Protecting your home from burglary

Protecting your home from burglary

Most burglary insurance comes as part of homeowner‘s insurance, which covers a limited amount of personal property. There are certain valuable items which require cover beyond the normal scope of Fire and Burglary policies. This is called breakage and pilferage risk, this compensation is for loss or damage to the property insured by any accident or misfortune. Items that can be covered in addition includes:

· Wearing Apparels

· Jewellery & Personal Ornaments

· Trunks & Suitcases

· Fountain Pens, Gold & Silver Wares etc.

· Surveying Instruments

· Tools of Trade

· Sport Requisites

· Household effects

· Cookery and Glassware

· Pictures, Books

· Miscellaneous Equipment

Nigeria Insurance

In Nigeria, burglary insurance prices are the almost the same regardless of where you live. In rural areas or those with low median crime rates will get lower premiums, while those living in urban or high-crime neighbourhoods will have to pay higher rates. To get lower premiums, there are specific things which can be done:

· Doors with deadbolts

· Locking security windows

· Adding an alarm system

· Residing in areas with neighbourhood watch

· Anti-theft bars and windows and gates

· Safes for valuables

Burglary Insurance

Taking out burglary/home insurance may seem like a hassle but in the end it will; be worth it when the unexpected happens. It is also very handy to make a list of the most-valuable-items and its price next to it. Along with the list keep there is also three other thing you can do:

· Keep the receipts – it shows identifiable serial numbers proof of purchase and the item’s original value.

· Instruction manuals - also act as proof of purchase as they contain identifiable serial numbers for each of your items.

· Take digital photos – if possible email them to yourself, or, physical photos stored in a safe place will work too.

Life Insurance Money Saving Tips

Before you set off to buy life insurance always check that you are not already insured via another policy. For example if you are employed, you might be eligible for ‘death in service’ benefit, which typically pays out a lump sum if you die while still working for the company.

Compare life insurance premiums

You will find that life insurance premiums vary from one insurer to another, always shop around for the best price. But, remember that the cheapest may not always be the best – ensure the policy meets all your requirements. Seek professional advice if you are not sure.

Pick the right type of life insurance cover

There are two main types of life insurance cover – Term Insurance and Whole Life Assurance.

Term insurance is typically cheaper than whole of life cover as it pays out only if you die within the policy term. Whole of life cover lasts until you die, whenever that might be, and so is guaranteed to pay out.

Choose the correct period of insurance

Longer term policies tend to be more expensive as the longer the policy term the more likely you are to die and result in a claim. Pick a term that suits your needs.

Insure the right amount

The larger the claim amount is the larger your premium will be, pre-determine how much your loved ones will need after your death. Insure the correct amount and avoid paying larger premiums.

Buy when you’re young

This is an easy way to avoid paying large premiums, if you buy your policy when you are young you will benefit from lower premiums. You can save money by arranging cover in your 20s or 30s, rather than in your 40s and 50s. 

Quit Smoking

It’s a bad habit and we all know how detrimental it is to your health. Smokers pay more for life insurance than non-smokers, so kicking the habit can be good for your wealth as well as your health.

Joint life insurance cover

Like with most things in life, when you buy two you are likely to get a discount and pay less for your premiums compared to 2 single policies. But remember most insurers pay out only on the first death. When the survivor dies, the family cannot lodge another claim

9 Tips to help lower your home insurance

9 Tips to help lower your home insurance

Insuring your home is a must, content insurance as well as building insurance help protect you against fire, burglary and natural disasters. With insurance in place one can be rest assured that they have the adequate cover in place to replace and rebuild. However, home insurance can be expensive if you do not supply the correct information.

Here are 9 top tips on how to avoid overpaying on home insurance;

1. Add insurance approved locks on all windows and doors – then make sure you use them to keep your insurance validated. Let your insurer know so they can apply a discount.

2. Add a burglar alarm – not only does this add piece of mind but a burglar also helps lower insurance premiums, but of course make sure you use it. Again, let your insurer know of the precaution you have taken.

3. Increase your premium excess – in most cases this will instantly lower your premium. Make sure you are comfortable with the excess, as this is what you will have to pay if you have to make a claim.

4. Join up to your local neighbourhood watch scheme - Some insurers offer discounts if you live in a neighbourhood watch area.

5. Try to avoid making claims – no claims history will help insurance companies give you a better rate. It is better not to make claim for small or low value items.

6. Accurately state your age – the older you are the less likely you are to make a claim, this is according to insurers.

7. Extra Precautions – add a safe to the house and let your insurance company know.

8. Describe your lifestyle – insurers tend to give better discounts to those who do not smoke, drink or have pets, so accurately and honestly describe your lifestyle.

9. When it comes to renewal, do not just go with your current provider, always shop around and ask for discounts.

Other tips include, making sure you do not over value your home, building or contents. By over estimating you will only be paying an extra premium, the insurer will only pay out the market value. Check the policy for additional cover items such as “lost keys” if you do not need this cover ask for it to be removed and a discount applied.

Avoid covering items twice, for example your mobile phone may be protected by your bank account already therefore your home insurance policy does not need to, again remove this and ask for a discount to be applied.

Most popular insurances in Nigeria

There are many different types of insurance available in Nigeria but the most popular three insurances that are taken out every year is motor insurance, home insurance and life insurance.

Motor Insurance

Most people need a car to commute to work or need it for work, so having insurance is a necessity. Different insurance companies offer different types of insurance packages for you and your car. Motor insurance is there to protect car owners against various risks associated with vehicle ownership.  There are two levels of cover, Comprehensive and Third.

• Third Party - The Third Party policy protects against death or injury arising from the use of the insured car and damage to a third party’s property.
• Comprehensive – it covers accidental collision or overturning caused by mechanical breakdown or wear and tear, fire, explosion or lightning strike, theft and malicious acts. The Comprehensive policy also includes Third Party cover and protects against damage to the insured vehicle. 

Home Insurance

There are many different packages available for home insurance. A lot of people choose to get everything covered in their house, while others only chose to cover what is important to them. There are various types of insurance packages available:

• Fire and Allied Perils - designed to cover for loss or damage to properties as a result of  fire, lightning, limited explosion and other special perils.
• Burglary - designed to protect you against loss or damage to property caused by a theft that involves the forcible and violent breaking into or out of the premises.
• All Risk Insurance - provides cover against loss of, or accidental damage to, items that are movable in nature.

Life Insurance

Life insurance is a source of income, in case of your death, for your children, dependents, or other beneficiaries. Life insurance can also serve other estate planning purposes, like giving money to charity on your death, paying for estate taxes, or providing for a buy-out of a business interest. There are two types of life insurance:

• Term - you pay for coverage for a specified amount of time, and if you die during that time the insurer pays your survivors the death benefit specified.
• Cash value - referred to as whole life, universal life, or permanent life insurance, where, in addition to paying a death benefit, it also provides you with some other redeemable value.