Cheapest Property Insurance in Nigeria for Homeowners (2024)

Are you a homeowner in Nigeria concerned about protecting your most valuable asset—your home?

Amid the ever-rising costs of living, finding affordable property insurance that provides comprehensive coverage can feel like a daunting task. But fear not, as we delve into the cheapest property insurance options available in Nigeria for homeowners in 2024.

property insurance in nigeria

In this article, we’ll explore various insurance providers and strategies to help you secure a policy that safeguards your home without breaking the bank.

So, whether you’re a first-time homebuyer or a seasoned property owner, read on to discover how you can find the perfect balance between protection and affordability.


Before we go into the article, let’s briefly discuss what Property Insurance entails.

Property insurance is a type of insurance policy that covers your home and other structures on your property, such as a detached garage or fence, against damages caused by covered perils like fire, storms, theft, and more.

Most policies also cover your personal belongings, providing protection for items like furniture, electronics, and clothing.

The cost of property insurance can vary depending on several factors, including the value of your home, its location, the coverage levels you choose, and the insurance provider.

It’s essential to strike a balance between comprehensive coverage and affordability to ensure you’re adequately protected without breaking the bank.


The following are the cheapest property insurance in the country for homeowners.


AIICO Insurance Plc is one of the leading insurance providers in Nigeria, offering a range of property insurance products at competitive prices. Their “HomeSecure” policy is designed specifically for homeowners, providing comprehensive coverage for your home, personal belongings, and liability protection.

One of the standout features of AIICO’s HomeSecure policy is its flexibility. You can tailor the coverage to suit your specific needs and budget, choosing from various deductible options and add-ons like riot and strike coverage.

AIICO also offers discounts for homeowners who implement additional security measures, such as installing burglar alarms or fire extinguishers.


Leadway Assurance Company Limited is another reputable insurance provider in Nigeria, known for its affordable property insurance solutions. Their “Home Owners’ Insurance” policy is a comprehensive package that covers your home, personal belongings, and additional living expenses in case your home becomes uninhabitable due to a covered peril.

Leadway’s policy also includes liability protection, which can be invaluable in case someone gets injured on your property or if you accidentally cause damage to a neighbor’s property.

One of the advantages of Leadway’s policy is its straightforward claims process, making it easier for homeowners to file and receive their claims promptly.


Sovereign Trust Insurance Plc is a well-established insurance company in Nigeria, offering a range of property insurance products, including their “Home Owners’ Insurance” policy. This policy provides coverage for your home, personal belongings, and liability protection, similar to other providers.

What sets Sovereign Trust apart is their commitment to customer service. They pride themselves on providing personalized attention to each policyholder, ensuring that your specific needs are addressed and that you understand the details of your coverage.

Additionally, Sovereign Trust offers competitive pricing, making their policies an affordable option for homeowners on a budget.


Custodian and Allied Insurance Limited is another player in the Nigerian insurance market, offering a comprehensive “Home Owners’ Insurance” policy. Their policy covers your home, personal belongings, and liability protection, with the option to add additional coverage for specific risks like floods or earthquakes.

One of the key advantages of Custodian and Allied Insurance Limited is their online platform, which allows you to conveniently purchase and manage your policy from the comfort of your home. This streamlined process can save you time and effort, making it easier to find and maintain affordable property insurance coverage.


While the providers mentioned above offer some of the cheapest property insurance options in Nigeria, there are several additional strategies you can employ to find an affordable policy that meets your needs:

  • Shop around and compare quotes: Don’t settle for the first policy you come across. Take the time to obtain quotes from multiple insurance providers and compare the coverage levels, deductibles, and premiums to find the best deal.
  • Bundle your policies: Many insurance companies offer discounts when you bundle multiple policies, such as home and auto insurance. Bundling can help you save money while simplifying your insurance management.
  • Increase your deductible: A higher deductible (the amount you pay out-of-pocket before your insurance kicks in) can lower your monthly premiums. However, it’s essential to strike a balance and choose a deductible you can comfortably afford in case you need to file a claim.
  • Maintain a good credit score: Some insurance providers in Nigeria consider your credit score when determining your premiums. Maintaining a good credit score can help you qualify for lower rates.
  • Implement security measures: Installing security systems like burglar alarms, fire extinguishers, or deadbolt locks can make you eligible for discounts from some insurance providers, as these measures help mitigate risks.
  • Review your policy annually: Your insurance needs may change over time, so it’s essential to review your policy annually and adjust your coverage levels or deductibles accordingly to ensure you’re not overpaying or underinsured.


In conclusion, securing affordable property insurance in Nigeria is not an impossible feat.

All you have to do is to explore the options offered by reputable providers like AIICO Insurance Plc, Leadway Assurance Company Limited, Sovereign Trust Insurance Plc, and Custodian and Allied Insurance Limited, and implement strategies like shopping around, bundling policies, and increasing deductibles. With these, you can find a policy that fits their budget and provides peace of mind.

Remember, protecting your home is an investment in your future, and with the right insurance coverage, you can rest assured that your most valuable asset is safeguarded against potential risks.

So, take the time to research and compare options, and don’t hesitate to seek guidance from insurance professionals to ensure you make an informed decision that aligns with your needs and financial situation.

Mfonobong Daniel

I am Daniel, a professional financial blogger, an insurance agent and financial adviser. Join me as I unravel and breakdown the mysteries behind insurance policies in Nigeria.

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