The Important Things That Every Homeowner Must Know About Insurance In Nigeria

The Important Things That Every Homeowner Must Know About Insurance In Nigeria

There are very important things that every homeowner must know about insurance in Nigeria. it may seem pessimistic to be making preparations for bad and negative occurrences in our lives.

It is very necessary that we protect and mitigate against the impact of negative occurrences in our lives through insurance.

Related: A simple guide on how to claim a home insurance claim in Nigeria

Aside from the fact we protect our properties against physical damages, insurance also gives us a sense of security and a kind of inner peace that we are protected no matter what happens.

It gives you the assurance of reclaiming stability in an event of negative occurrence in your life.

8 Important Things That Every Homeowner Must Know About Insurance In Nigeria

important things that every homeowner must know about insurance

  1. The things that are covered by an insurance

This is one of the most important things that every homeowner must know about insurance in Nigeria.

Without the knowledge of what insurance covers, then there is no way of knowing what to expect from an insurance policy.

Insurance pays for the damages that befall your properties, you as a person or any of your family members. It also covers any lawsuit against you by anyone that gets injured on your property.

  1. Things not covered by an insurance

Not every damage to you, your properties, and your family member can be covered by insurance. There are things that insurance doesn’t cover, and the sooner you get to know these things the better.

Related: The things that are covered by a homeowner’s insurance policy in Nigeria

The insurance policy doesn’t cover for natural disasters like landslides, earthquakes; flooding etc. It also does not cover for government actions.

  1. The preventive measures that can reduce insurance rates

    important things that every homeowner must know about insurance

There are certain preventive actions that can reduce insurance premiums that every homeowner must know and also indulge in.

Things like having a smoke detector, fire alarm; burglar alarm helps you to get lower insurance rates for your home in Nigeria.

These insurance companies charge you by looking at the risks that they foresee.

When you have some of these preventive measures in your home, the risk factor is reduced and you, in turn, will get a low insurance premium in Nigeria.

  1. Replacement coverage is different from market value

This is really a very important aspect of the important things that every homeowner must know about insurance in Nigeria.

You must be able to tell the difference between the replacement cost and market value.

The replacement cost is talking about how much it would cost to repair your damaged home while the market value is talking about the price of your home in its damaged condition.

You must know that insurance policy that is based on market value is really less expensive.

  1. The importance of filing claims on time

There is always a time frame for you to file a claim with your insurance company. You must make sure that when buying a particular insurance policy, you know the time limit for filing a claim so that you don’t lose legibility for your benefits, especially if the delay in filing the claim made the damage worse and more expensive to cover.

  1. You must keep records

There are some insurance companies that always deny claims from their customers. It is very important that you have records of things that occur during a loss and the actions that you took to mitigate the loss.

The importance of having good records of your dealings with your insurance company cannot be overemphasized.

Among the important things that every homeowner must know about insurance in Nigeria, keeping records is really very important.

  1. The importance of good maintenance

You must never stop the maintenance procedures that you always do for your home, simply because you have insurance.

Your ability to always keep up the maintenance of your home will always do you greater good when you identify a potential damage because your insurance company will have to do the replacement then instead of waiting till when the problem degenerates.

  1. You save money by bundling policies

You can save money by bundling your homeowner’s insurance with other policies that you already own.

You must apply wisdom in doing this so that you don’t just buy policies that you don’t need just to save some cash.

You can have your home and car insurance from one company and be sure that you will always have a discount.

I believe that you have come to realize that you cannot do without these important things that every homeowner must know about insurance in Nigeria.

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