The recent fire at the Torch building in Dubai Marina should be a wake-up call to all tenants that insuring an apartment is an essential that cannot be overlooked. But it’s only when a fire breaks out and residents are displaced from their homes that the actual need for insurance arises.
The reality is that home insurance is cheap — with ample companies and financial institutions offering very reasonable and adequate policies to cover contents and displacement costs at a price that begins a shade above Dh400 annually. But all too often that Dh400 isn’t spent, with residents instead preferring to invest their money on home furnishings and electronic consumer goods — all items that are lost in the event of a fire or flood.
It’s only when a fire in a building forces all from the tower does the reality hit — everything is lost and few can afford a financial safety blanket to start all over again or to wait until repairs are made. With a home insurance policy, the losses are covered. Consider it an annual expense that’s essential — just like car registration or one-monthly phone bill more.
