Guide to Holiday Home Insurance UAE
Introduction -
Until very recently, the thought of buying a
holiday or second home in the United Arab Emirates
buying a holiday or second home in the
United Arab Emirates was unthinkable. Very little was known to property
investors from outside of the region and in fact it was not possible acquire
property for purchase. This all changed in March 2006 when along came the
long-awaited law allowing foreign ownership in designated areas of Dubai. The
law gives foreign owners a freehold title, registered with the Dubai Lands
department. It also allows owners to sell or lease the properties without
restriction. Shortly after, large numbers of advertisements and websites began
appearing, extolling the virtues of property purchase in this part of the world.
Certainly from a taxation point of view it is most desirable and buying and
registering property is now amongst the easiest in the world. The United
Arab Emirates is located in the eastern part of the Arabian Peninsula and
extends along part of the Gulf of Oman and the southern coast of the Persian
Gulf. It shares borders with other Gulf States; Saudi Arabia to the west and
south, Qatar to the north, and Oman to the east. Whilst most of the land is
sandy and desert like, many modern developments are creating spectacular new
landscapes. The United Arab Emirates came in to existence in 1971 formed by
seven emirates known as the Trucial States—Abu Dhabi , Dubai, Sharjah, Ajman,
Fujairah, Ras al-Khaimah, and Umm al-Qaiwain. Each of these states has a
separate ruler who is responsible for local government issues
Let Property, Second Home, Holiday Home Insurance - Of course one you have
located your property, you will need to obtain insurance. This is readily
available from the United Kingdom and can cover holiday homes and property that
is rented out on a longer term basis. Whilst you may not be overly worried about
the threat of weather claims effecting your property, there is a slight chance
of damage caused by earthquakes and the UAE is not as safe from this type of
occurrence disasters as many people assume. An earthquake in Fujairah Masafi on
11th March 2002 measured 5.1 on the Richter scale and demonstrated that whilst
rare, earthquakes can occur in this part of the world. Further this, many
property investors are surprised to learn than an international team of experts
rates the United Arab Emirates in the same league as United Arab Emirates And California when
it comes to the change of an earthquake occurring. When applying for your
insurance, the same rules apply to sums insured as they do in other countries.
For rebuilding purposes, you will need to calculate the total rebuilding cost.
This figure can often be obtained from your developer. With regard to contents,
calculate your sum insured based on the total value of your contents on a as new
basis. Most insurance companies when offering cover for contents in holiday
homes will issue cover on a new for old basis. Probably the most important cover
if you intend to carry out letting of the premises, is property owners liability
cover. whilst this is usually included in the core wording of most policies, you
should always tell the insurance company of your intention to let the property
so as to ensure you have the correct form of cover. AssetSure are
able to offer insurance for an Uae holiday home.
The Holiday Home Market in United Arab Emeriates - Property Investors from
around the world are being attracted to this region because of the lifestyle and
wonderful climate. much work has been carried out to improve ( and create in
many cases) an infrastructure and the facilities on offer are hard to match
anywhere in the world. Much publicity has been given to the area and as a result
of this, prices have been increasing by as much as 25 per cent per annum, and
Dubai City has become an international property hotspot. At the present moment,
the residential locations traditionally favoured by Westerners include the
extremely up market Jumeirah, located on the coast to the southwest of the city
centre, and Al-Garhoud, situated on the north-eastern side of the creek, near
the airport. However, new developments are springing up everywhere and at all
prices.
How to Buy a Holiday Home in Uae? - As mentioned above, the actual purchase
procedure is relatively straight forward, once you have located the property you
wish to buy, it is customary to pay a reservation fee, this can vary but will be
in the region of a few thousand pounds. Within seven days of this transaction,
you will be expected to come up with the deposit less of course the amount you
have already paid. A deposit will be in the region of 15% and at this point the
contract is signed. If you are one of the many people applying to buy a property
off plan, you will find that in common with many other parts of the world,
payments are staged. Surprisingly, no form of stamp duty exists in the United
Arab Emirates
So if you are seeking an holiday home insurance quote for a property in places
like Dubai, Abu Dhabi or Ash-Shariqah, why not see if we can help. In
addition, Assetsure provide overseas property insurance and holiday home
insurance for other countries including Australia, Austria, Belgium, Bulgaria,
Brazil, Canada, Cape Verde, Chile, Croatia, Cyprus, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Egypt, Hungary, Iceland,
Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Monaco,
Montenegro, Morocco, Netherlands, New Zealand, Norway, Poland, Portugal,
Romania, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland,
Thailand, Turkey, United Arab Emirates, United Kingdom (UK) and Venezuela.
