Dubai’s real estate sector, known for many innovations, is set to see a novel initiative, with Seabeats Real Estate, a Dubai-based investor-cum-co-developer of high-end, ultra-luxe residential and hospitality projects, gearing up to launch a comprehensive house health insurance to cover all expenses related to owning and maintaining houses.
The proposed house insurance cover, said to be the first such initiative in the UAE, will offer coverage for both the structure of the house as well as the contents inside.
It will also provide homeowners protection against natural disasters such as floods, and earthquakes, as well as accidents like fires.
The company’s insurance initiative, which will be launched in September in collaboration with a US-based insurance major, will be offered to buyers of the multi-million-dollar villas and apartments in the Seabeats co-promoted residential projects in Dubai in the first phase.
“Buyers [in our projects] can have peace of mind knowing that their houses and health are well taken care of,” Abhishek Sharma, Founder and CEO of Seabeats Dubai, told Arabian Business.
“This will be the first time such a comprehensive house health insurance initiative will be launched in Dubai – or even in the UAE – and we are sure it will go a long way in offering the comfort level the buyers who invest multi-millions to own houses in our projects are seeking,” he said.
Industry experts said the initiative could be a game changer for attracting cash-rich global investors who often look for fool-proof ways to protect their wealth.
Comprehensive home insurance policy
Sharma said the move on the insurance initiative follows the market research by their company team which revealed a major need for offering comprehensive policy coverage.
The existing insurance policies are offered on a piecemeal basis, covering only specific items and eventualities.
“Our proposed insurance policy will offer coverage for both house structures, interiors and the contents inside such as furnishings, gadgets and all other valuable items.
The insurance team will visit houses once in every 3-4 months for inspection and will repair or replace goods or apartment or villa interiors wherever needed,” the Seabeats chief executive said.
They will also do regular follow-up actions to the utmost satisfaction of house owners, he said.
Attracting investors to luxury Dubai developments
The latest initiative is expected to attract wealthy investors to the slew of high-end, super luxury residential projects being co-developed by Seabeats in Dubai, involving a whopping $2 billion in investments this year.
The Heart of Europe in Dubai Islands and Binghatti Hills with Binghatti Developers, Gotti Hills and GG Venice Projects – a project in collaboration with a Venice-based engineering company, are among Seabeat’s high-end residential projects currently under implementation or planning in Dubai.
Besides, Seabeats will be joining hands with Benzathine and AGG Group to undertake various island-level developments in Dubai and other parts of the UAE.
“The apartments in our projects will be priced in the range of $1 million, going up to $80 million, so we need to market them to the right set of customers, with the right kind of offers.
“The proposed comprehensive house health insurance is part of such offerings,” Sharma said.
Sustainable and nature-centric developments
Seabeat’s insurance initiative follows the company strategizing several marketing sops such as offering golden visas and free flats in their projects to cash-rich investors from around the world at high-profile investor meets at celebrity clubs in some of the European and UK cities.
The company also introduced some of the ‘nature-linked’ project innovations such as strategically placed beehives and small-scale wood farms to cultivate and harvest wood in an environmentally friendly manner within their project premises, aimed at creating natural greenery to improve air quality.
The ‘Sustainable City’ project with AGG Group is another unique project of Seabeats, focusing on green concepts such as solar and wind energy.
The new features are aimed ‘naturally’ complementing other factors such as safety and high quality of life that Dubai is recognised for globally, helping the company to charge extra premium for residential units in such projects.
“Our initiatives are aimed at attracting substantial investments,” Sharma said.
Follow us on
