March 23, 2022

By Anselm Mendes,

Special to Property Weekly

Property Weekly


The importance of

renter's insurance

Think you don't need a home insurance plan because

you are a tenant? Maybe you should rethink

hile homeowner's

insurance has be-

come relatively


common in re-

cent years, renter's insurance is

a concept that is yet to gain as

much traction. While the for-

mer covers those who own their

home or apartment, and it cov-

ers their personal belongings as

well as the physical structure of

the property, the latter is meant

for tenants, and mostly covers

damage to or theft of their per-

sonal property, along with any

liability to the landlord.

It is advisable for someone

living in a rental home in the

UAE to get a comprehensive

home insurance plan. Probably

the most important benefit of

doing so is getting a tenant li-

ability cover, which will give

the tenant coverage against

damage to the property or its

fittings, and even furniture, as a


result of accidents such as fire,

or water damage due to flood-

ing, or a burst pipe etc. A tenant

that does not have such cov-


erage could easily find them-

selves spending out of pocket

large amounts resulting from

such events, as well as losing

their security deposit.

What are the options?


Insurance coverage varies

in terms of how much it cov-

ers the buyer for, and naturally

costs vary accordingly. So, for

instance a tenant might have

insurance that covers the con-

tents of their home and per-

sonal belongings, against loss

or damage; and even liability.

towards domestic help, plans

can also provide alternative ac-

commodation while your home

is being repaired. Premiums

range from around Dh350 to

about Dh1,500 per annum for

some of the templated pre-set

plans. For custom plans, where

specific contents and valuables

are insured for their purchase

or market price premiums

would depend on the value and

items being insured.

Home insurance plans can

be very comprehensive indeed.

For instance, apart from some

of the coverage options already

mentioned, one has the op-

tion to get cover for household

items, jewellery and valuables,

documents, currency both

local and foreign, public li-

ability, artwork, accidental


Your landlord's

insurance only covers the

cost of repairing his or her

building and does not

include reimbursement for

your personal property.


• As a tenant, it is your

responsibility to make sure

that you are protected

against any accidental

losses that you may incur.

you may

• Personal property

coverage, a standard

component of renter's

insurance, may help cover

the cost of replacing or

repairing your stuff if it is

accidentally damaged or


• Premiums range from

around Dh350 to about

Dh1,500 per annum for

some of the templated.

pre-set plans.

• For custom plans,

where specific contents

and valuables are insured

for their price, premiums

would depend on the

value and items being



damage for consumables, even

accidental death coverage for

self and spouse, and more. So,

insurance plans can vary from

options that protect the home

and contents against loss or

damage; extended coverage

that includes appliances, fur-

niture, fixtures, fittings, and

personal belongings like jewel-

lery, sports equipment, laptops,

important documents, etc.;

and coverage that meets the

legal requirements for domes-

tic help. Costs depend on the

insurer and plan, of course, but

the broad range shared previ-

ously is a good estimate.

Choosing the right product

For insurance to be ade-

quate, it needs to fit the profile

and needs of the person that

is getting the coverage. Land-

lords often only insure against

damage to the physical struc-

ture of the property, not against

the loss or damage of belong-

ings and contents, due to fire,

inclement weather, burglary

etc. So, as a tenant, one should

make certain that they are pro-

tected against any accidental

losses that they can incur.

For example, let's say a

property has suffered damage

due to water logging and flood-

ing; the landlord may have in-

sured against the damage to the

physical structure of the prop-

erty, but if the tenant has lost

their documents, or suffered

damage to an appliance or art-

work, the coverage would not

protect them against the cost

of replacing or repairing such


In terms of tips, the best

thing would be to speak with

your financial advisor, and the

representatives of the insur-

ers you are considering. This

can help you eliminate cov

erage you might not need, as

well as address needs that you

might be ignoring. An expert

can help you identify whether a

templated plan suits you, and if

so, which one; as well as if you

need to get a customised plan.

The writer is Executive

Director, Sales and Technology,

at the Continental Group





Pictures: Shutterstock

A tenant has the option to get cover for household items,

jewellery and valuables, documents, currency, public liability,

artwork, accidental damage and even accidental death.


Yet another Dubai real estate

success story

This young

businessman has

created one of the

emirate's fastest

growing real estate


n December 2020, when

the world was adapting

to a new normal, Neeraj

Mishra, a

a young Dubai-based

businessman started his en-

trepreneurial journey, estab-

lishing Scorpion Property,

one of the fastest growing real

estate companies in Dubai.

Neeraj was keen on finding so-

lutions to the changing needs

of investors as the real estate

market saw a shift during the

pandemic. Scorpion Property

is just over one year

year old and

has already achieved impres-

sive feats in the industry with

several awards under its belt

from reputed developers in the

region such as Emaar Proper-

ties and Nakheel Properties.

Tell us about your company

Scorpion Property

Over 90 $10 million-

plus homes were sold

in Dubai in 2021

Staff Report


At Scorpion Property, we

are committed to providing

our clients with exceptional

service. Keeping our client's

best interest in mind, our

team of dedicated profession-

al agents always go the extra

mile in offering our clients be-

spoke real estate solutions that

match their requirements. We

offer off-plan sales, secondary

sales, leasing, property man-

We believe there is no sub-

agement as well as holiday stitute for integrity which has

homes services. Specialising been a key factor of our suc-


homes, or homes that

cost more than $10 mil-

lion, have reached record lev-

els in Dubai, according to a

new report. The report, titled

Dubai's Covid Comeback',

says that during 2021, Dubai's

residential market recorded

over 52,000 apartment and

villa transactions, totalling

Dh114.2 billion, more than the

combined total for 2019-2020.

Staying true to our

company's vision and

core values, we are very

big on after sales

solutions that go way

beyond simply closing

the deal

ales of

Neeraj Mishra

CEO of Scorpion Property

According to Faisal Dur-

rani, Partner Head of Middle

East Research at Knight Frank,

which has released the


the spike in sales is mainly the

result of the "insatiable appe-

tite" for Dubai's luxury home

among international elite,

driving $10 million home sales

to an all-time record high of

93 in 2021, more than the last

5 years combined.

"In fact, 2021 accounts

for 39 per cent of all $10 mil-

lion home sales in Dubai since

2010. This underscores the

phenomenal depth of demand

at the top end of the market.

And these UHNWI continue

to pour into the city's luxury

residential market from loca-

tions such as India, Russia and

Europe, including buyers from

Switzerland and Monaco,"

says Durrani.

in niche communities such as

Palm Jumeirah, Bluewaters,

Dubai Hills Estate and MBR

city, our goal is to help attain

our investors their desired re-

turns. Staying true to our com-

pany's vision and core values,

we are very big on after sales

solutions that go way beyond

simply closing the deal.

What made the company

successful within just one


Ultra high value home

sales hit new record

cess. With our strong work

ethic, passion for wanting

nothing but the best for our

clients and thorough knowl-

edge of the Dubai real estate

market, we are able to deliver

what we promise and this

has resulted in repeat busi-

ness by creating long lasting

relationships with our loyal

customers. We are also very

grateful to the Dubai govern-

ment for their economic poli-

cies which has facilitated so

much ease in conducting our



in dirhams worth

of residential

properties were

sold in 2021, which

is more than 2019-

2020 combined.

Tell us a little bit about your


The report also shows that

larger homes remain in high

demand, reflected in the fact

that villa transactions con-

tinue to climb. In fact, in Q4,

the market registered a 29 per

cent quarterly increase in the

number of villas sold. Villa

prices have jumped nearly

22 per cent since the start of

the pandemic, while apart-

People make companies

and I can confidently say that

my team is my greatest asset.

Over the last one year, we have

created a strong work culture

with a shared set of values

and beliefs that align with the

company's goals and struc-


What do you see in store for

the real estate market in


With the emirate's re-

markable performance in 2021

where Dubai recorded a 71 per

cent growth in transactional

value as compared to 2020,

we see a very promising fu-

ture ahead of us in 2022. The

demand for real estate from

international buyers will con-

tinue to rise as Dubai remains

to be a safe city with a gov-

ernment that constantly in-

troduces reforms that greatly

simplify the process of buying

real estate.

Gulf News archive

There has been a quarterly increase of 29 per cent in the

number of villas sold, while prices jumped nearly 22 per

cent since the start of the pandemic.

ment values have not had the

same increases, over the same


However, Shadaab Shabbir

Patel, Managing Director, Os-

car Real Estate Limited, is of

the view that apartments will

remain the preferred choice

in Dubai real estate and bring

certain attributes to the table

that villas do not. "Villas and

apartments both have their

own distinct values. People

have different sets of preferences, for example, some

like good views and appreciate seeing the Dubai skyline,

which is obviously not possible from a villa, but people

who love independent living,

would love to stay in a villa.

The value for apartments has

also increased last year comparatively," says Patel.

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