86% of residents in UAE are without home contents insurance, reveals Souqalmal.com survey
- United Arab Emirates: Tuesday, November 20 - 2012 at 10:42
- PRESS RELEASE
Despite the constant warnings, a survey recently carried out by Souqalmal.com, the UAE's only financial and non-financial consumer comparison website, revealed that more than 86% of UAE residents do not have home contents insurance, with 52% claiming that they are not concerned about their lack of cover as they do not see it as a priority.
Commenting on the survey findings, Ambareen Musa, Founder and CEO of Souqalmal.com, said, "While these statistics are extremely alarming, they are not entirely surprising,"
Musa said, "Despite the recent spate of house fires in the Emirates which left some residents homeless, penniless and in huge debt, it seems the message still isn't getting through. The majority of the people we spoke to still seemed to have the "it will never happen to me" attitude."
"While items of sentimental value, such as photographs and family heirlooms, are the most treasured, people need to face up to the practicalities of protecting their homes and everyday material goods to ensure they are prepared should the worst happen. Imagine waking up one morning and literally having nothing but the clothes on your back. This is the bleak reality people are faced with every day and yet it can so easily be avoided," he added.
The average contents value of a home in the UAE is Dhs100,000 - Dhs150,000. Not only do people risk losing their possessions, but as tenants, they also risk huge debts to their landlords should their homes be affected by a fire, flood or any other type of damage. Legally, when a tenant signs a lease, they are taking full responsibility for the property. Therefore if there is any damage caused during the lease period, they are 100% responsible. A simple mistake by the domestic helper of forgetting the stove on and a fire breaks out is the full responsibility of the tenant to pay off all repairs to the property.
"Whether a tenant or a home owner - you need to know the facts and ensure that both you and your home are protected. My advice - don't bury your head in the sand. It only takes a burst pipe while you are away this holiday season. Think of the damage that could be done to your home and its contents. Act now, save later, " concludes Musa.
With Souqalmal.com, consumers in the UAE can compare more than 15 home insurance products and save up to 5 % on their cover. Cover starts from as little as Dhs500 per month. All customers have to do visit Souqalmal.com and request for a quote and they will have multiple quotes from multiple providers (through our partners) within 24 hours. To encourage users to consider protecting their homes especially this festive season while a lot of us will be travelling, Souqalmal.com is offering 5% off Home content insurance
Top five home contents insurance facts, everyone should know:
1. Home contents insurance covers all of your valuables even if you lose them while you are outside of your home.
2. Contents insurance will usually cover you against the liability towards your landlord.
3. The process of buying home insurance take as little as 48 hours.
4. Home insurance policies are available in three forms:
• Personal belongings - only the items that are movable and you bring when you are out.
• Content - Existing content of the household e.g furniture, TV etc.
• Building - Insurance cover on the actual villa or apartment if you are a landlord.
5. Home insurance policies can offer all of the below to ensure that you have all areas covered:
• Loss of rent: As a landlord, some policies cover your loss of rent while property is damaged.
• Alternative accommodation: Your insurance can provide you with alternative accommodation while repairs on your home are taking place.
• New for old replacement: Should your items be damaged due to an incident in the home, you can replace the items based on the value they were when you purchased them, as opposed to their current market value.
• Domestic help: you can choose to cover your domestic help for accidental medical expenses or death/disability.
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