Owning a house in Nigeria is a significant milestone in a person’s life. But it comes with responsibilities and potential risks. It’s easy to imagine that you might not be exposed to these dangers. The future is unpredictable, so you need to prepare for it.
As a homeowner, you might encounter unexpected problems like floods, fires, theft, or riots that could disrupt your finances. Homeowners insurance, also called householder insurance, is like a safety net. It helps protect you against the financial burden of an unforeseen event.
In January 2023, the Federal Government announced that the 2022 flood in various parts of Nigeria led to an estimated economic loss of $9.12 billion. It’s crucial to have insurance because it protects against uncontrollable events like flooding.
This article explores householder insurance and the risks you face as a homeowner. Whether you’re a landlord or tenant, house insurance is essential.
Types of Risks Faced by House Owners
Fire
Fire is one of the most devastating risks homeowners can face. It can be caused by various reasons. From faulty electric connections to kitchen accidents, fire can start and cause extensive damage. It can even spread from a neighbour’s house. Householder insurance provides coverage for fire-related accidents, helping homeowners rebuild their lives.
Flood
Floods are another natural disaster that can wreak havoc on homes. They can occur due to heavy rains or overflowing rivers. Householder insurance provides coverage for flood damage. Helping you get back to where you were before the flood happened.
Burglary
Thieves show up when you least expect them. Leaving homeowners feeling violated and vulnerable. Householder insurance covers the cost of loss or damage to stolen items and repairs required.
Explosion
Gas leaks, wrong use of a microwave and other unexpected incidents can lead to explosions in a house. Householder insurance helps cover repair costs and replace damaged belongings.
Riots and Strikes
Civil unrest, riots, and strikes can lead to damage and vandalism. Householder insurance often covers these risks. It provides homeowners with financial support to repair or replace damaged property.
The Different Types of Coverage Under House Insurance
Householder insurance is a comprehensive policy that combines several coverages to protect homeowners. These coverages include:
Dwelling Coverage
This covers the physical structure of your house. It includes the walls, roof, floors, and foundation. It protects against damages caused by fire, lightning, explosion, and more.
Personal Property Coverage
This coverage pays homeowners for the loss or damage of personal belongings. It includes furniture, appliances, clothing, and electronics. It is crucial for addressing risks like burglary and vandalism.
Additional Living Expenses Coverage
If your home becomes uninhabitable due to a disaster, this coverage helps with temporary living expenses. This includes hotel stays and meals while repairs are being made.
Specialized Coverages
Depending on your specific needs, you may need extra coverage for valuable items like jewellery and art.
Protecting Your House With Leadway Householder Insurance
Owning a home is a significant investment, and protecting it from various risks is important. Leadway Assurance offers House Insurance to both landlords and tenants.
You can protect your home and its contents with the right insurance coverage. Leadway is an insurance company that has provided insurance coverage to individuals and businesses for over 50 years.
To get House Insurance from Leadway, visit https://www.leadway.com/householder/.
