Home insurance provides financial protection in the event of losses or damages to an individual’s house and its contents. And with Dubai consistently ranking among one of the most expensive places in the world to live in, it is paramount that you cover your house against any unforeseen circumstances to mitigate any financial losses. However, choosing a home insurance provider can be tricky. With so many players in the market wooing customers, it is only natural to be uncertain and confused. In this article, we list five important factors that can help you pick the best Home Insurance Company Dubai.
History And Credibility Of The Company
An important factor in determining whether you must invest your money with a home insurance company is its reputation. Understand the company history and how long it has been in business. Get an idea about its financial strength and whether it will have the financial ability to pay out a claim if you make one.
Another factor that you can look for is the top leadership. Obviously, reputable and respectable leaders make reputable companies. Also, read up the mission and vision of the company and see whether they align with your values and interests.
Overall Customer Experience
Customer experience is defined as the perception that customers have of a brand across all
their interactions across all touchpoints in their buying journey. A positive customer experience means that people love doing business with the brand and it results in more customers through better word of mouth.
The customer experience that the insurer provides can be gauged by various means. Firstly, the world today is hyper-connected by means of the internet, making it easy to
understand the customer experience. Do meticulous research by reading various customer
review sites. While it is unlikely that a company will have only positive reviews, the more the better.
Another important factor in deciding to choose your insurer is determining the ease of doing business with the company. Often, for customers, it is the inability to interact and connect easily with a company that causes frustration and annoyance. There is a wide range of communication channels that customers can use to get in touch with the brand – email, telephone, social media, and chat are just a few of them. Understand how the brand interacts with its customers at each of these touchpoints. Check how proactive the insurer is in terms of getting in touch with its customers.
For instance, check on whether the insurer provides 24*7 customer support. How many channels does it use? Does it bother responding to feedback, both good and bad, given by its customers?
Claims Settlement Ratio
Claims settlement ratio is the percentage of claims that an insurer has settled during one
financial year. This number is a perfect indicator of the company’s proclivity in settling claims and its commitment to its customers.
This number also helps understand the holistic idea of the risk management ability of the
insurer, thus, making it a major factor in helping you pick your insurer.
Check The Premium, Coverage, And Features
One of the most basic factors in deciding where to buy your home insurance is how much coverage you will be provided for the premium that you pay. Obviously, a home insurance policy that provides the maximum coverage with low premiums would be beneficial. However, such policies could be riddled with multiple hidden clauses. So, it is also imperative that you read the fine print before deciding on any policy.
Hence, price should not be the only factor in making you decide which insurance company to choose.
Simplicity Of Claims Process
The end goal in buying a home insurance policy is to avail of its benefits in case of adversity. So, it is critical to understand how easy and simple the claims settlement process is. Some questions that need answers to are:
- Does the insurer provide the facility to apply for claims online?
- How easy is the process to apply for claims?
- What documents does the insurer ask for?
- Are there too many redundant and superfluous documents required?
If you bear in mind these pointers, choosing your home insurance company in Dubai should be a cakewalk. Good luck with your search!