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Dubai To Allow Home Insurance

Posted by nick_niesen on October 29th, 2010


Dubai's buyers can finally decide to have a sigh of relief, since they can buy now properties insured against any structural damages. The buyers used to be left in lurch until today whenever any structural damage came to light after the properties were handover. They couldn't ask for any legal proceeding or compensation due to the lack of proper laws they had. But, the Real Estate Regulatory Authority (RERA) has finally decided to change this scenario, and introduced a new law which makes developers responsible for damages that might get noticed after the property had been handed over. The buyers will be free to approach the regulatory body whenever there seemed to be any breach of law taking place. Scores of Dubai apartments, furnished villas C.J. Anderson Panthers Jersey , hotels and Dubai hotel apartments will come under the purview of this new legislation.


Investors used to withdraw from projects earlier, citing the lack of insurance cover as a reason. Under the new law, however, the developer will be made answerable to courts for any sub-standard construction. For example, any serious wall cracks taking place within the first ten years of property handover, can amount to be a case for compensation. Additionally Da'Norris Searcy Panthers Jersey , any electrical, mechanical or plumbing related irregularities can also be challenged during the first year. Any irregularities in the construction of Dubai apartments, hotels, furnished villas or Dubai hotel apartments could not be challenged in the courts earlier, since there was no clear framework to do it.


In addition, this law adds more clarity about the issue of maintenance of buildings. Under the new directive Jarius Wright Panthers Jersey , a Home Owner's Association (HOA) will be established for each jointly owned property and asked to look after the common areas, such as gyms, swimming pools, parking spaces, entrances etc. They will have to play the role of watch-dogs and see that the buyer's money was properly made use of. It is surprising that, only five percent of Dubai's households carry home insurance coverage Dontari Poe Panthers Jersey , which is too few in numbers compared to what we may get to see from the countries like the USA, the UK, Australia or Japan.


The formation of HOA is key ingredient of this whole exercise. It will be required to maintain and be the beneficiary of the insurance cover in each case, while the constituent members, each having the ownership of one unit, will have to pay up the premium. Dubai may be a late entrant into this exercise Torrey Smith Panthers Jersey , but it is expected to pursue it seriously now, and the buyers and promoters should be getting used to it now. The city needed to have it anyway, with so many high-end Dubai apartments, hotels, furnished villas and Dubai hotel apartments dotting its skyline.


Although, insurance cover is a basic necessity for any real estate buyer David Mayo Panthers Jersey , people of Dubai did not shown any keenness about it in the past, may be, since most of them happened to be short term buyers. However, the introduction of the new law by RERA will change this scenario fundamentally, one hopes, and the awareness about property insurance will grow further. Dubai is as much known for its successful commerce Greg Van Roten Panthers Jersey , as for its shining real estate, which comprises of lavish hotels, shopping malls, Dubai apartments, villas and Dubai hotel apartments. The new property law by RERA will add more value to its real estate.

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The main reason for the popularity of these Galileo thermometers is not for its functional use but due to its attractive and charming look. In today锟絪 contemporary world, we have become more aware not only of our outer appearance but also of our home decors. We purchase new items or rearrange the old ones to further enhance the d锟絚or of our home. The 18cm Galileo thermometers have been designed by scientists keeping all these point in mind. As the name suggest, this thermometer is 18cm long and is made of glass. The most significant feature of this thermometer is the colorful globes present inside the. Wholesale Jerseys Cheap Wholesale Jerseys China Free Shipping Wholesale Jerseys Cheap Wholesale Jerseys China Cheap Wholesale Jerseys Cheap Wholesale Jerseys China Free Shipping Cheap NBA Jerseys China Cheap College Jerseys Cheap Soccer Jerseys From China Wholesale Jerseys From China