What is Home Insurance?
Home insurance is an insurance policy that protects you financially in the event that your home and property is damaged in a covered threat, or in the event of a covered lawsuit. It is a type of insurance that covers the residence and a combination of various personal items in it that can be lost to theft, fire, lawsuits, etc.
Home Insurance in Nigeria: How it Works
Generally in Nigeria, home insurance covers personal items that are usually present in the home which includes but not limited to TV, computers, phones, documents, etc.
Typically, these items might not be insured as a single cover (except they are covered by the seller or manufacturer directly).
So, if you want to insure your TV, it will fall under Home Insurance and depending on the insurance company, you’ll have to insure at least two or three items in the house for home insurance to be activated. This type of insurance can also cover accidents that may happen in the home.
Home Insurance Coverage
- Liability for third party losses
- Cover on items you take out and about, whether you’re at home or on holiday
- Death
- Bodily Injury
- Fire
- Burglary & Theft
- Environmental damage (rain, lightning, and wind)
Related Post: How to Get Home Insurance