UAE residents fail to protect their home with only 1 in 10 insured, leaving them open to loss or damages  

Damage and loss of personal belongings account for 58% of home insurance claims

  
Avinash Babu, CEO, InsuranceMarket.ae

Avinash Babu, CEO, InsuranceMarket.ae

  • Portable electronic devices and mobile phones are the most common items lost or damaged in the UAE, accounting for 83% of personal belongings claims
  • Water leakage accounts for 90% of claims made against damage to building

Dubai: InsuranceMarket.ae, the UAE’s leading digital-first insurance service, is urging residents to insure their homes, given the fact that just a little over 10% have home insurance. This leaves the vast majority of the population susceptible to major losses or damages.

Insights from InsuranceMarket.ae show that most home insurance claims came from damage or loss of personal belongings (58%), with 70 per cent of them made on damages, and 30 per cent on loss of personal belongings.  Over four-fifths (83%) of claims made against personal belongings, were for loss or damage to portal electronic devices, primarily mobile phones, with jewelry accounting for the remaining 17 per cent of claims.

Claims on damages to building and damage to contents made up 21 per cent respectively, with the vast majority of building damage claims (90%) due to water leakage. Accidental damage makes up over half (57%) of all contents claims. One home owner even claimed AED 900 for spoiled frozen food.

Avinash Babur, Chief Executive Officer at Insurancemarket.ae says: “A common misunderstanding of home insurance is that only individuals who own their apartment or villa can purchase this type of insurance. Tenants often wrongly assume their home contents are covered under the landlord’s or building’s policies. However, tenants who rent an apartment or villa can - and should - purchase home insurance to protect their contents, such as your furniture or home electronics, and personal belongings like watches, jewelry and mobile phones.”

“Another common misunderstanding about home insurance is that it is expensive, which is not the case. Home insurance premiums, across building, contents and personal belongings, make up only a small percentage of the total value of each item. For example, building insurance premiums range from 0.02% to 0.07% of the value of the property. So, when compared to the value of your assets and possessions, buying home insurance makes sense, offers peace of mind and undoubtedly outweighs the amount you would otherwise spend replacing items or undertaking repairs paid for out of your own pocket.”

To find out more about home insurance, visit insurancemarket.ae to get your insurance in three easy steps.

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Please note that the data shared in this press release is based on the InsuranceMarket.ae portfolio of clients and is not representative of the population as a whole.

About InsuranceMarket.ae:
InsuranceMarket.ae is the market-leading digital proposition by AFIA Insurance Brokerage Services where individuals and companies can easily compare and buy all types of insurance through the assistance of personal shoppers and a seamless transaction process. Policyholders of InsuranceMarket.ae enjoy the lowest prices from all the leading insurers in the UAE along with a commitment to have their claim conveniently and professionally mediated by a dedicated claims manager in the unfortunate event of an insured incident.

© Press Release 2019

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