dubizzle Property, a major UAE property platform, shared insight into user knowledge and habits regarding home insurance following a poll conducted on the platform. The findings have revealed that out of the 1,458 respondents, 63% do not own home insurance, leaving the majority susceptible to major losses or damages.
dubizzle Property has over 130K live listings at any given time and receives almost 100K daily visits. The platform regularly reveals market insights and trends to support property seekers with making well-informed decisions throughout their UAE property journey. Data shows that from the total number of respondents, more than 80% are currently renting the properties they live in, and 70% are living in apartments.
When asked if they are interested in purchasing home insurance, 75% stated that they are not, and 18% were not sure. However, only 30% had full knowledge of the benefits of it, with the majority (70%) being unaware of the type of coverage they can receive.
“It is important for those moving home to consider what’s next when they find their ideal property in case any complications arise – whether an unexpected leak" damages their new TV or they lose a valuable possession while exploring the area. Home insurance should be considered as the next step in the home-seeking journey in the UAE as it can protect residents from potential losses in the future,” said Matthew Gregory, Director of Sales, dubizzle Property.
There were several factors highlighted by the respondents that deter them from wanting to purchase home insurance, with 41% claiming they ‘don’t need it’, followed by 24% believing that ‘it is the landlord’s responsibility’, and 19% stating that home insurance is ‘too expensive’. Other factors include not seeing the benefit of owning it (17%), not knowing how to buy it (9%) and not trusting insurance companies (8%).
“The region’s low penetration of home insurance is largely a result of lack of awareness coupled with misconceptions around affordability and coverage policies. As such, clarifying what home and home content insurance are and what they cover is an essential first step. Affordability should also not be a concern, as home insurance can cost as low as AED 21 per month. While people in the region generally adopt an ‘it won’t happen to me mentality’, they are exposing themselves to larger potential damages as opposed to taking preemptive measures,” commented David Harris, Director of Distribution at RSA Insurance.
RSA Insurance Group has over 13,000 employees serving over 9 million customers across core operations in UK, Ireland, Scandinavia, Canada and Middle East. Regional operations in UAE & Bahrain (RSA), Oman (Al Ahlia Insurance Co SAOC) and KSA (Al Alamiya) serve over 150,000 customers.
Home insurance coverage typically includes building insurance which covers both apartments and villas, contents insurance which includes household goods like furniture, appliances, TV, and carpets, and personal belongings insurance which includes coverage for items like mobile phones, jewelry, laptops, other portable electronic devices.