Dubizzle: 75% UAE residents uninterested in home insurance
Survey finds 63% of UAE respondents do not have home insurance due to concerns around affordability and awareness
UAE-based property platform Dubizzle Property announced the results of a poll it conducted looking into user knowledge and habits regarding home insurance, which revealed that 63% of its 1,458 respondents did not have home insurance, putting them at risk of major loss or damage.
Of the respondents who were asked if they would be interested in purchasing home insurance, 75% stated they were not, with 18% unsure about it.
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.
Of the surveyed respondents, 30% had a complete knowledge of home insurance's benefits, while 70% were reportedly “unaware of the type of coverage they can receive”.
Factors deterring residents from wanting to purchase home insurance included respondents claiming they didn't “need it” (41%), assuming it was the homeowner’s responsibility (24%), and viewing home insurance as being ‘too expensive’ (19%).
Other deterrents included an unclear utility of owning home insurance (17%), lack of knowledge on how to buy it (9%), and not trusting insurance companies (8%).
Dubizzle Property’s director of sales, Matthew Gregory, said in a statement: “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.”
Insurance company RSA’s director of distribution, David Harris. added: “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. 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.”