The building insurance is what is called home owner insurance because it is only home owners that can insure their buildings (no tenant will insure the building he rented and pay the insurance premium for his landlord).

Home contents insurance is open to both landlords and tenants because tenants have valuable home contents to protect just as home owners or landlords do.

Naturally, the next question is, "what does it cost to take a home insurance policy?"

The premium involved in all three options mentioned above is pretty small.

For example, the premium for building insurance alone is just 0.25 percent of the insured sum while the premium for home contents insurance alone is 0.75 percent of insured sum.

If you take the Assur Home building and home contents policy, you pay just 1% of the insured sum.

GTA also provides insurance policy for movable valuables like mobile phones, laptops etc. The premium for this category of valuables is 5% of the insured sum.

This means if you have a laptop that cost you 250,000 Naira to purchase, you can insure it for just 12,500 Naira per year.

That is great considering that criminals are on the rampage and mobile phones and laptops are their primary target.