Team shortlist19 Dec 2016 AT 01:23 PM

Should everyone have home insurance in the UAE?

Your questions answered
Team shortlist19 Dec 2016 AT 01:23 PM
Home Insurance, Issue, UAE, Dubai
Home Insurance, Issue, UAE, Dubai

After some major building fires in Dubai, you probably ought to get some coverage

I have no home insurance. Should I be worried?
Yes.

Why?
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.

Hmm... okay.
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.

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