RAKBANK Home Insurance

About RAKBANK

RAKBANK, officially known as the Ras Al Khaimah Bank, has established itself as one of the leading banks in the UAE. Since its inception in 1976, the bank has offered innovative banking solutions and exceptional customer service, consistently expanding its offerings to meet the evolving needs of its clients.

With a strong focus on customer-centric products, RAKBANK provides insurance solutions catering to various segments, including home insurance. The bank's home insurance policy stands out for its comprehensive coverage, flexibility and ease of access, so that customers are well-protected in the event of any unforeseen incidents.

Overview of RAKBANK Home Insurance Policy

RAKBANK home insurance provides a comprehensive and flexible policy to cover both homeowners and tenants. If you are looking to insure your building, personal belongings or both, RAKBANK offers a range of coverage options to suit your specific needs.

The policy protects against various risks, including fire, theft, water damage and natural disasters. Additionally, it includes coverage for legal liabilities, emergency repairs and other essential services.

Benefit	Details
Building Coverage (Owner only)	Covers damage or loss to your home structure due to various risks like fire, flood or theft.
Contents Coverage (Owner and Tenant)	Protects household contents, including furniture, electronics and personal items against loss or damage.
Personal Possessions	Covers damage or loss to personal valuables and possessions inside the home.
Legal Protection	Includes coverage for legal liabilities such as accidental injury or property damage to others.
Emergency Home Assistance	Provides emergency repair services for plumbing, electrical, locksmith and glazing issues.
Alternative Accommodation	Covers the cost of staying in temporary accommodation if your home becomes uninhabitable.

What is Included in RAKBANK Home Insurance?

RAKBANK household insurance offers extensive coverage for both buildings and contents. Given below is a breakdown of what is included under the policy —

1.) Building Coverage (Owner Only)

RAKBANK house insurance covers loss or damage to the building caused by various perils. This coverage is specifically available for homeowners and protects the structure of your home.

Coverage includes:

• Protection against fire or explosions caused by lightning or other causes.
• Coverage for damage or loss due to theft or burglary with forcible entry.
• Protection against natural disasters, including storms, sandstorms, floods and earthquakes.
• Covers damage caused by the bursting or overflow of water tanks, pipes or fixed installations.
• Protection from malicious acts, riots or civil disturbances that cause damage to the building.
• Damage caused by falling trees, telegraph poles or other objects.
• If your home is uninhabitable, the policy covers additional accommodation costs for up to 30 days (approximately AED 250 per day).

Additional Building Coverage Details:

• Rebuilding Costs: If your home is destroyed or severely damaged, RAKBANK household insurance will cover the cost of rebuilding your home based on the policy limits. This can include the labour and materials required to restore it to its original state.
• Structural Changes: Covers repairs needed due to structural damage resulting from a covered peril. This can include damage to walls, floors, roofs, windows and doors.
• Loss of Rental Income: If the building is rented out, the policy covers the loss of rental income during the time the building is uninhabitable due to covered damages (this is also part of the Loss of Rent option mentioned in the policy).

Coverage	Limit (Approximate Value)
Building Coverage	Up to AED 5,000,000
Replacement of Locks	AED 2,500
Alternative Accommodation	AED 250 per day for up to 30 days
Deductible	AED 1,500 for each claim

2.) Contents Coverage (Owner and Tenant)

RAKBANK household insurance also protects the contents of your home, whether you own the property or rent it. This section covers household goods, personal items and valuables.

Coverage includes:

• Covers loss or damage to contents caused by fire or explosions.
• Covers accidental damage to contents, including furniture, electronics and household goods.
• Protection from damage caused by water leaks from tanks or pipes.
• Covers loss or damage to contents from theft or burglary with forcible entry.
• Replacement of food if it is damaged due to a failure in refrigeration.
• Covers personal belongings of visitors to your home.

Additional Contents Coverage Details:

• Household Appliances: Coverage includes the repair or replacement of damaged or broken household appliances such as refrigerators, washing machines or dishwashers, caused by accidental damage or electrical failure.
• Electronics Coverage: In the event of damage or theft, RAKBANK home insurance will reimburse the cost of replacing or repairing electronics, including televisions, computers and other electronic devices.
• Furniture and Decorations: Personal belongings like furniture, curtains, rugs and home décor are covered for loss or damage due to perils like fire, theft or water damage.

Coverage	Limit (Approximate Value)
Contents Coverage	Up to AED 1,250,000
Household Goods (per item)	AED 10,000
Furniture and Decorations (per item)	AED 20,000
Electronic Items (per item)	AED 3,000
Freezer Contents	Up to AED 3,000 per policy year
Personal Possessions (per item)	AED 2,500

What is Not Included in RAKBANK Home Insurance?

While RAKBANK household insurance provides extensive coverage for various risks, there are certain exclusions that policyholders should be aware of. These exclusions outline situations where the insurance will not provide compensation.

Exclusions for Buildings Coverage:

1. Gradual Wear and Tear: Damage caused by the gradual deterioration of the building, such as wear and tear, is not covered.
2. Mechanical and Electrical Breakdown: The policy does not cover damage to or the breakdown of electrical or mechanical equipment unless caused by a covered peril (e.g., fire).
3. Subsidence or Heave: Damage caused by subsidence (downward movement of the building) or heaving (upward movement) of the ground under the building is excluded.
4. Swimming Pools and Outdoor Structures: Damage to swimming pools, tennis courts, patios, terraces, gates and fences is not included.
5. Loss During Unoccupied Periods: If the building is left unoccupied for a prolonged period, any damage that occurs during this time may not be covered.
6. Tree Cutting: Damage caused by trees being cut down or cut back within the premises is not covered.
7. Loss During Renovation: Any damage caused during renovation or construction work, if it is not related to an insured event, is excluded.

Exclusions for Contents Coverage:

1. Gradual Wear and Tear: As with buildings, contents damage caused by gradual deterioration, such as mould, dampness or rust, is not covered.
2. Pollution and Contamination: Losses due to pollution or contamination, such as damage from hazardous chemicals, are excluded.
3. Damage from Poor Design or Manufacturing: Any loss or damage caused by faulty design, specification or materials is not covered.
4. Domestic Pet Damage: The policy does not cover damage caused by pets, such as chewing, scratching or fouling of contents.
5. Loss of Cash or Valuables: Cash, jewellery, credit cards, documents and stamps are not covered under contents insurance unless they are specifically mentioned in the policy.
6. Loss or Damage to Electronics: While general electronics are covered, damage caused by electrical faults or mechanical breakdown is not included unless the issue is due to a covered peril (e.g., fire).
7. Loss Outside the Home: Damage or loss to personal belongings outside the home, such as items lost or damaged while travelling, is not covered.
8. Theft from Unlocked Areas: Items stolen from an unlocked or unsecured area may not be covered under the policy.

Other Exclusions:

• Damage caused by acts of war, terrorism, civil unrest, strikes or riots is not covered.
• Damage caused by environmental events such as earthquakes, floods, or volcanic eruptions may not be covered unless specifically included under the policy.
• Any financial loss that occurs as a result of the damage or loss of property, like lost income or rental income, may not be covered unless explicitly stated in the policy.
• Loss or damage caused by the failure of services, such as electricity or gas supply, due to industrial action or external reasons, is not covered.

Add-ons Available for RAKBANK Home Insurance

RAKBANK offers several add-ons to provide even greater coverage and customisation for your home insurance policy —

1-) Alternative Accommodation

• Coverage: If your home becomes uninhabitable due to a covered event (e.g., fire, water damage), this benefit helps with the reasonable costs of finding alternative accommodation until your home is livable again.
• Limit: The specific amount will depend on the policy terms, but usually includes reimbursement of the accommodation costs.

2-) Loss of Rent

• Coverage: If your property is rented out, this benefit covers the loss of rental income when the property is rendered uninhabitable due to any of the insured perils mentioned in the policy schedule, such as fire, flood or storm.
• Limit: This is capped, and the amount will depend on the terms set in the policy schedule.

3-) Domestic Cover

• Coverage: This add-on provides coverage for domestic workers (maids, drivers, babysitters) employed in your home. It includes protection in the event of their death, injury or disability while working on the premises.
• Details: Covers medical expenses, death, and repatriation costs for domestic workers.
• Coverage Limit:
  • Death: Up to AED 35,000
  • Medical Expenses: Up to AED 10,000
  • Repatriation: Up to AED 5,000

4-) Emergency Home Assistance

• Coverage: This add-on covers emergency repairs needed to secure the home in case of sudden damage. It includes:
  • Plumbing: For leaks or water damage due to burst pipes.
  • Electrical: To restore power or fix electrical issues.
  • Locksmith: If you lose keys or the locks are damaged.
  • Glazing: For broken windows or doors that need urgent repair.
• Limit: Generally, up to AED 500 per incident, with a cap of 3 incidents per year, totalling AED 1,500 per year.

Who Can Buy RAKBANK Home Insurance?

RAKBANK house insurance is available to both homeowners and tenants across the UAE. Given below is the eligibility criteria —

1.) Homeowners:

• Must own residential property in the UAE (house, apartment, etc.).
• Coverage is available for both the building and its contents.

2.) Tenants:

• Must be renting a residential property in the UAE.
• Coverage is available for contents within the rented property, including furniture, electronics, personal belongings and valuables.

3.) Property Type:

• RAKBANK home insurance can be applied to different types of residential properties, including houses, apartments, villas and townhouses.
• The property should be located within the UAE, as the policy applies only to UAE-based homes.

4.) Age and Residency:

• Applicants must be at least 18 years old and a legal resident of the UAE.
• Insurance can be purchased by both nationals and expatriates residing in the UAE.

Documents Required to Buy RAKBANK Home Insurance

To purchase RAKBANK household insurance, the following documents are required to complete the process —

• Signed Proposal Form
• Copy of the Emirates National ID
• Title Deed (for Homeowners) or Tenancy Agreement (for Tenants)
• Normal Underwriting Terms and Conditions

How to Apply for RAKBANK Home Insurance through Policybazaar.ae?

Applying for RAKBANK house insurance through Policybazaar.ae is a simple and convenient process. The website offers a user-friendly platform that allows you to compare, apply and manage your home insurance policy in a few easy steps.

1. On Policybazaar.ae, go to the ‘Home Insurance’ tab and fill out the lead form
2. Filter ‘RAKBANK Home Insurance’ and review your quote
3. You can connect with our team for any further help

RAKBANK Home Insurance Claim Process

In the event of a RAKABANK household insurance claim, the policyholder should follow the outlined procedure to process the claim —

1-) Notice of Claim:

• The policyholder must notify RAK Insurance of the claim within 14 days of the occurrence of an event covered by the policy.
• Failure to notify within the specified time frame will not automatically invalidate the claim, provided that the policyholder can show it was not reasonably possible to give notice within that time. In any case, the notice must be submitted no later than 60 days after the event.

2-) Submitting Claim Documents:

• Once the claim is reported, the policyholder must submit the necessary documents, which may include:
  • Police reports (for incidents like theft or vandalism).
  • Proof of ownership for damaged or stolen items.
  • Invoices or receipts for repairs or replacements.
• All documents should be submitted to RAK Insurance as prescribed by the company.

3-) Claim Assessment:

• After receiving the claim, RAK Insurance may appoint a surveyor or loss adjuster to investigate and assess the damage. The surveyor will provide advice on minimising or improving the loss.

4-) Claim Settlement:

• Once the claim is assessed, the insurance company will decide whether to repair, replace or pay for the damaged items or property.
• In cases of total loss, the company will reimburse the cost of replacing the item(s) with new ones, provided the new item is as close as possible to the original.

Frequently Asked Questions