So now, everyone can insure their flat and if they notice any such mistakes or damages, they can freely go to the RERA in order that they can contact with the developer who can be held responsible for all such damage, according their home insurances.
So, now it is much safer to buy property in Dubai with home insurances and your needs represented and protected from either side. Mainly AXA or HSBC Bank makes home insurances in Dubai.