Property insurance is simply an attempt you make to protect your assets in the event of unforeseen accidents. These things sometimes arise at different points or in instances that are way out of your control. The only form of control you may have is that you have guessed that they may come up, and you have put in place preventive measures to help you navigate them. There are different types of risks that could arise, such as fire, theft, natural disasters, and accidental damage, all of which would certainly not have been preplanned.

The two main types of property insurance policies in Nigeria are building insurance and content insurance. The building insurance covers the outer structure of your property, while the content insurance is more concerned with what is inside your building, such as furniture, appliances, and personal belongings. To choose the right property insurance, you need to ensure that your desired policy covers the risk that you have speculated that you need protection against. Then, you need to compare the price rates of different companies to get the best rate for the premium you would be required to pay. You also need to study all these things that accompany that premium. Other steps include checking the excess amount you need to pay when making a claim, having a proper understanding of the claim process and the required documentation, and researching your insurer’s reputation and financial stability.