Understanding Home Insurance Companies in Nigeria

Home Insurance Companies: Here’s an article that best explains how home insurance companies works. You’ve purchased a home and now you want to ensure your belongings are safe. It’s a smart choice and one that most Nigerians consider. 

The first step is purchasing homeowners insurance. That means you will need to look into reliable home insurance companies.

Understanding Home Insurance Companies in Nigeria

Choosing Home Insurance Companies: When looking at home insurance companies, it is important to note that all insurance companies are required to be registered with the National Insurance Commission in Nigeria. Therefore, if the home insurance companies you are considering are not registered, then you should think otherwise about purchasing a policy from them.

Research Home Insurance Companies: If you’re considering home insurance companies, you should find out as much as possible about the home insurance companies before settling on a policy. Look into reviews about the company and conduct research online about them. Review the benefits of policy holders and see how easy it is to make claims.

Click here to read about 3 things insurance can do for your business.

Home Insurance Companies Offer Different Policies: Home insurance companies will offer you different policies, such as house owner and householder. A householder policy only insures the possessions, while a homeowner’s policy insures the actual house dwellings and all the possessions.

Both are offered in comprehensive plans, which ensure the house or possessions against natural disasters, fires, burglary or other damages. A house holder comprehensive plan will insure a renter against such disasters to the rental property.

What Home Insurance Companies Will Need: Once you determine one of the home insurance companies you are going to purchase insurance from, you will need to provide the company with some information. The home insurance company should provide you with a proposal and ask for documentation of specific household items and details.

You will need to provide the possessions you wish to have covered, such as large expensive items, appliances, vehicles or jewelry. You will also need to provide basic details about your home that you wish to have insured.

Expected Payments for Home Insurance Companies: Once you determine one of the home insurance companies to work with, you will write up a policy and determine your premium payment. This is the monthly payment that provides coverage of your home and/or possessions.

Typically, homeowners insurance policies are written yearly, so you will need to renew your policy every year. The premium will be based upon your property and possessions, and will increase as the value of your home increases or your possessions accumulate.

Read: Contents Insurance Policy

Read Everything: It’s important to review your policy in full to make sure you are covered in all aspects that are important to you when looking at home insurance companies. Make sure you understand if there is any exclusion to your policy that could prevent you from making a future claim.
Home insurance companies are generally easy to work with and a good resource when looking to purchase homeowners insurance. Speaking with a professional, such as a broker, about home insurance companies may also help you determine which company to work with.

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