Your guide to a smooth property damage claim process
Experiencing property damage can be a challenging and stressful situation. Therefore, it is important to understand the property damage claim process to ensure a smooth and fair resolution. Unsure where to begin? Our blog offers key insights to help you protect your investment.
WHAT IS A PROPERTY DAMAGE CLAIM?
A property damage claim is evidence or a report you submit to an insurance company when your insured property is damaged. This damage can result from various incidents such as accidents, natural disasters or any other unforeseen events.
The process allows a claimant to file for reimbursement of the financial loss incurred due to the damage.
TYPES OF PROPERTY DAMAGES
You can make a claim against the following types of property damages.
- Water damage
- Smoke damage
- Falling objects
- Arson
- Termite damage
- Theft
- Vandalism
PROPERTY DAMAGE CLAIM PROCEDURE
The property damage claim process may differ from company to company. However, here’s an overall breakdown of steps you can follow while filing a claim in Dubai or Abu Dhabi.
STEP 1: REPORT THE INCIDENT
The first step for a property damage claim in Dubai is to report the damage to your home or its contents. You will also need to bring in the required documents.
STEP 2: CLAIM ASSESSMENT
Once you have made the claim and submitted the documents, your insurance company in Dubai will record the details of the incident. This is followed by an assessment of your case. Based on the nature of the loss, the company may appoint a Loss Adjuster to investigate the damage incurred.
STEP 3: RECEIVE CLAIM REFERENCE NUMBER
After making the claim, you will receive a claim reference number via SMS or email. You can use this claim number to track the progress of your claim throughout the entire process.
DOCUMENTS REQUIRED TO MAKE THE CLAIM
To make the process of claiming the damages hassle-free, have the following documents ready:
- Policy number
- Policy report (if applicable)
- Time, date and location of incident
- Description of what happened
- Estimated value of loss
- Claim form (your insurance company will issue this)
Please note that depending on the nature of the loss, your insurance company might ask you for further documents.
FAQS ABOUT PROPERTY DAMAGE CLAIM
WHAT TYPE OF PROPERTIES CAN BE INSURED?
Things of value can be insured, whether a residential property or a vehicle.
HOW DOES PROPERTY INSURANCE COVERAGE WORK?
Generally, there are three types of property insurance coverage: replacement cost, actual cash value and extended replacement costs. You can add any of these to your insurance policy.
- Replacement costs cover repairing or replacing a property at the same or equal value.
- Actual cash value pays the renter or homeowner the replacement cost, excluding depreciation. For instance, if the destroyed property is 10 years old, you’ll be reimbursed for the value of a 10-year-old property, not a new one.
- Extended replacement cost pays more than the coverage limit if construction costs have increased.
WHICH ARE THE TOP INSURANCE COMPANIES IN ABU DHABI?
The top insurance companies in Abu Dhabi include AXA, FMC Network UAE and Metlife.
CAN I RECEIVE FULL SECURITY DEPOSIT FROM MY LANDLORD IN DUBAI?
Yes, you can. The Dubai Rental Law entitles tenants to receive a full security deposit from the landlord when switching homes. However, reading your tenancy contract carefully and getting a check-in and check-out report to avoid disputes is advisable.
And on that note, we wrap our guide. Please note that it’s essential to understand your insurance policy’s coverage limits, deductibles, and exclusions before filing a property damage claim. So be sure to contact your insurance company before filing for damage.
Want to get your property insured? Here’s a brief overview of how to select the right home insurance in Dubai for tenants.
If you’re new in Dubai, here’s a comprehensive checklist for home maintenance to keep your property in top-notch condition.
