86% of UAE residents are currently without home contents insurance

45% say home contents insurance "not a priority"

34% of residents who do not have home content insurance don't know how to get it

Dubai, March 4, 2015: 86% of UAE residents do not have content insurance of which 67% would still not consider taking cover even in the light of the recent Torch Tower Blaze reveals the latest survey from Souqalmal.com.  Of those who do not have insurance, 45% did not see contents insurance as a priority while 34% said they were not sure how to obtain it.

"When we conducted a similar survey in 2012, following the Tamweel Tower fire, we were able to identify a significant gap in people's awareness about the importance of home contents insurance," says Souqalmal.com CEO, Ambareen Musa "The results of today's survey confirm that this gap has not shrunk even after multiple incidents - like the recent Torch Tower fire which left 101 apartments inaccessible to this day due to the extent of fire damage. Very little has changed in attitude towards protecting home contents" she adds.

Impact of fire incidents can be much more significant than we think

The results of the survey reveals that 5% of respondents have previously been hit by loss of possessions due to a fire.   Many respondents also seem to think that fire risks and therefore home contents insurance are relevant only to people who live in high-rise towers. "The reality is that fires and floods can happen anytime to anyone's home. More importantly any damage to the property and that of the neighbour's is the responsibility of the person who caused the fire accidentally or not.  So not only do you have liability towards your landlord but to the next door apartment as well." Musa says

Cost and Process of getting content insurance is still not very well advertised

34% of UAE residents without home contents insurance claim that they do not know or understand the process of obtaining cover.  "I never see it advertised anywhere and therefore not something I think about.  Even if I did want to take it up, I would not know where to start" says Adam, 33 from Dubai.  The survey shows that UAE residents are in the dark where home content insurance is concerned: How to buy it, how long does it take to put in place and how much does it cost.  Home content insurance can cost as little as 1 dirham a day and it can be bought in as little as 48 hours - facts that many UAE residents are not aware of.

Musa adds "There still seems to be room for education and awareness around protection of one's possessions and liability when renting or owning a property.  There needs to be more awareness built around the cost and the process of getting content insurance.  We have put together a full guide on the important facts of home content insurance on Souqalmal.com." 

For more stats and information please contact:
Azza Al Arabi  
Head of Content, Souqalmal.com 
azza@souqalmal.com

© Press Release 2015