Central Bank Allows Loan Deferral and Confirms Insurance Coverage for Rain-Damaged Property

UAE, 23 April, 2024 : The Central Bank has instructed banks and finance companies to allow customers affected by recent weather conditions to defer repayment of personal and car loans for six months. This deferral will not incur additional fees, interest, or increase the loan amount.

Additionally, the Central Bank confirmed that damages to vehicles and homes caused by the heavy rains are covered by insurance if there's a comprehensive insurance policy in place. Insurance companies are responsible for compensation.

Homeowners with insurance can also claim repairs for damages to their properties. The Central Bank advises the public to review their insurance policies carefully and consult SANADAK, the financial and insurance ombudsman, for any complaints or disputes with insurance companies. 

Source : www.centralbank.ae