In Nigeria, the annual rainy season brings calmness and relief from the heat but also comes with the challenge of floods, posing significant risks to different homes and property in various states.
This season is predictable as it comes between April to September. Each season comes with greater concern as we live in uncertain times. They come with catastrophic risks and unpredictable disasters. To withstand the finances that come with this disaster, you need flood insurance.
Flood insurance is recommended for all homeowners, especially those who own a property in a flood-prone state or live in a state with a series of recorded floods in the past.
Understanding and preparing for the risks of flood is important for homeowners.
Understanding Flood Risks
Nigeria faces different types of floods like the riverine and coastal flood, impacting different regions. Areas along the Niger and Benue rivers, Bayelsa State, Anambra State, Imo State which lie within the sub-equatorial region, as well as coastal regions like Lagos, are particularly vulnerable.
Floods come with catastrophic risks that are likely to affect you anytime during the rainy season and when they do happen, the consequences can be devastating. These risks are unpredictable, often striking without warning, and they can be badly underestimated. Yet just being prepared can save you as a homeowner from untold distress when it happens.
As the more frightening rain we have recently experienced has been heavier and more prolonged than most of us can remember, thus the need for flood insurance.
Protecting Your Home from Floods
Homeowners in Nigeria can take several preventative measures to curb floods before disaster comes. Such measures are:
- Installing proper drainage systems
- Using sandbags
- Avoid dumping of plastic and other waste in gutters, canals and large drainage ways.
- Check if part of your property was erected on a channel that has blocked the water flow.
- Elevating critical utilities
- Removing any stumbling block to water flow to minimize flood damages.
- Staying informed about recent flood management is also important
Flood Insurance in Nigeria
In Nigeria we have general home insurance policies that cover flood damage and also separate insurance premiums covering only flood. Whichever one you desire, you can go for. The question now should be who knows about this insurance? It is also about how many Nigerians are insured in the first place; most homeowners are not.
To know more about your flood insurance policy, you need to ask how well you are protected against flooding and other disasters? What type of policy do you have?
You will also find that the insurance premium is just a small price to pay for the peace of mind of having your belongings and property insured.
If the money is too much for you as a homeowner, you can explore general home insurance policies that cover flood damage. In the absence of widespread flood insurance options, it’s important to understand what protections are available under various insurance plans the company has.
Additional Considerations
Beyond buying insurance, consider community-based solutions if you cannot solve alone and government programs aimed at flood mitigation. Staying informed about local flood management efforts is also very important.
Also, re-read your policy annually before renewal and adjust where important to ensure that your belongings and property are adequately covered. The worst time to find out that you are underinsured is when you have tried to file a claim and find that you are not fully covered for the cost of curbing the flood, repairs damaged items or replacing them.
We have many insurers online and offline that offer varying levels of replacement cost coverage, so you need to check your policy or with your insurer to see what is covered and what it limits.
Conclusion
For Nigerian homeowners, understanding flood risks and taking proactive steps, including researching different insurance options, is key to protecting your belongings and properties from the devastating impacts of floods.
Flood insurance is a critical part of your financial life as a homeowner and you cannot afford to ignore it. If you haven’t already gotten a policy, call a reputable insurance company today and apply for one.