UAE-based First Gulf Bank (FGB) has reached an agreement to offer home contents insurance cover worth AED70,000 ($19058) for a period of six months.

The insurance cover is part of an agreement signed to serve as the exclusive banking partner for the Dubai Gold and Jewellery Group to support its "Dubai City of Gold" campaign this Dubai Shopping Festival /DSF/ 2014.

Issued by AIG, the insurance policy will be for interested tenants and homeowners in the UAE market.

FGB mass-market segment head Girish Advani was quoted by the news portal as saying that a recent survey highlighted that nine out of 10 people in the UAE risk incurring significant monetary losses due to unexpected events such as fire, theft, water leakage.

"We see this partnership as a great opportunity to support our country s economy whilst raising awareness about the importance of Home insurance to U.A.E. residents," Advani added.

By visiting the bank’s dedicated insurance website, customers can obtain their free insurance and complete their registration online with FGB.