When Joshua unveiled his newly completed house to friends and family, he was hailed as the most accomplished youth amongst his age mates. He got married in his mid-twenties, worked in a multinational company, and was living a fulfilled life with a fat pay check. However, within a year, tragedy struck when he lost his property.
Joshua made all the right decisions in life but was found wanting in safeguarding the one asset he worked hard to build—his house.
Despite advice from his best friend to secure his investment with home insurance, Joshua remained adamant. “I don’t need it,” he said. Unfortunately, he learned the hard way when a fire disaster completely wrecked his home. If he had listened to wise counsel, he might have saved his lifetime investment.
Why Home Insurance?
Buying home insurance is a great way to secure the longevity of your property. Sadly, only 10% of Nigerians have insured their homes, whilst the rest 90% put their fate to chance.
With the rising cost of building materials in Nigeria, you don’t want to be caught unawares by losing your hard-earned investment to natural or malicious damage. Rather than spending scarce funds to rebuild a destroyed home, it’s best to save a small amount to insure your asset.
What is Home Insurance?
Home Insurance covers your building from loss or damage caused by an insured peril (fire, lightning, explosion, flood, burglary and malicious damage).
In addition to safeguarding your home, it protects you against injuries or death arising from natural disasters. Policyowners are liable to get medical expenses up to a certain limit and the cost of alternative accommodation with this plan.
Top 5 Reasons Why You Need Home Insurance
1. Peace of Mind
With our better home guard plan your building is covered against unforeseen perils. Most home insurance policies will cover the cost of alternative housing, loss of rental income, medical expenses from fire or robbery injuries, and death benefits resulting from disasters that affect your building.
2. Financial Protection
Often, natural perils like fire and explosions cannot be predicted. But with a home insurance policy in place, you get compensated when a natural disaster occurs. Rather than spending money to replace valuables that run into millions, you can save your wallet while your insurer takes care of the bill.
3. Protection Against Burglary & Theft
Securing your valuables from theft is one advantage you get from home insurance. If thieves break into your home and cart away expensive items, your insurer will most likely cover that loss. While some home insurance policies might limit the number of claims you can make, it’s best to purchase complimentary coverage to safeguard your valuables from theft.
4. Coverage Against Floods
Whether you live in a locality known for flooding, excess rain, or swamps, you might find home insurance useful. For example, finding houses submerged in water in parts of Lagos and Port-Harcourt is not new. In other parts of Nigeria also, the overflooding of the two big rivers, Niger, and Benue, is notorious for causing damage to homes. Most home insurance plans cover damage to your property from water and buying one will help you limit losses.
5. Compulsory By Law
Section 65 of the Insurance Act 2013 requires homeowners and tenants of every public building to be insured against liability for loss or damage to property, death, or bodily injury caused by collapse, fire, earthquake, storm, or flood. In addition, section 64 compels every building above two stories and under construction to be insured against construction risks.
2 Types of Home Insurance Offered by Cornerstone
Finding the best insurance coverage for your home can be difficult, but with the cornerstone home insurance policy, you get a better product that meets your expectations. The following are insurance plans we offer for your completed building:
1. Better Home Guard
Better home guard saves you money from the cost incurred in replacing your belongings after a theft or fire outbreak. It complements your home insurance policy by protecting contents inside the home. The Better Home Guard can fill the gap if there’s any appliance or equipment not covered by your existing home insurance plan.
2. Combined Fire & Burglary
Unlike its predecessor, combined fire and burglary insurance is business centric. The policy is available for corporate firms, warehouses, offices, and shops. Policy owners receive compensation for loss or damage to contents contained in their office or shop. If you have goods in the warehouse for transportation, you might consider adding our Goods-In-Transit policy to go with it as well.
To learn more about our product offering: