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Property Insurance: Why It Is Important To Insure Your Home In Nigeria

Owning a home with no property insurance can be likened a bit to driving a car without a seat belt in place. An accident could happen anytime.

For most Nigerians, acquiring (or building home) is probably the biggest investment they will ever make.

Becoming a landlord is the ultimate Nigerian dream. Everyone wants a piece of property to rightfully call theirs.

The challenge however with property owners, most especially Nigerians, is that soon after finally achieving this milestone, they throw caution into the winds and do nothing about protecting the investment they sweated blood and water for.

Like I said earlier, a house is probably the most expensive investment they would ever make and it is vital that their investment is fully protected.

You may want to ask, ‘How do I protect my property?’

‘Did you mean getting a security guard?’

Of course not. What I am talking about here is why you should get your home insured.

All over the world, the most trusted and reliable way of securing a property is through the aid of an insurance policy.

Property insurance offers protection against most risks to property, such as fire, theft, weather damages, natural disasters, building collapse and so much more.

Property insurance is a canopy word for other specialized forms of insurance such as building insurance, content insurance, fire insurance, flood insurance and earthquake insurance.

It is important to mention that your property is vulnerable and it can crash down at any time due to some unforeseen disaster. Even though no one prays for this mishaps to happen, but still, it could happen. These occurrences never give a moment’s notice.

So why take the risk? Prevention they say is better than cure.

Well, a typical Nigerian might want to explain away the need to insure his property by saying, “natural disasters almost never occur in Nigeria”.

Related Post: Nigeria Records 54 Major Building Collapse Cases 

He could even say, he would try all his best to secure his home against fire/theft by always putting off all appliances and bolting all doors when leaving the home.

But will you agree with me that there is so little you can do to keep this instances from happening, if it is meant to?

So, I will repeat again, why take the risk?

You can still implement all these measures, alongside obtaining an insurance for your property.

Although shelling out money month after month for an intangible product can feel like pouring water into the sand, it helps keep your mind at rest and ensures you don’t painfully have to start over from scratch again.

Owning a home with no property insurance can be likened a bit to driving a car without a seat belt in place. An accident could happen anytime

A property insurance is the safety net that protects you from a crushing fall or an imminent disappointment during hard times.

A typical home insurance is designed to cover the full cost of rebuilding or repairing your property in the event of fire, storm damage, lightning strike, earthquake, damage caused by burst pipes, vandalism or explosion.

Some home insurance plans even provide alternative accommodation if the house is no longer fit to live in; and a liability cover if damage to your property affects a neighboring property.

A major benefit of getting your property insured is that it covers the replacement value.

Your property can be broken into at any time and the contents of the house can be stolen. Property insurance covers portable and immovable components of the house and you will be provided financial assistance by the insurance company to replace those lost or damaged.

Related Post: Landholders and Fire Insurance Policy 

Insuring your property gets you a lot of cover. You can even choose the more important areas that are to be covered, and that way you can slash the costs almost halfway.

Getting your property insured isn’t something you should sleep on. It is a necessity. It is something you need to do.

If you want to get on with that process right away, click here now. It is quite affordable depending on the size and what you want to cover.

Although costs of living around the country are increasing, and as a homeowner, you are probably saddled with a zillion other responsibilities, but I would encourage you weigh it in your mind eye and do the necessary.

Your heart, health and family will forever thank you for it.

Final thoughts

All I have said above are some of the many things that having a property insurance can protect you from.

However, to know more and take advantage of some of the most affordable plans out there, you’ll have to sit down and discuss with a trusted insurance provider. He will be able to advice you about specific coverage that work best for your kind of property and personal circumstances. Click here to do that now.

To register your interest on getting an affordable property insurance plan, you can also click here. Someone from our team will reach out to you with more information.

One comment

  1. Good awareness and wake-up call for landlords and facility/property managers.

    An initiate i proposed in management meeting of a popular estate surveying and valuation where i work with in depth analysis of benefits to landlord, agent and tenant/occupant.

    Good article.

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