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Published On: Wed, Oct 28th, 2020

Looting: We need to value our property for insurance purpose – NIESV Abuja Chairman

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NIESV Abuja Branch Chairman, Ikenna Lansar Aghaji

By Mashe Umaru Gwamna

Chairman of The Nigerian Institution of Estate Surveyors and Valuers, Abuja Branch, Ikenna Lansar Aghaji, has charged property owners on the need to value their property for insurance purpose.
Aghaji, make this known while speaking to newsmen in Abuja, in the wake of looting and vandalization of property across the country.
“Due to looting and burning of property in recent times after the hijack of the END SARS protest by hoodlums all over the country, this has affected both Public and Private individuals adversely.
“It is pertinent that people should seek the services of Estate Surveyors and Valuers to value their property, the valuation will be used for insurance purpose to reinstate their property if affected. It is important because nobody knows who will be affected next.
“Property Insurance is Defined as an arrangement in which an insurance company provides a guarantee to compensate a person for loss or damage to his property when he pays an agreed premium in return. It is important to note that when insurance Valuation is done, the value of the land is not inclusive. It covers reinstating whatever is on the land that is destroyed, damaged, burgled etc.”
He added that it is only the Estate Surveyor and Valuer that has the right by the law to give value to property for all purposes.
“Valuation of property is a prerequisite to taking a property insurance policy.
Insurance Policies can be done to cover for fire, natural disaster, burglary of property etc. The premium paid for such is reasonable compared to the heavy loss you will incure if insurance was not done at all.
“It is advised at this time of chaos, uncertainty, looting and destruction of property, people, as a matter of urgency should value their property which will be used for insurance purpose if affected.”

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