UAE – Fire insurance includes alternative housing
Monday, 09 04 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority issued guidelines emphasizing the necessity of including an alternative replacement housing within the fire insurance contract covering buildings for both owners and renters whenever the apartment has to be evacuated due a covered incident.
Moreover, managers and workers in the insurance sector said that “the demand for insuring the contents of houses increased significantly in the last period” indicating “however that most belongings in most houses are still uninsured”.
They clarified to “Emarat Al Youm” that the “prices of such product are low with an average of AED 600 for apartments that have two rooms”.
Source: Emarat Al Youm