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, 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, 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, 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, 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, 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, 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, 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.
Pankaj Mohan is a freelance writer, who often writes on behalf of Dubaishortstay.com. Check this site to book your Dubai apartments [http://www.dubaishortstay.com/apartment/] and Dubai hotel apartments [http://www.dubaishortstay.com/hotel-apartments/].
Filed under Home Insurance by on Apr 28th, 2010. Comment. 
Even if you do not own a ton of jewelry or a bunch of expensive items you should have insurance to protect your things and you need to know how to get the cheapest renters insurance. This is very important because if you do not know how to get your discounts you will pay way too much for your protection. Here are some of the ways you can get your insurance for cheaper.
The first way is to use the same agent or company that insures your car. This will help because they will add your insurance for renters right onto your car insurance. They will give you up to about a 20% discount specifically because you are carrying your insurance with them and not with another company. This is very helpful and can save you a decent amount of money.
The second way to get the cheapest renters insurance is to use a website online that will compare quotes from multiple companies. This can help you find the exact amount of coverage you need and it can help you do so for the absolute lowest price that is out there. This is an option that should be explored even before you check with your current insurance company.
There are other ways to get discounts as well, but you really just need to make sure you are covered unless you want to replace each and everything you own when a fire occurs or you are robbed. These things happen and it would be a mistake to think it is not going to or could not possibly happen to you because it can and it can happen at any time.
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Filed under Home Insurance by on Apr 27th, 2010. Comment.
When buying a home, it is important to know that in addition to the mortgage there are fees and charges that you also need to prepare with. There are people who get surprised because of the expectation that once the loan is already approved there is no longer a need for funds for other expenses. The truth is that you have to be ready with other fees and charges normal for any home buying process. In order to help you prepare for this, these additional costs are enumerated and explained below.
Fees for Financial Adviser
The services of a financial adviser are for a fee. He will arrange things for you and you have to pay him for his time and effort for helping you through the process. The fees vary from one adviser to another. Also, the factor that determines the price can include the duration of the approval process, the documentation requirements that you want him to work on, and the kind of services that you are availing from him. It is necessary to identify these at the beginning of the consultation and determine that coverage and extent of the charges. This way, you can prepare for the cost and you will not be surprised with the amount when the process has been completed and you have gotten the satisfactory result that you expect. It will be awkward to negotiate when the effort and time were already spent for you. The best way to handle this is to agree on the costs that will be incurred and if there will be variations in the end, you can also agree to accommodate some adjustments when needed.
Insurance Charges
Normally, prior to the approval of the mortgage, insurance of the property is checked to make sure that when untoward things happen like fire or structural damage there is a safe guard on the side of the mortgage lender. The insurance fees are required before you can get the approved loan. You should be able to present the policy as a requirement for the approval process. Obtaining the insurance can be included in the service of a financial adviser, if you have one. You can arrange this with him and compensate him according to the time and effort that he will spend to satisfy the requirements. You should also expect that your advisor will recommend using the mortgage provider's insurance. You just have to make sure that the policy is acceptable to you. More often than not, you will not get the best policy for the property. Hence, it would be good to have it processed at your end.
Search Fees
These are fees that you will pay to make sure that the property you are interested to buy is checked on its condition for habitation and whether the asking price is reasonable and appropriate for the quality of the property. This task can be included in your financial adviser's responsibilities and pay him for the service. You can also choose to hire a surveyor to do the task for you and pay him for the corresponding charges. If you know people who can do this and you understand the whole process, you can go directly to a surveyor and discuss your requirements. However, if you are not knowledgeable about the process and the requirements, you can entrust this to your financial adviser. He knows what he will be looking for and he can analyze the results and make his recommendations for your appropriate decision.
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Filed under Home Insurance by on Apr 27th, 2010. Comment.