ServiceMarket recently sat down with Home Insurance provider AIG to get some useful tips on how UAE residents can get help from their insurance companies to repair damages to their homes from storms, fire and other natural disasters.
Q: Does home insurance cover storm damage?
A: Yes. “In addition to storms, [AIG] also cover[s] other natural calamities such as flood and fire, as well as damage caused by burst water pipes, theft, and vandalism,” stated Ramsey Chami, the Head of Personal Property insurance at AIG. The bad news, according to ServiceMarket CEO Bana Shomali, is that “very few people take these risks seriously and, as a result, do not buy home insurance.” AIG estimates that only about 6% of UAE residents actually have home insurance.
Q: How much does home insurance cost?
A: Home insurance is one of the most affordable insurance products available, with coverage starting around AED 250/year. The prevalence of recent incidents of fire and water damage, “coupled with the fact that a premium for a month could cost as little as AED 19, make it even more compelling to insure our precious homes and belongings,” concluded Mr. Chami.
Q: I already have home insurance. How do I file a claim?
A: The first step is to contact the insurance company. Although each company is different when it comes to claims, AIG shared the steps it requires to report and collect on a claim:
- After a loss, customers report claim as soon as possible
- Within one business day, customers receive a claim acknowledgment
- For simple cases, customers provide evidence that a claims expert reviews in-house to fast track the claim – a process that can take as little as one day
- For complex claims, a dedicated loss adjuster must review the claim, often requiring a visit to the property to evaluate the loss.