By Rosemary Onuoha & Cynthia Alo
THE Nigerian Council of Registered Insurance Brokers, NCRIB, has urged the federal government to take up insurance for its ‘Rent-to-Own’ housing initiative.
President of the NCRIB, Mr. Shola Tinubu, who made the assertion, said that appropriate insurance policies should be in place for the houses at the construction stage.
Addressing journalists at a briefing in Lagos, Tinubu said, “The federal government recently announced that N197 billion has been spent to construct 26,002 houses across the country, while 13,953 homes across the country were also renovated.
“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.
“However, the Council wishes to enjoin the federal government, to ensure that in embarking on this laudable feat, insurance should be given its rightful place. Section 64 and 65 of Insurance Act 2003 stipulates a compulsory insurance for ongoing construction projects. It therefore behoves 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.”