One of the biggest financial decisions that many people will ever make is purchasing a home.
It’s more than just a building; it’s a haven for your family, a storehouse for your most priceless belongings, and a place to escape to when times are tough.
It is essential to have the appropriate insurance coverage in place to protect these.
What is a Household Policy?
The purpose of a household insurance coverage, sometimes referred to as home insurance, is to offer financial security against a range of dangers that could harm your property and its belongings. These dangers can include storms, floods, and other natural calamities as well as robbery, vandalism, and fire. You can feel secure knowing that your house and possessions are safeguarded from unanticipated events if you have a household coverage with NEM Insurance.
These assets can be extremely expensive to replace, especially if destroyed in a disaster, but with household insurance, the homeowner can receive compensation for the value of assets lost or damaged. The coverage of household insurance however, differs, depending on the kind of policy undertaken and the insurance company.
In other climes, especially in the developed countries, it is a widespread practice that household contents and properties and even mortgages are under an insurance coverage to properly protect them from foreseen and unforeseen damages or losses. This is so because of elevated level of awareness, education and adoption, the importance of having insurance policy in place if losses occur through natural or artificial occurrence means the insurance company will indemnify the owners.
In Nigeria, the situation is entirely different, as not so many people realized the full conciseness of the benefits of protecting their houses and contents against the expected and unexpected losses or damages. This is due to extreme poverty rate, high illiteracy level and ignorance, unstable government regulations and implementation which significantly have impacted patronages.
The Group Managing Director and Chief Executive Officer of NEM Insurance Plc, Mr. Andrew Ikekhua said, “A house insurance policy, or household policy, protects the policyholder against unintentional losses caused by lightning strikes, fires, and explosions in the home. Protection against physical loss or damage is provided by this coverage for fixed assets, including buildings and their contents.”
To this end, NEM Insurance Plc, one of Nigeria’s leading insurance firms pioneering home properties protection through household insurance policy uptake for its clients over the years offer various insurance coverage against fire, lightning, explosion, and special perils such as flood from rainfall, water from home piping damages, aerial devices, storm, wind, and property damage on temporary removal (transit risk).
In addition, house-owner insurance covers the building (physical structure including landlord’s fixtures and fittings i.e. those fixtures covered are normally part of the buildings, e.g., windows, doors, etc.) and/or contents taking up by the Landlord.
Scope of Cover
Householder insurance covers the insured’s contents without the building. This is taking up by tenants as they do not have insurable interest in the building owned by the landlord. It covers the building against fire & special perils such as fire, lightening, explosion of gas in domestic appliances, bursting and overflowing of water tanks, apparatus or pipes. Damage caused by Aircraft, riot, strike, malicious act, earthquake, Fire and/or shock, subsidence and landslide (including rock-slide) damage,flood, Inundation, storm, tempest, typhoon, hurricane, tomado or cyclone and impact damage.
Other aspects of cover are against loss due to fire & burglary, house breaking or larceny, cost of alternative accommodation while the premises is uninhabitable as a result of an insured peril, loss or damage to your jewellery, camera, phones, laptops and other valuables by accident or misfortune whilst kept, worn or carried anywhere in Nigeria. As well as legal liability against third-party for damage or injury, compensation for death of the insured and the Insured’s legal liability for bodily injury or loss of or damage to property of third party
Therefore, household insurance is one of the crucial aspects of risk management for homeowners which provides protection against financial losses and protects homeowners’ assets in the event of a disaster. With NEM insurance household policy, you can be rest assured of the safety of your properties.
