Following recent attacked on property across the country when hoodlums hijacked the peaceful #EndSARS protests; the Estate Valuers have called on property owners to take urgent step to value their property.
Chairman of the Nigerian Institution of Estate Surveyors and Valuers, NIESV, Abuja branch, Ikenna Lansar Aghaji, while speaking in an interview in Abuja, called on Nigerians to value their property with a view to using the valuation for insurance purpose to reinstate them in the event of destruction.
He spoke on the heels of looting and burning of property by hoodlums in the aftermath of the hijack of the #ENDSARS Protest by hoodlums in some parts of the country.
Aghaji regretted the impact of the destruction on property belonging to both Public and Private Individuals by hoodlums, noting that it is relevant that people should seek the services of Estate Surveyors and Valuers to value their property.
According to him, ”Due to looting and burning of property by hoodlums in recent times after the hijack of the ENDSARS 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, and burgled.
“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 incur 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 and reinstatement purpose if affected.”
Vanguard
