The Nigerian Council of Registered Insurance Brokers, NCRIB, has advised the Nigerian government to take up insurance for its “Rent-to-Own” housing initiative.
President of the NCRIB, Mr. Shola Tinubu, who stated this at the quarterly press briefing organised by the council in Lagos state said that appropriate insurance policies should be in place for the houses at the construction stage.
According to him, Section 64 & 65 of the Insurance Act 2003 stipulates compulsory insurance for the ongoing construction projects.
“As a professional body, the NCRIB wishes to laud the federal government’s ‘Rent-to-Own’ initiative designed to enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements.
“It therefore behoves on the federal government to insist that appropriate insurance policies be in place for these houses at the construction stage, and for the win-win benefits the project holds for government, the allottees and their families,” he added.
It would be recalled the federal government had recently announced that N197 billion has been spent to construct 26,002 houses across the country, while 13,953 homes were also renovated.