Home insurance in Nigeria: your questions answered
How much it costs, what it covers, what documents you need, and how claims are paid. The common questions, answered up front.
How much does home insurance cost in Nigeria?
Premium is a percentage of the value you insure, so it scales with your home and contents. As a rough guide, buildings and contents cover is often under 1% of the sum insured per year, so contents worth 5 million naira might cost in the region of 40,000 to 60,000 naira annually. The exact rate depends on the underwriter, the location and the risk. Cova quotes your precise figure before you pay.
What does home insurance cover?
It depends on the class. Fire and special perils covers fire, lightning, storm and similar events. Burglary covers theft from the premises with forcible entry. All-risks covers portable valuables wherever they are. Many homes need a combination, which is why bundling into one policy is common.
What documents do I need?
To buy cover you complete identity verification (KYC): for an individual, your address and NIN; for a business, your RC number. To support a claim you need proof of ownership and value, receipts, photos, serial numbers, and a police report for any theft.
How are claims paid?
The payout is based on the policy wording. If you are underinsured, the "average" clause scales the claim down; then the excess (the first part you carry) is deducted. Simple, valid claims on active cover can be settled quickly; larger ones are assessed. Money is released to your wallet once the underwriter's funds reach us.
Can I cancel if I change my mind?
Yes. VaultCova gives you a 14-day cooling-off window with a pro-rata refund of what you paid for the unused period.
Do I have to insure everything at once?
No. Log everything for free to see your full exposure, then insure what you choose, when you are ready.