How to get property insurance in Nigeria
The process pertaining to how to get property insurance in Nigeria is pretty much the same as getting any other type of insurance policy.
Steps on how to get property insurance in Nigeria
Step 1: Understand the Property Insurance Jargon
There’s a lot of big big grammar when trying to fill out an Insurance application. It’s paramount you understand each and every term. A few of them include words like Death Benefit, Term, Premium, Beneficiary, Policy, Coverage and so on. If you’re perhaps the lazy type, there’s always the second option of letting your Lawyer do all the dirty work of interpretation for you.
Step 2: Determine how much Insurance you need.
Most people actually who don’t own property Insurance have precisely no clue just how much property Insurance they need. When going about how to get for Property Insurance, it’s advisable to first take stock of what type of coverage you need and how much of each component you’ll need in order to make sure all your household stuff is covered. Finding out your home’s replacement cost and property value is also key.
Step 3: Get a free quote and compare prices.
Go to the website of your preferred Insurance company and get a quote. You’ll typically see the call to action on their website. In this step, its best to run through a lot of offers so you know you’re choosing the best deal for your home. Don’t just let price guide you. Like I always say, the next best thing after free stuff is cheap stuff, there’s no denying that. But when selecting a homeowners insurance policy, cheap doesn’t tell the entire story.
Step 4: Provide important documents
like the Address of your home, personal information like name, age, occupation etc. To know the full scope of documents to bring along, contact the Insurance company and ask.
Step 5: Complete the application
Finalize your Property insurance application taking into account negotiations involving Premiums, deductibles and Effective dates.
Step 6: Welcome the Property Inspector:
The Insurance company will usually send someone over to inspect your house and make sure all the heaven and earth you promised on your application about your house is genuine.
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