What You Need To Know Before You Buy House Insurance In Nigeria

A house above all is a home, we all need it for protection and phycological security. For health and happiness. We have to place the right to a home higher than the right to other things. And so we should get insurance to protect our home so that we can have peace of mind knowing fully well that our tomorrow is secured.

In this article, we will look at some of the major things you need to considers before you buy that insurance that will cover your house against any potential damage that may rise.

Home insurance in Nigeria

1. Financial plan

Before you consider buying Home Insurance in Nigeria, you should first of all consider your yearly or monthly budget. How much do you worth? What is your monthly take home salary? or what is annual income?. These are major questions you need to ask yourself before you consider buying home Insurance. The level of your financial income would determine the amount that you will put into your insurance coverage.

There some great budgeting app out there that will help you to make a better financial plan. So as you make your financial plan, house insurance should be a priority, it should come first before every other thing.

2. Exceptions of the policy

Before you sign up for a home insurance coverage, you should consider the does and don’t attached to that policy. This is because some insurance companies in Nigeria do not entertain any damage that may arise due to some certain conditions. And even if they will consider, they will rather place extra charges on you which may affect your budget. So consider the does and don’t of any insurance policy. Ask questions, meet experts on the filed to explain better to you before you sign the policy paper.

Some of these exception may includes any damage caused due to war or any damages done intentionally.

3. Area of residence

Your location is a big factor to consider while buying home insurance coverage. If you are living in an area that are prone to erosion or area that are at high risk to natural disasters, you are likely to pay high in your home insurance coverage.

4. Properties in your house.

It is advisable you take a proper inventory of everything in your house before you sign up for house insurance coverage. This is because the bigger your house hold items, the more expensive your insurance coverage would be. So to this effect, you need to only insure the items that you know it would be of benefit to you so that you can cut the cost your insurance coverage.

5. The Excess

Excess refers to the amount of money you pay to the insurance company during claim settlement. So this is one of the factors you need to consider before you buy an insurance coverage for your house. There is an excess attached to every policy this is because insurance company want you to be careful while using any insured property. For me I always see Excess as a penalty charge from the insurance company.

Conclusion

Taking home insurance is one of the best decisions to make. This is because we live in a world of uncertainties. Emergencies are inevitable, we cannot escape it. So to be on a safer side, do yourself a favor and register for home insurance today.

Related Article: Home Insurance In Nigeria-How it works

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