Owning a property in Nigeria is a great achievement. However, it is often observed that many property owners in Nigeria overlook the vital aspect of securing their investments. More than 40% of property owners in this country are unaware of the essential documents required to protect their properties, for instance Certificate of Occupancy (CofO) and building approval documents among others. In many cases, they rely on informal agreements hastily assembled from sellers, this practice poses a risk to their valuable assets. Even if you possess all the necessary documents and approvals, another crucial protection to consider is property insurance. Insurance policies shield your property from risks and natural disasters such as fire-related and flood-related incidents.
In this article, we will look into the effective insurance policies for property owners in Nigeria.


Home Insurance:

This insurance coverage serves as a guard against various unforeseen circumstances that may result in damage or destruction to your property. Whether it's a fire, an accident, or a natural disaster like a flood, this home insurance policy will have your back. In Nigeria, a home insurance policy typically carries a fixed term, of 20 or 10 years.

There are lots of benefits of this policy and you can extend the coverage as you desire. You can opt for a full coverage plan, which encompasses a comprehensive protection package, or a partial cover, just for your specific needs.


Homeowner Insurance

A homeowner insurance policy offers genuine protection for movable assets within the policyholder's property. This coverage includes a wide range of valuable items, such as digital and electronic devices like televisions, laptops, refrigerators, gaming consoles, and more. In case of an unfortunate event of theft or damage to these possessions, your homeowner insurance policy will earn you compensation.

This type of insurance isn't limited to property owners alone; tenants may also benefit from this coverage. Some insurance providers may refer to this policy as Householder Insurance, in such cases it will benefit both property owners and tenants. This insurance ensures that personal belongings are safe, and provide a sense of security to all individuals within the property.


Renter’s Insurance:

The difference between homeowner's policy and Renter’s policy is that homeowner’s policy does not extend coverage to the belongings of the tenants except if the insurance company includes that in their policy. Renter's insurance on the other hand offers tenants a means to protect their personal property in the rented space.

This type of insurance policy is designed to provide peace of mind to tenants, ensuring that their belongings are financially guarded should any unfortunate event, such as damage or loss, occur.

Whether you're a property owner, a homeowner, or a tenant, the right insurance coverage ensures that your assets and possessions are safeguarded in Nigeria's real estate market.

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