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 Cheap Louis Williams Jersey , 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 Cheap Patrick Beverley Jersey , 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 Cheap Glen Davis Jersey , 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 Cheap Paul Pierce Jersey , 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 Cheap Brandon Bass 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, as for its shining real estate Cheap Luc Mbah a Moute Jersey , 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.
There are many life insurance products that can reduce your financial risk and offer assurance for your own future. One particular insurance product is a single premium life insurance policy. There are many facets of life which a person must consider whenever engaging in financial planning for the future. You need health insurance and an investment in annuities, which can guarantee that you have enough protection from health risks and a continuous flow of earnings during your retirement.
However, these plans do not take into consideration the one inevitable risk, which is that of death. Any insurance policy gives you a specific amount of protection against risk Cheap Jamal Crawford Jersey , in exchange of your monetary investment. A single premium life insurance can be better comprehended by breaking the whole term down into parts. Single premium implies that you buy this kind of policy through a single lump sum payment, as against a payment through installments. If you purchase a single premium life insurance, it primarily gives you death benefit, with a specific amount of money given to your listed beneficiaries in the eventuality of your death. The amount of death benefit is obviously greater than the principal amount that you invest and most of the time even double the initial investment.
There are 2 primary kinds of single premium life insurance, including Single Premium Whole Life Insurance and Single Premium Variable Life Insurance. The former offers a fixed rate of interest on your investment, while the last provides a variable one, whose returns are entirely dependent on securities that the insurance firm invests in. Single premium life insurance rates offered are completely dependent on the insurance firm you buy it from and could be adjusted according to your age and life expectancy.
The greatest advantage of opting for a single premium life insurance is the guaranteed death benefit which it offers Cheap Marreese Speights Jersey , which may even be more than twice the total amount you invest. In addition, your investment grows tax-free, and the death benefit received by the beneficiaries is tax-free too. You could draw a loan worth about 90% of the policy amount, by making use of the single premium life insurance as a guarantee. A 60 year old woman who buys a $30,000 single premium life insurance will give a death benefit of more than $60,000. The death benefits are generally age dependent and a function of the total amount of initial investment.
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