DUBAI // Only six per cent of UAE residents have home insurance cover compared to 76 per cent in the UK, according to a YouGov survey commissioned by an insurance company.
The survey found that 27 per cent of respondents said blazes like The Torch and the fire in 2012 at Tamweel Tower in Dubai had encouraged them to consider purchasing home contents cover.
“Over time, you accumulate thousands of dirhams worth of items – furniture, jewellery and the value of your content increases,” said Zahir Sharif, UAE manager of insurer Zurich, which commissioned the study.
“Not everyone understands the value of their contents. If they are insured, they will be paid back, depending on what their insurance is, for the value of their content.”
But the majority of residents do not follow up their concerns by taking out insurance.
The big difference between the UAE and the UK is people’s perception of insurance, Mr Sharif said.
“A lot of them feel Dubai is a safe place and they’re not here for long, or they buy furniture from Ikea, so they don’t think about how important insurance is, or the risk of theft is low. They think, why spend money on home insurance when they could spend it on something else when, in fact, insurance is as little as Dh1 a day and the cost in this market is relatively inexpensive,” he said.
Melanie Euverte, a 30-year-old French resident who lived on the 50th floor of The Torch had no insurance.
“Everything in the living room was burnt and there was water everywhere,” she said. “It was a pool when I walked in. It’s terrible.”
Although her employer has rented a hotel room for her for a month and bought her a new laptop, she has lost valuables.
“All my furniture is gone,” Ms Euverte said. “I had an amazing bookcase and there is nothing left. I only managed to save a few clothes which I have put in storage.”
She said she would contact her credit card insurance to find out whether or not she could be compensated on any of her most recently purchased items.
“I’ve taken pictures so let’s see,” she said. “In Dubai, it’s not like in France, we just don’t think about it. My sad example should serve as a lesson to everyone because it has really served as one for me.”
Almost half the survey’s respondents identified fire as the biggest threat to their homes, followed by electrical faults at 16 per cent, theft at 11 per cent and building faults and flooding at 10 per cent each.
“In Dubai, a lot of expatriates don’t have home contents insurance,” said Zoe Turner, an independent financial adviser for insurance company Global Eye. “In the UK, it’s pretty much unheard of. Almost everyone would have buildings and contents insurance put in place.”
She said the reason could be due to the transitory life most expatriates have in the UAE.
“They don’t tend to be here for long periods at a time so maybe they just don’t place value on possessions as much,” she said.
“People maybe don’t view it as their forever home but it’s something that needs to be highlighted a lot more in the UAE. Emotionally, fires already have an impact on you but at least insurance can release the financial burden.”
Ms Turner said insurance could cost as little as Dh1,000 a year for a villa.
“In apartment blocks, the risk of things like this happening is so much higher because you’re relying on other people to follow safety regulations,” she said. “People are going to be careless and I’m surprised this doesn’t happen more often.”
Mr Sharif said there tends to be a dramatic surge in home insurance after fires.
“The same is happening now but it’s a challenge because it’s not consistent,” he said. “It takes an incident for people to realise but there needs to be consistent understanding of what insurance is and what it does.”
cmalek@thenational.ae
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
On racial profiling at airports
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
SPECS
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5