The Central Bank of the UAE released a notice instructing all banks and insurance firms to offer a six-month deferral on repayment of personal and car loan instalments for customers affected by recent adverse weather conditions.
This deferral will be provided without any additional charges, interest, or increases to the principal loan amount.
Additionally, the Central Bank affirmed that damages to vehicles and properties caused by the heavy rains last week will be covered by insurance policies, specifically comprehensive insurance. Insurance companies are liable for compensation in such cases.
Furthermore, the Central Bank clarified that the same insurance coverage applies to homes. Property owners with insurance coverage are entitled to have their damaged properties repaired due to recent weather conditions.
The Central Bank advises the public to thoroughly review and understand their insurance policies to safeguard their insurance rights. If there are any complaints or disputes with insurance companies, individuals can seek assistance from SANADAK, the financial and insurance ombudsman.
