The Insurance sector is no doubt a multi billion dollar industry. Simply put, insurance is a protection, an indemnity against future loss (Wordweb).
The Real Estate industry, properties and home appliances in Nigeria are grossly under-insured. With a population of about 170 million people, there is no gainsaying the fact that there is a big market for insurance in Nigeria.
This essay is necessitated by the prevalence of building collapse, fire outbreaks in Nigeria in which properties running into millions of naira are lost for ever with no prospect of recouping one’s investment because the properties and home appliances were not insured in the first place. Of course it is not always comfortable paying for something you probably may never recourse to. Be that is it may, insurance and particularly home insurers may just be an investment for the rainy day. Life is unpredictable; a house, home appliances that took decades to acquire can disappear with the twinkling of an eyelid sequel to a natural disaster (flooding, earthquake, fire outbreak) or even theft. Remember the serious flooding across Nigeria in the last couple of years where properties running into millions of naira were lost. Such scenarios underscores the importance of home insurance.
