Fire insurance in Nigeria

Fire is sudden and total. A fire policy, properly written as fire and special perils, is how a home or business survives one financially.

What it covers

Fire and special perils covers loss or damage from fire, lightning and a schedule of allied perils, typically explosion, storm, flood and impact, depending on the wording. It applies to the building, its contents and, for a business, its stock.

What it does not cover

Fire cover is not theft cover. If you also need protection against burglary, that is a separate class, often bundled into the same policy. Read the wording for exclusions and any conditions, such as keeping certain safety measures in place.

Getting the sum insured right

Insure the building for its rebuild cost and contents or stock for their replacement value. Underinsurance triggers the average clause, which scales a claim down in proportion. For a business, an accurate stock and equipment register is the way to get this right.

What happens if your house burns down?

With cover in place, you log the loss, provide proof of what was lost and its value, and the claim is assessed against the wording, average first, then the excess. The proof you kept in your vault, receipts and photos stored off-site, is what makes the claim straightforward. Without cover, the loss is yours alone.

Start today

Log your property and contents, get an accurate quote from a licensed underwriter, and pay in the app.