Most UAE Residents Have No Home Insurance

Did you know that nine in every ten people living in the United Arab Emirates (UAE) have no home insurance?

A staggering 94% of UAE residents are at risk of encountering significant losses in terms of money and property. If unexpected dangers arise such as floods, storms, and fires, these people included in the statistics are risking themselves of paying more after losing their valuable possessions.

According to a study organized by Zurich last October 2013, there were 1,009 residents surveyed. Out of the total number, only 6% actually had home insurance for their property and home’s contents. Majority of the people in this percentage are tenants living in the country.

Insurance experts believe that the people’s misconceptions about getting home insurance have lead them to neglect securing their property. A very common mistaken belief is that the property owners are responsible when possessions within a tenant’s home incur damage or loss. Many consumers, on the other hand, believe their earthly possessions are not valuable enough for insurance.

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