Special perils in insurance includes risks such as fire and other natural disasters.
Since the beginning of the year, the world has experienced one natural disaster after another, apart from the COVID- 19 pandemic.
To appreciate the value of an insurance policy, we have put together a list of special perils that a property insurance policy can protect you from.
1. Earthquake: This is a natural occurrence that comes as a sudden violent shaking of the ground because of seismic waves through the Earth’s rocks.
Earthquakes are rare in Africa but common in Asia, especially in countries like Japan, Nepal and India.
In January 2021, Indonesia experienced a M6.2 earthquake with a M5.7 foreshock a day before.
Apart from the destruction of property, earthquake also involves loss or destruction of personal items.
2. Flooding: Flooding occurs when rivers, lakes or oceans overflow into dry land.
Communities that live in riverine areas are prone to regular flooding during the rainy season.
In fact, most States in Nigeria are prone to flooding during the rainy season but areas with poor drainage systems suffer the most.
Earlier in July, floods displaced some 4000 people from 300 homes in Taraba State, Northeastern Nigeria, according to Floodlist.
3. Fire: Fire can be a natural phenomenon or man- created.
Most fires are however caused by accidental human activities such as cooking, faulty electrical equipment or connection, smoking or lighting candles.
However, with climate change, more and more forest fires are being attributed to high temperatures.
An example is the North American Wildfire Season.
The damage caused by natural disasters can be expensive to individuals and even businesses.
As such, it is a prudent approach to safeguard property by purchasing an insurance policy.