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Homeowners' perception of insurance of real estate development in Lagos, Nigeria

Author

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  • A. Olaleye
  • O.J. Adegoke

Abstract

Purpose - The purpose of this paper is to examine the views held of property insurance by homeowners in Ire‐Akari and Ikeja areas of Lagos State in Nigeria. This is with a view to establishing the factors that are responsible for lack of insurance culture in these areas in particular and also Nigeria in general. Design/methodology/approach - Questionnaires were administered on 485 homeowners, selected through systematic random sampling techniques in the two areas studied. The first building along the major street in the areas was selected randomly and every tenth building formed the subsequent unit of investigation. A household head/owner was surveyed in each of the building selected. Data were analysed with the use of frequency distribution, mean and standard deviation (SD) measure and Chi‐square test. Findings - The results showed that 62.9 per cent of the total respondents agreed that property insurance was essential. However, only 40.3 per cent of the homeowners claimed to have insured their properties against unforeseen occurrences. The study found that homeowners' lack of insurance culture was significantly associated with their educational qualifications (χ2 = 41.387, ρ

Suggested Citation

  • A. Olaleye & O.J. Adegoke, 2009. "Homeowners' perception of insurance of real estate development in Lagos, Nigeria," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 2(2), pages 179-189, May.
    • Handle: RePEc:eme:ijhmap:v:2:y:2009:i:2:p:179-189
    DOI: 10.1108/17538270910963108
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