63% of UAE residents said to snub home insurance
Thursday, 09 05 2019, Category: Insurance and Reinsurance, Country: U.A.E
Nearly two-thirds of people do not have home insurance, according to a poll of users on Dubizzle Property, the UAE’s biggest and most visited property platform.
The findings revealed that out of the 1,458 respondents, 63 percent do not own home insurance, leaving the majority susceptible to major losses or damages.
Data also showed that more than 80 percent are currently renting the properties they live in, and 70 percent are living in apartments.
When asked if they are interested in purchasing home insurance, 75 percent stated that they are not, and 18 percent were not sure. However, only 30 percent had full knowledge of the benefits of it, with the majority (70 percent) being unaware of the type of coverage they can receive.
“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 percent claiming they ‘don’t need it’, followed by 24 percent believing that ‘it is the landlord’s responsibility’.
Another 19 percent stated that home insurance is ‘too expensive’ whle other factors included not seeing the benefit of owning it (17 percent), not knowing how to buy it (9 percent) and not trusting insurance companies (8 percent).
David Harris, director of distribution at RSA Insurance, said: “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.”
Source: Arabian Business