Home Insurance-Always be prepared for the unexpected.

Home Insurance-Always be prepared for the unexpected.

  

Getting home insurance ensures you are protected from unforeseen threats

Your home is your biggest investment. It houses people and things that are most important to you. Most of us know all about how our homes work but are clueless about how our home insurance works. You can legally own a home without having insurance but that would be rather unwise, leaving your loved ones as well as your belongings open to the threat of disaster.

Home insurance generally covers three things: structure, belongings and liability. Structure refers to the building) roof, walls, stairs, and others).home insurance typically covers fire, water from busted pipes, damage due to hailstorm, and others. Most insurance policies do not cover earthquakes and floods, and you have to buy a separate insurance for that.

Belongings refer to all things in your house, so insurance covers you from theft as well. It is useful to have a home inventory so that you know exactly what you have and how much they are worth. When it comes to belongings, you are insured up to a certain limit only. You may need a separate insurance for high-value items such as gold and jewelry.

Liability refers to accidents happening to others in your home premises. High-risk areas for such caese are the pool, trampoline, or even the stairs. Your home insurance protects you against law suits as well as takes care of the medical expenses of others. Most insurance policies also cover living expenses wherein in cases of an accident such as a fire or flooding from broken pipelines, you may have to stay in a hotel.

Once you are clear about your needs and budget, work with an independent agent who can present suitable options. You can get a professional assessor to help you assess your risks, valuate your property, and suggest a suitable coverage. Ensure your coverage is large enough as building and labor costs are continually on the rise. If you make any additions, inform your insurance agent to increase the coverage. This may not increase your premium hugely, but will definitely buy you peace of mind. When buying the insurance, specifically ask for what it does not cover

Remember, life is all about being prepared for the unexpected.

Home Insurance Tips

Home insurance, in general, covers the structure, belongings, and liability

Most insurance policies do not cover damage caused but natural disasters

Ensure your insurance cover is large enough as building/labor costs are rising

 

Understand the types of property insurance policies

Understand the types of property insurance policies

Getting your home insured ensures peace of mind during unforeseen eventualities

When availing of a mortgage or a home loan, the borrower makes a fixed monthly payment known as equated monthly installment (EMI) towards its repayment to the mortgage provider. This payment is primarily made up of interest and capital components.

However, there are additional payments like mortgage life insurance and property insurance that the borrower is also liable to pay. Both insurance policies have a common objective to provide a safety net is case of eventualities at a certain cost. To make an informed decision, it is important to familiarize yourself with the costs.

A mortgage life insurance aims at protecting mortgage repayments. If the borrower dies during the length of the policy, the insurance company undertakes to repay the mortgage debt and the family members of the insured are able to retain a roof over their heads. In the UAE, banks charge in the range of 0.35 per cent p.a. to 0.4 per cent p.a. of the outstanding loan amount as mortgage life insurance, deductible either monthly or yearly. However, in cases where the mortgage amount is exceptionally high or depending on the overall health of the borrower, this percentage may vary.

A property or home insurance safeguards the home owner in case of damage to the property or its contents by virtue of theft, fire, natural catastrophes and or accidents. It is a simple and very affordable means to insure one’s valued possessions. As a standard across banks, this is charged at 0.05 per cent p.a. of the property value and is deducted yearly.

In today’s times, one can no longer proceed with a mortgage application without availing of mandatory insurance policies. Home loan providers and banks do an excellent job of stressing on the importance of the same, and rightly so. Above all, thorough knowledge of these aspects makes the monthly budgeting easier from a borrower’s point of view. These little steps, put together, often go a long way to ensure peace of mind during unforeseen tragedies and provide sufficient protection against potential mishaps.

Mortgage Tips

A mortgage life insurance undertakes to repay the debt if the borrower dies

For mortgage life insurance, UAE banks charge from 0.35 and 0.4% annually

A property insurance safeguards homeowners in case of theft, fire and others

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Dubai : Affordable and safe living in Al Qassimiya

Dubai : Affordable and safe living in Al Qassimiya 

 The locale has always been popular among expat residents on a tight budget

The Al Qassimiya area of Sharjah is conveniently located near Al Ittihad Road, King Faisal Street and Corniche Road, and is known for providing a comfortable and, more importantly, safe living environment for all tenants within various apartments complexes. The facilities on offer include modern retail and shopping centers such as Mega Mall, Sharjah City Centre and Al Safeer Mall.

Also in the area is the Al Mahatta Museum which was the original site of the first airport that opened in the UAE in 1932. The museum offers children free access to educational movies and fully restored original propeller planes.

Well-known resedential complexes within Al Qassimiya include Manazil Tower 1 and Sunlight Tower which always been popular with residents who cannot afford expensive accommodation. In addition to affordable rents, they offer easy access to retail , health and educational facilities .

 There have, however, been problems with some residential buildings in the area being used as commercial properties. This is causing security problems due to access rights of those visiting commercial businesses in what some feel should be a restricted-access residential building.

In addition to this rental rates in Sharjah in recent years have seen increases of up to 15 percent in areas such as Al Qassimiya due to strong growth in the demand and lack of quality stock. Once an affordable area, now a one-bedroom apartment can cost as much as Dh26,000 per year, while a two-bedroom apartment can cost anywhere from Dh25000 to Dh 35,000. According to the Sharjah Ministry regulations , rents can only be increased for a tenant every three years ; however, new tenants who are moving in are being charged Dh2,000 to Dh5,000 more than what the other tenants have been paying. 

Despite all this, Al Qassimiya remains a popular resedential destination in Sharjah especially for those community to DubI along Sheikh Mohammed bin Zayed Road

The case of non-renewable tenancy contracts.

The case of non-renewable tenancy contracts.

Go through every detail of the contract and make sure you understand all clauses

Has your tenancy contract of your ended and has the landlord demanded termination eviction instated of renewal check if you have signed a non renewal tenancy contract usually tenancy contract are enwalled expect if they are particularly marked nonrenewable or may have some clauses that make them non renewal led also sometimes the landlords writes the non renewal clauses in ambiguous words which the tenant may be unable to catch at all times of signed the contract.

This strategy is applied by some landlords so they may not be found bound to adhere to any rent cap or in case of DUBAI the RERA rental index. When the landlord issues a nonrenewal contract for one year he can ask the tenant to leaf if the tenant disagree to pay the increased rent in this situation the landlord can avoid any rent cap clause and lease the property to a new titan on a higher rent .
If he tenant has signed and willingly accepted the non-renewable clause in the contract, then he has to comply with the terms and honor the agreement.

As a tenant, before signing either for the first time tenancy contract or renewal contract, it is pertinent to go through it thoroughly and understand all the clauses perfectly. Taking legal device could be helpful to avoid any disputes later. This is particularly useful for expatriates new to Dubai. Also, a tenant should remember that no landlord can forcefully make him sign a non-renewable contract. But the landlord is entitled to send a non – renewable contract when renewal for the new term with a one-year notice.

In case the tenant has signed a non-renewable contract unknowingly and does want to vacate the property, he can try negotiating with the landlord by expressing his desire to renew the contract and see if he agrees. Typically landlords are aware that most tenants would like to renew the lease after the expiry of the original lease. If the landlords and tenants reach a mutually beneficial agreement, the matter can be resolved amicably.

Real Estate Tips

•    Ensure you have full understanding of the tenancy contract and tenancy rights

•    Negotiate with the landlord so you reach a mutually beneficial agreement.

•    Always prefer a renewable contract over a non-renewable one.

Dubai hotels continue to raise room rates

Dubai hotels continue to raise room rates

This despite new supply entering and about to enter the market

A recent survey revealed that hotels in Dubai have edged out their counterparts in Europe in terms of profits. Some of the factors that have contributed to the Dubai hotel industry’s growth are high occupancy and high room rates. It has also helped that most four and five-star hotels in the emirate have five restaurants, largely adding to revenue growth.

News reports said hotel rates in the emirate have risen steadily in the past year because of increasing demand from tourists and visitors. Although there are months when occupancy levels are low, and despite the new supply released in the market, slightly affecting the overall demand, hotels have continued to hike up their room rates. The reports further stated that the hotel rates shot up at an average of 1.4 per cent last month to be pegged at Dh658.12 per night, considered the highest compared to was witnessed during the peak period of 2008.Hotels are expected to have an average increase of 3 per cent revenue per available room this year.

A number of new hotels were launched during the first quarter of the year, which included Marriott Hotel and Marriott Executive Apartments in Al Jaddaf, Waldorf Astoria on the Palm and JW Marriott Marquis’ second tower on Shaikh Zayed Road. More will enter the market in the coming months: Hyatt Place in Deira, Pullman Hotel at Jumeirah Lakes Towers, Sofitel Downtown, Coral International at Dubai Sports City (DSC) and Ghaya Grand Hotel and Apartments near DSC.

Considered a global business and tourism destination, Dubai has a steady stream of tourist numbers mostly from the leisure and business sectors. Top guests come from countries such as China, Saudi Arabia, Kuwait, Germany, UK, India, USA, Oman, Iran and Russia.

With the emirate’s aim of hosting 20 million annual visitors by the year 2020, there is no other way that the Dubai hotel industry is going but up.

A survey revealed Dubai hotels are among the most profitable

Hotel prices increased by 1.4 percent, reaching Dh658.12 per night

Newest hotels include Waldorf Astoria and JW Marriott marquis

The Business of Mortgage Settlement Explained.

The Business of Mortgage Settlement Explained.

Buyers and sellers must understand the nitty-gritty of settling a mortgage.

The mortgage market is the vast and quite complex how ever it is important for mortgage settlements to take place as these provide assistant to both homeowners and borrowers property buyers have a ensure several clauses are included in the memorandum of understanding (MoU).

The procedures that a cash buyer who settles a seller mortgage include pre-regostering the mortgage property at the land department which is highly essential using escrow agents undertaking a letter from  the seller to his her bank requesting the bank to release all original property documents to the purchaser only. 

Another major component are the security cheques which are equal to the mortgage.the amounts will be held as security only by the real estate agency and will be returned back to the seller on the transfer date once the property transfer is completed by the seller.

Escrow agents operate as natural third parties on behalf of buyers and sellers in a real estate transection. The seller gives a price on application (POA) in favor of the escrow agent purchaser to be used for security purposes only if the seller attempts to default on his her obligation.

The undertaking letter from the seller to his her bank instructs or request the bank to release all original property documents to the purchaser only. It is inclusive but not limited to banks issuing a no objection certificate (NOC) and title deed to the purchaser or purchase bank. A buyer should also ensure that the seller banks credit the fund a received from him into the sellers loan account and not into the sellers current or savings account and obtain a confirmation from the seller bank for the same. 

The security cheques can also be realised to the purchaser and can be deposited or encased by the purchaser if the transfer is not completed by the seller default on his obligation to complete the transfer to purchaser. 

To make sure you are on the right end of a mortgage closing it is important to follow four pieces of advice avoided any major purchaser before closing your mortgage plan don't make any big or drastic careers changes always prepare for a last minute credit check and always watch out for closing cost surprises  

The case of non-renewable tenancy contracts.

The case of non-renewable tenancy contracts.

Go through every detail of the contract and make sure you understand all clauses
has your tenancy contract of your ended and has the landlord demanded termination evection instated of renewal check if you have signed a nonrenewal tenancy contract usually tenancy contract are enwalled expect if they are particularly marked nonrenewable or may have some clauses that make them nonrenewal led also sometimes the landlords writes the nonrenewal clauses in ambiguous words which the tenant may be unable to catch at all times of signed the contract.

This strategy is applied by some landlords so they may not be found bound to adhere to any rent cap or in case of DUBAI the RERA rental index. When the landlord issues a nonrenewal contract for one year he can ask the tenant to leaf if the tenant disagree to pay the increased rent in this situation the landlord can avoid any rent cap clause and lease the property to a new titan on a higher rent .
If he tenant has signed and willingly accepted the non-renewable clause in the contract, then he has to comply with the terms and honor the agreement.

As a tenant, before signing either for the first time tenancy contract or renewal contract, it is pertinent to go through it thoroughly and understand all the clauses perfectly. Taking legal device could be helpful to avoid any disputes later. This is particularly useful for expatriates new to Dubai. Also, a tenant should remember that no landlord can forcefully make him sign a non-renewable contract. But the landlord is entitled to send a non – renewable contract when renewal for the new term with a one-year notice.

In case the tenant has signed a non-renewable contract unknowingly and does want to vacate the property, he can try negotiating with the landlord by expressing his desire to renew the contract and see if he agrees. Typically landlords are aware that most tenants would like to renew the lease after the expiry of the original lease. If the landlords and tenants reach a mutually beneficial agreement, the matter can be resolved amicably.

Property Tips

•    Ensure you have full understanding of the tenancy contract and tenancy rights
•    Negotiate with the landlord so you reach a mutually beneficial agreement.
•    Always prefer a renewable contract over a non-renewable one.

Build your with business tenant profile

Build your with business tenant profile.

Landlord building owner must make it a practice to vet prospective tenants

Oft we hear to tales about unscrupulous landlord who impose sudden rent hikes without notice giving unwilling tenants take it over leave it ultimatum as there called option but to be fair there are also tenants who turns out t be quite a headache not just to be landlord or building owner and also to feller tenants.

When it comes to a commercial building portfolio it would do well for a land lord building owner to throughly vet prospective tetanus and build of tenant profile or database to help in manage his property weed out problematic tetanus and effectively retain the goods ones.

If you are investing in an already occupied property remember that you basically inherit whoever is already in the units reward stress note if items like the cleanliness of the unit tenant business owner personality nature of business relationship with fellow tenants ext you normal day to day chitchat.

But if you are landlord of an newly acquired property that has yet to be filled then you have full controls of who gains access to the units and amenities therein avoid the mistake most landlords make that is being more conserved with getting the unit leased out as quickly as possible  instead of focussing on identifying quality tenants some things to in include in your tenants vetting checklist are nature is business proof previous land lord tenants personality traits and credit standing.

Either way for future reference aside from basic demographic information you should also include data on the lease termination date history tenancy and maintenance and service activities as well as any Feds back complaints session with your tenants.

Look no further than UAE for investments

Look no further than UAE for investments.

The country is the great place to live work and invest in real estate

The UAE real estate market is the healthiest market in the world at this time some may have say he same thing about London o New York . They are bowing market or have booming areas where the super rich live . But why not dive out of those ares and start counting the for sale and tolet sights outside business closed after generations of hardworking do not look at he market that focus only the successful bankers live look at the market research that includes where bank customers live then you will see more of the real picture.

Otis better to be in a smaller country where everyone gets a chance to build a life that is open to all nationalities of all budgets we will call it the new American dream tax free and with loads of oil and gas just around the corner of emergency the biggest problem is we buy more A380s and targets more cities around the globe so people will come visit and want to relocate here as they soon as they return accommodate them we must not make it impossible for people to bring there family and too expensive for them to rent of buy a house.

In our commercial and industrial offering to investors we must not forge the small  us indeed s always look at the long term and not search elsewhere.

It is not easy to buy or rent anywhere at this time there are waiting list for everything so invest now if you can but if you are just starting do no worry will continue for decides to come on New Years London and Dubai the first three cities are more than 300 years in the making Dubai only 43 years old .