The Things That Are Covered In A Homeowners’ Insurance Policy In Nigeria
There are different homeowners’ insurance policies and each is done in a way that the needs of the homeowners are taken care of. Homeowners’ insurance policy is so unique to the needs of the homeowner. This article will open your eyes to the things that are contained in a homeowners’ insurance policy.
This will also help you to know the things to expect when you are any homeowners’ insurance policy.
Five Things You Must See In A Homeowners’ Insurance Policy
1. House Protection
The one thing that you must know about owning a house is that your house can be damaged at any time by things that are not even under your control.
In a homeowners’ insurance policy, there must be a certain protection that is given to you in case your house is damaged by any means whatsoever.
One of the major characteristics of a very good homeowners’ insurance policy is house protection, that covers the home you live in and also other structures attached to it such as garage etc.
2. Protection For Other Structures
A very good homeowners’ insurance policy also covers other structures that are on your property but are separate from that of your home.
These other structures include your fence, office building etc. If a homeowners’ insurance policy does not cover other structures that are under your name, then there is something wrong with such insurance policy.
3. Protection Of Your Personal Property
You should know that homeowners’ insurance coverage goes beyond just covering for damages to your house or other structures.
It also provides coverage for your personal properties that are within your house. You must have an idea of what your properties within your house are worth.
You should be able to let the insurance agent know the approximate value of everything you own within your home.
Be it an artwork or just a simple bathtub, you should know the monetary values of all these things in your home.
A good homeowners’ insurance policy covers all these things to the later.
You must make sure that the policy limit covers for your belongings, and in cases that it doesn’t, your insurance agent should help you to raise the limit so as to accommodate the cost of your belongings.
4. Protection Against Natural Disaster
Another thing that is covered under a homeowners’ insurance policy is a natural disaster. Although not all natural disasters are covered, you should discuss with your insurance agent to know the options that you have.
Some of the natural disasters that are included are fire outbreaks, lightning strikes etc. natural disasters such as earthquakes, flooding are not typically covered.
There may be a special package of insurance policy that covers earthquakes and floods but they require a special kind of registration.
So, for you to have insurance against floods and earthquakes, you will have to purchase the special insurance policy that covers for them.
5. Protection Against Bodily Injury
One thing you must know is that accident is bound to happen. It may be you or someone on your property.
A very good insurance policy covers for bodily injury. Having bodily injury liability coverage can save you a lot of stress and money especially when someone not living with you injures on your property.
It is also very important that you discuss with your insurance agent about the type of coverage your policy should include, whether actual cost value or replacement cost.
If you work closely with an insurance company, they can help you determine the exact insurance coverage you need and the monetary levels of coverage that suits your condition at every point in time.