Many UAE residents don't have home insurance

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Many UAE residents don't have home insurance; homeowners find it unnecessary, according to survey

  DUBAI - A huge number of UAE residents do not have insurance coverage for their house because they consider it as unnecessary, according to a survey jointly commissioned by online marketplace ServiceMarket and by Qatar Insurance. The survey covered over 1,500 UAE residents. Forty-two percent or 630 respondents said they did not get home insurance since they are renting only and despite knowing that their belongings are not covered by a building owner's insurance policy. The same survey also showed that 465 of those surveyed or 31 percent do not know enough about home insurance, which is why they do not have any coverage while 405 respondents or 27 percent consider home insurance as expensive. But a UAE resident can get home insurance for as low as Dh17 a month, it was learned. On the other hand, the survey revealed that only 135 residents had their house insured, mainly for their peace of mind in case of fire or theft or bought home insurance only because it was mandatory. Home insurance is mandatory in certain cases like if a bank would require home insurance if the property is being mortgaged to them. Frederik Bisbjerg, head of group retail and executive vice president for Middle East and North Africa of Qatar Insurance Company, said home insurance is beneficial to both homeowners and tenants. "Even if you do not own the property you are living in, purchasing home contents insurance protects your own belongings against damaged caused by evens such as floods, fire or theft. Your personal belongings such as furniture and electronics would not be covered under your landlord's insurance policy. You may not consider your belongings to be valuable, however, replacing them after such an event would cost thousands and you could potentially need to pay for replacement accommodation," Bisbjerg said. 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