Your Roadmap to Financial Security
Start your wealth journey with us today
Partner with Coronation’s team of financial experts to make smart choices to preserve and grow your wealth.
If something terrible happens, insurance comes to the rescue.
Unless you are immortal, you need a life insurance.
Unless you created the universe, you need a property insurance.
The above statements about insurance should leave no one in doubt about its relevance and importance generally.
For this article though, our concentration will centre on Real Estate and Property Insurance.
Why real estate?
Because real estate is the only “real wealth” as claimed by Dr Myles Munroe – author, speaker and leadership consultant. More people have begun investing in real estate because of the massive benefits that accrue to them. These benefits range from it being one of the safest forms of investment, having long-term financial gains, steady cash flow and increases in value over time. In many cases, every dive into real estate is solely for investment purposes.
Why property insurance?
As more and more people become familiar with all the areas through which they can generate wealth in the real estate industry, there is a rising need to touch on the importance of home and property insurance. Because of the uncertainties that we meet in our daily lives, insurance has become increasingly necessary for not just real estate developers but also individual homeowners.
Sadly, a lot of people do not fully understand the place and value of insurance in their affairs. This is why, till now, majority of those who purchase insurance have done so after a bad experience or when they are left with no other choice.
If we were to holistically examine the role which insurance plays in society, we would admit that it eliminates fear from our lives, and ultimately, make us more financially confident. Insurance has saved the lives of many people. And like the famous insurance quote reads, “unless you’re immortal, you need life insurance.” But concerning property insurance, we would rewrite this quote thus: “unless you created the universe, you need a property insurance.” The term “property insurance”, when used professionally refers to a series of policies which provide either property protection coverage or liability coverage for homeowners. Property insurance would go on to provide financial reimbursement to the owner or renter of a property in a case of theft, fire or weather damage.
Read Also: Demystifying Art: Why Art is important
How does it work
Property insurance will come in handy to remedy the situation when certain events that could not be predetermined occur. Most perils covered by this insurance will most times include damage caused by fire, theft, or weather-related damage (rain, wind, lightning, hail). As a homeowner, you can choose from several policies which include a homeowner’s insurance, flood insurance or earthquake insurance. You might also want to take into consideration your country of residence and economic situations when choosing a policy.
Why you need property insurance
- Payment of Losses: In the event of theft, insurance will reimburse to the owner, the contents of the property.
- Protection Against Mishaps: Just like other insurance types, this insurance will ensure that the property has or is fully set-up to avoid any form of mishap soon.
- Peace of Mind: This is the ultimate reason and also the best reason if we are to be real. You can now overcome the fear that is associated with losing a property to fire or other mishaps.
So, whether it’s against theft, damage from extreme weather, fire, burst pipes or other losses, Coronation Insurance has the right cover for you. To learn more about Coronation Insurance covers, please visit our website.
Related Posts
Retirement Goals: Soft Life or Financial Struggles?
Debut Episode of the Coronation Life Assurance Limited Podcast In this debut episode of our podcast, we explore a topic Read more
How to Choose the Right Insurance for Your Lifestyle
Your lifestyle is unique — your insurance should be too. Picture this: You’ve secured your dream apartment in Lagos and Read more
Why Millennials and Gen Z Need Critical Illness Insurance
Critical illness insurance is often ignored in youth—a time of ambition, resilience, and invaluable life lessons. But life’s uncertainties don’t Read more
How Can Medical Bills Wipe Out Your Savings?
Dez had it all figured out. At 36, she was just a step away from a major promotion—a milestone that Read more
