What is Householders/Homeowners' Insurance?

Householders/Homeowners' Insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. 

Householders/ Homeowners' Insurance also provides liability coverage against accidents in the home or on the property

Why should I choose Householders/Homeowners' Insurance?

Most people are subject to some form of stress or another: whether it is being retrenched in place of work or a fellow road user being reckless, there are little things which can stress us out in one way or another. 

In some cases, the source of the stress may arise from issues relating to your household; it may well be your friend or family member that has been affected by damages to their home, or indeed the possessions in their home. In as much as you may empathise or commiserate with them over their loss, it is not something you want to experience yourself.

Therefore, you can consider this policy as a way of limiting your stress and enjoying greater peace of mind

How do I affect Householders/Homeowners' Insurance cover?

  • Follow the designated steps on the insurance section of the Money Matters site

  • Fill the mandatory boxes with the info relevant to your circumstances: 

1) Name of the insured, 

2) Business name (if/where applicable), 

3) Residential Address, 

4) Choose the policy, 

5) List the possessions you would like to cover and also their estimated values, 

6) email, 

7) telephone number, 

8) Choose (tick the designated box) whether it is a Takaful/Islamic insurance product

  • Choose the best priced quote and select the option at the bottom of the page to move to the final stage

  • Submit payment using the online POS option (a safe and the most convenient payment option) or make contact with our customer service team to conclude policy arrangements

Can I insure more than one item or set of items?

Yes, you can and you’ll just need to list the items and their corresponding values in the designated space to affect cover for all items

What is the name of the payment that is made to affect cover?

The payment required to affect an insurance policy is called a ‘premium’ in insurance parlance. It is often payable in advance of the insurance policy being affected

How are premiums calculated?

This is calculated based on a percentage of the estimated value of the items or property being insured

What happens in the event of an accident and a claim needing to be made?

  • You will have contact and other relevant info/instructions provided from the policy’s inception. These will help you as you make contact with the insurance provider

  • In the event a claim needs to be made, this will be registered by the insurance provider’s customer service rep

  • You’ll be notified whether the claim is successful or not

  • Once confirmation has been received that the claim is successful, the amount that the claim is for will be paid out, less the excess fee

What is an excess?

  • An excess is a pre-determined figure which will be paid in the event of a successful claim being made. This can be looked at as a nominal or small contribution to the cost of repairing damage or replacing a motor vehicle. 

  • An example of this may be damage sustained to a building or possessions arising from an accident. If the cost of replacing the item is N400,000 and the excess N10,000, you will receive N390,000 in the event of a successful claim

Is there any reason why a claim may be unsuccessful?

As long as you are honest about the details required to affect  Householders/Homeowners' , and honest in providing all the relevant info when making a claim, there’s no major reason for concern.

Typically, unsuccessful claims arise in the event of a customer committing insurance fraud or violating any terms of her/his insurance policy

Money Matters is a comparison site across many different services. Our wide variety of options listed enable customers to benefit from the best-priced deals available, and vendors to gain from increased business. Make us your choice today!


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Phone: (+234) 802 7152 761 , (+234) 906 9387 045 , (WhatsApp) +234 803 096 8197

E-Mail: insurance@moneymatters.com.ng


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