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Don't sign another policy until you read this! Insider's Guide to Home Insurance Revealed.

Dec 07, 2023

Zerodip
Zerodip

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Don't sign another policy until you read this! Insider's Guide to Home Insurance Revealed.

When buying a house, it is always advisable to purchase insurance. This insures your property against potential accidents. But there are lots more things about insurance that you should know. That is why we at Zerodip have developed this Q&A to explain everything about insurance.

We interviewed an insurance agent who works for a leading insurance company in Nigeria, and she answered important questions about housing insurance.

 

  • Why do I need home insurance?

Home insurance protects housing and asset losses. Liability for house or property accidents is covered by homeowners insurance. Insuring your assets against unexpected losses is crucial, although it's not compulsory in Nigeria. When you get asset insurance, you know that if something happens and you lose money, everything will be gotten back.

  • What kinds of home insurance should I know about?

Home insurance can cover buildings, household contents, and personal belongings.

 

  • What does building insurance cover?

Buildings insurance provides indemnity (compensation) for loss or damage to the building and landlord fittings or fixtures arising from fire and special perils such as lightning, explosion, flood, storm, tornado, earthquake, aircraft, impact, bursting, and overflowing of water tanks, pipes, and apparatus. Owners of the structures, whether they dwell there or not, can take up building insurance. Content insurance covers loss or damage to domestic items and personal possessions. Every description the insured owns or is accountable for. On top of that, it covers accounts of family members who live with the insured forever. It also covers fixtures and fittings that belong to the insured or that the insured is responsible for. It does not cover fixtures or fittings that belong to owners and are not in the private home. 

Simply put, it covers the following:

  • The contents of the building
  • Valuables (on an all-risk basis) both against theft and fire risks.

 

  • Is it possible to exclude me from claiming insurance for any reason?

Yes, you can. For the following reasons:

  • Any accident, loss, damage, expense, liability, or bodily injury occasioned by, through, or in consequence directly or indirectly of:
  • War, invasion, act of foreign enemy hostilities or warlike operations {whether war declared or not}, civil war
  • Mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, insurrection, rebellion, revolution, military, or usurped power
  • An excluded peril
  • In any action, suit, or other proceeding where the company alleges that this general exception does not cover any accident, loss, damage, expense, liability, or bodily injury, the insured must prove that it is covered.
  • Any harm, loss, damage, costs, accidents, or physical injuries that happen because the government legally or illegally takes something, destroys it, or damages the things inside it.
  • Any mishap, loss, harm, cost, responsibility, or physical harm that is directly or indirectly caused by, coming from, results from, or is made worse by:
  • Nuclear weapons material
  • Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste of nuclear fuel solely.
  • Consequential loss or damage of any kind can occur.

 

  • Are there any properties that are difficult to insure?

NO

 

  • When do I need to get insurance?

As soon as you acquire your asset

 

  • What is considered when setting a premium?
  • The value of the property
  • Location of the property
  • How long the asset has been used?

 

  • Can I be unqualified for a home insurance premium?

Yes! If you have a criminal record and have an existing type of coverage with another insurance company, you can be unqualified for a home insurance premium.

 

  • How do I value my contents?

Provide us with the actual value of each piece of content—that is, the value of the asset you purchased—to ensure you are adequately covered.

Provide us with proper evidence of the loss, the date of the loss, and an estimate of repairs.

 

  • How do I choose a home insurance policy?

It depends on the asset you want to cover. If you are not the owner of the building you are occupying,you will require cover for just the contents of your apartment and your moveable items, such as jewellery and mobile devices.

 

  • Who is responsible for getting insurance for the home? Is it the tenant or the landlord?

The owner of the building can take ownership of the building, and the tenant can take ownership of the contents of his apartment.

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DISCLAIMER

We try to make sure that the information here is accurate at the time of publishing. But the property market moves fast and some information may now be out of date. Zerodip accepts no responsibility or liability for any decisions you make based on the information provided. Graphics and images used here are for information purposes - we do not have ownership right over them.

Don't sign another policy until you read this! Insider's Guide to Home Insurance Revealed.

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