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Home insurance sales soar in Dubai after Torch Tower fire

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It seems that more people in Dubai are considering home insurance after a recent fire at Dubai Marina’s Torch Tower on Friday, August 4. According to ServiceMarket, a marketplace for home insurance, there has been a spike in sales over the past week.

Commenting on this spike in Dubai home insurance sales, Emre Guclu, Head of Insurance at ServiceMarket said, “We often experience a peak in home insurance sales after such fires. People don’t like to think about risks until something rather dramatic happens. However, it’s better to cover yourself in advance and have the peace of mind. After all, no one can predict what might go wrong when.”

According to the company around 90 percent of people in Dubai don’t have home insurance, and therefore have to fork out huge amounts of money to replace personal belongings when they are damaged.

A recent survey revealed that of the people who didn’t have home insurance, 42 percent didn’t see the point as they rent their home. However, if you are renting your property, you should consider getting contents insurance.

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.

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