The recent spate of fires and property damage due to flooding during the past 18 months has sparked interest in insuring one’s home contents, insurers say, but not strong enough to convince residents to actually insure their homes here.
At least eight residential fires have erupted in the country over the last 18 months, leaving five people dead and hundreds of families homeless for some time. In March, eight hours of torrential rain transformed neighbourhoods in the Jebel Ali area into a virtual water world, damaging properties due to gushing floodwaters accompanied by mud.
The effects of displacement from one’s home due to unforeseen circumstances such as fires, floods, burst water pipes, and other reasons can be minimised if tenants have home contents insurance, which costs a minimum of Dh225 for a Dh75,000 coverage. But sadly, only about six per cent of UAE residents have it, a 2013 survey said.