Due to a recent fire incident in Dubai Marina that affected over 100 units in a high rise Tower the question arises do Landlords need additional home insurance:
For Buildings that have multiple owners (known as Jointly Owned Buildings) part of the annual maintenance charges paid by every home owner includes building insurance. There are different policies for each building and dependent on the insurers cover.
In general terms the majority of policies may only cover communal area maintenance and structural problems within any area of the Building (including each unit).
What you may wish to consider is additional cover for damages to the inside of your property as well as loss of rental. The Landlords may not be liable to cover Tenants personal belongings in the event of any damage due to fire or leaks within the unit but to avoid potential conflict we suggest a clause is included within a Tenancy Contract.
It is advisable both Tenants & Landlords consider the different insurance policies so they can feel more secure in the event of the unexpected. For further details on insurance options please contact Exclusive Links Real Estate.
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