Home Insurance is an insurance plan, taken on one’s house for cases of emergencies. It is a contract between a customer (insured) and an insurance company (insurer) in which the insurer will pay a certain sum in specific tranches or a lump sum where the insured has a problem with his/her home or house as it is commonly called in Nigeria. It is a plan to protect yourself against unforeseen circumstances that could affect one’s home and leave the person in a dilemma as regards their accommodation.
Benefits of Home Insurance:
Having a home insurance gives you some basic benefits which include:
- It sets your mind at ease that your house or accommodation is secured & protected against unforeseen circumstances
- Shields you from unnecessary expenses for replacement of stolen items from your homes
- Guarantees the availability of options in keeping your house and property safe.
Top 10 Insurance Companies that offer home Insurance:
Virtually all General Insurance companies offer home or housing insurance, which is no surprise as shelter us one of the basic needs of life and without it, one cannot be said to live according to minimum standards, but what are the top insurance plans offered for houses in Nigeria. In no specific 9rder, these are our top 10 Insurance companies with a house or home insurance plan. Viz:
- Leadway Assurance: This name comes as no surprise on this list. With experience since 1970, Leadway Assurance definitely leads the way when it comes to hone insurance in Nigeria with a very wide coverage when it comes to possible exigencies as regards housing. There home insurance plan can be viewed on their website - https://www.leadway.com/general-insurance/
- Allianz Nigeria Insurance: With cash back offers and a plan that covers even 3rd party liability as regards home insurance, Allianz Nigeria Insurance is definitely charting a course toward being a big name in the industry and their home insurance sure gives them a chance at that. You can see more about their home unsure offer on https://www.allianz.ng/personal-insurance/home-insurance.html
- AIICO Insurance: The only surprise you have for seeing this name is that it is not number 1 on this list, but don’t let that mislead you, AIICO Insurance had a very strong and juicy package when it comes to home insurance and they don’t seem to be slowing anytime soon. Their home insurance plan is even more unique considering it is tailored more toward those living in rented apartments. One would wonder why they choose to tow that line but you can check out their home insurance plans on https://www.aiicoplc.com/index.php/home/home-insurance-plan
- Sunu Assurance: With almost 40 years’ experience, Sunu assurance is no newcomer to the business. They possess a very broad coverage in their home assurance (Perhaps even the broadest coverage scope) offers which also comes in 3 variants. You do not want to overlook what they have to offer with their home insurance plan so check it out on https://sunuassurancesnigeria.com/service/householdershouseowners-insurance/
- Guinea Assurance: They may not be a big name in the game, but they have the interest of the customers (existing & potentiometer at heart). Guinea Insurance offers a home insurance plan that covers the essential scope of home insurance, giving you confidence that you are safe. Check out their offers https://www.guineainsurance.com/product/house-owners-householders-insurance/
- KBL Insurance: KBL Insurance is a new generation insurer that thrives on innovation, dynamism and good service delivery. They have 2 home Insurance plans (Home Xtra & Homestead Insurance) tailored to cover a moderate or broad scope of exigency based on ones needs. You can check out their home insurance plans via https://kblinsurance.com/personal-insurance/
- Staco Insurance: With an insurance plan that covers as much, even down to your fittings. Sounds funny but that statement is in the literal sense. Staco Insurance prides on transparency and has a home insurance plan with spelt out things that can or can’t be covered by their home insurance plan. Check out their offer on http://www.stacoplc.com/homeowner
- Sterling Assurance Nigeria: Incorporated in 1990 & focused on providing sound risk management services, wealth creation and profit optimization as well as being socially responsible. Sterling has a house insurance plan specially tailored to break-in’s (Forced entry) and burglary. You can see their offer on http://www.sterlingassure.com/article/About-Us
- NEM Insurance: Incorporated in 1970, quoted on the NSE in 1989 & going through a merger in 2007. NEM Insurance is one of the few insurers that offers home insurance in Nigeria. Their home insurance plan covers a sizable range of possible emergencies. You can check out their offers on https://nem-insurance.com/article/Home-protection
- FIN Insurance: A subsidiary of Cornerstone group, FIN insurance is licensed in Nigeria to carry out General Insurance business. They have a home insurance plan that covers the insured in cases of theft of their property or property held in trust or commission. You can check out their home insurance package on https://finsurance.com.ng/portal/home/product?p_id=66&p_title=
Requirement for Home Insurance
The requirements for homes insurance differ from one company to another, but two basic requirements are needed at across board:
- The documents of title for the property should be readily available (For verification as to the true ownership)
- You should be able to pay the premium as and when due.
How Can I Apply for Home Insurance?
Well you can take a home insurance by
- Visit the website of the insurance company
- Go through their home insurance options and pick an option
- You will be quoted and asked to create an account online.
- You will be invited to a branch for finalisation of the process or asked for document verification online.
Note: There is no hard and fast rule to this and the above may have slight variations depending on the website structure of the company but most would apply irrespective.
- Go to the nearest branch of the insurance company
- Tell them the plan you intend to take on your house and you will be attended to
Conclusion: Home Insurance is a must for every house owner in Nigeria especially considering the possibility of various disasters such as floods, land or mud slides, explosions, civil unrest, fires from electrical surges etc. It is advised that everyone get an insurance plan on their homes because in the end, no one is absolutely immune to emergencies and we never know what they might be. I hope this article provided you the information on home insurance, happy reading.