Home Insurance In Nigeria-How it works

Home Insurance is the type of insurance that protects the policyholder against any potential damage on the person’s home. It is the type of insurance that covers policyholder building against theft, natural disasters, fire or burglary.  It takes care of the cost of any damage on your home depending on the mode of the policy agreement. Home insurance provides a wide range of coverage starting from damages done to your home and the properties in it.

Owners of buildings (Landlords) and Tenants can purchase home insurance coverage. For Landlords, the insurance is designed to cover both the building and the content in it. For tenants, the policy is designed to cover only the content in the building. Contents includes: Home appliances, furniture, home utensils, and other personal valuables.

Properties Covered Under Home Insurance

In Nigeria, you can customize your home insurance to suit your needs. Outside customizing your home insurance policy, there are standard home insurance coverage. A standard home insurance covers your building structure and the contents there in not excluding court cases that may rise in the course of the damage. Below are some of the damages a home insurance can cover.

Home insurance in Nigeria

1. Internal and external damage to the building

Home insurance covers any damages to your properties both in and out of the building, including furniture, and other home appliances.

2. Damages and bodily injury to third party

This covers the policyholder against any court case that may rise as a result of the damages caused by the fire. It also covers the medical expenses of a third-party as a result of injury on your property.

What are the important of buying home insurance in Nigeria?

  • It protects your home against unforeseen events
  • It provides alternative place to live should there be any damage to your house
  • It also covers alternate living expenses
  • Covers you against any legal charges as a result of damages
  • If a visitor sustained injury in your house, your home insurance will take care of the bills.
  • It covers your personal belongings

Risks insured under home insurance in Nigeria

  • Death
  • Bodily Injury
  • Fire and special perils
  • Theft ( burglary, house breaking, or attempted rubbery)
  • Personal accident
  • Vandalism
  • Lightening
  • Natural disasters (earth quakes, hurricanes, storm etc)
  • Third party losses
  • Environmental hazards (Wind, Rain, etc)

Home insurance exceptions in Nigeria

In as much as Home insurance will protect your home, you should also be careful in your own way because there are some exceptions that insurance companies will not take should there be any eventualities.

In Nigeria, damages done intentionally will not be entertained by some insurance companies. Destruction caused by poor maintenance is also not welcomed by some insurance companies in Nigeria.

While some insurance companies will not tolerate any carelessness of the policy holder that may lead to destruction, some companies will not mind the caused of the destruction but they will charge you for your carelessness they by reducing your compensation price.

Conclusion

Home insurance is what every house owner should have. You will always have peace of mind knowing fully well that your house is protected against any potential damage.

Related Article: Motor Insurance: Types and Meaning

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