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Walid Al Zarooni: Real estate insurance is a “trustworthy guardian” to protect real estate investments
A W Capital assessment noted 10 benefits of real estate insurance in the UAE against the risks of fire, water, or natural disasters, such as the recent unprecedented rain storm.
“Property insurance, whether real estate or a car, has become a must after the recent severe weather conditions that caused damage to some homes and properties,” said Walid Al Zarooni W Capital brokerage CEO.
“The real estate insurance is the “trustworthy guardian” to protect real estate investments, as it provides the necessary layer of protection against a wide range of risks, such as natural damage or legal challenges, to ensure the safety of real estate assets,” he added.
Al Zarooni confirmed that there is a common belief that property insurance is the responsibility of the owner, but this is not true. From a legal standpoint, the owner is only obligated to provide insurance for the house if it is mortgaged, as this will only cover the physical structure of the house and not its contents.
He made clear that it is possible to insure the property, villa furniture, and whatsoever inside the property, if you are the owner, or a tenant. You can also insure the property and furniture, in addition to insurance for the rental allowance to mitigate damages to the owner and tenant in the event of force majeure circumstances such as floods, rain storms, and natural disasters.
He stated that rent insurance enable the owners achieve income even if rent cannot be paid by tenants for various reasons such as job loss or serious damage to property.
Al Zarooni stressed the need for insurance to be the next step immediately after purchasing or renting real estate, because it can protect against potential future losses, so many benefits can be obtained:
The first benefit is repairing damages
W Capital stated that home insurance when buying or renting real estate in Dubai or in any other emirate has become inevitable, as the home may be exposed to many damages and problems resulting from internal or external factors, in addition to the time factor and the long use of facilities and parts. That’s why insuring the home is a must, with the aim of repairing these damages instead of incurring huge expenses. That will increase the life span of the property and make living easier for residents.
Second: Coverage that includes personal property
Home insurance coverage can extend to include buildings, homes, and personal property. Home insurance in the UAE also includes internal and external damage to the building as well, in addition to loss or damage to personal and other property due to fire, water, natural disasters, etc. It is easy to insure a home in the UAE through insurance agencies.
Third: investment protection
W Capital confirms that insurance provides financial protection against losses, real estate investments. That encourage injecting more money into this sector.
Fourth: Coverage against natural damages
The insurance covers damage resulting from natural disasters such as storms, floods, and heavy rains such as the one Dubai has witnessed recently. Therefore, everyone who insured their property or car previously will benefit, and will not bear any cost.
Fifth: Protection against vandalism
W Capital added that the insurance benefits are numerous and also include real estate insurance, against theft, break-ins, and vandalism, which provides the necessary funds to compensate the affected people.
Sixth: Legal liability
Insurance protect real estate owners from legal claims resulting from injuries or damage that may occur within the property.
Seventh: Enhancing the property value
Insurance contributes to maintaining the property’s market value, by preserving safety and readiness, which increase the chances of reselling the property at a good price.
Eighth: Supporting reform processes
Insurance helps cover the costs of repair or rebuilding after damage occurs, and this is done quickly without having to wait until the owner has the necessary funds, as insurance companies pay for these damages.
Ninth: A condition for real estate financing
Banks and financing institutions require real estate insurance as a condition for providing real estate loans, as a protection against any potential damages that may befall the property.
Tenth: Financial stability of the property owner
Insurance ensures the property owner's financial stability in case of any damage or loss, and helps achieve long-term financial sustainability for real estate projects by reducing the financial risks associated with real estate ownership.
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