Should everyone have home insurance in the UAE?
After some major building fires in Dubai, you probably ought to get some coverage
I have no home insurance. Should I be worried?
There have been a few residential tower fires in Dubai over recent years. Thankfully nobody has been hurt, but it does show the importance of having proper insurance.
But surely if I am renting an apartment in a tower, the building owners will have insurance, so I have nothing to worry about if I lose my stuff?
Nope. Building owners do have insurance but that only covers their own structure. It doesn’t cover the contents. This means that if your belongings are lost in a fire or any other unfortunate event – including burglary – you will get nothing back. That could be a very large amount of money you lose – clothes, furniture, money, white goods… the lot.
Okay, but if this so important, why don’t I know a single person who has home insurance?
Good point. Take the UK as a good example where 76 percent of people have home insurance. In the UAE it is just 6 percent.
Why so low?
A lot of it is the misconception that your building owner will pay the bill. And also because the UAE is a very transient place, many people just don’t bother.
But will it cost me a fortune?
Losing your laptop, TV, jewellery, passports and other stuff will...
I meant the insurance...
Depends what kind you take. But the most basic home insurance to cover your belonging can cost as little as AED20 a month.
How do I go about getting it?
Get on Google and type “home insurance”. You will see plenty of companies offering it. And you can do it all in ten minutes.
Done. But should I be worried about the number of fires I keep reading about in Dubai?
A lot of them have been to do with cladding, but new regulations should make things safer for buildings now being constructed. But you can never be 100 percent certain – not here or anywhere in the world.
Yep. We’re not salesman, but the figures speak for themselves. Our advice is do it now... and then make sure you never have a BBQ on the balcony.