Top 5 Landlord Insurance Providers in Nigeria

If you own a rental property in Nigeria and a tenant lives in it, you are now legally required to insure that building.

The Nigeria Insurance Industry Reform Act (NIIRA) 2025 made this law on August 5, 2025. Section 76 mandates insurance for every building occupied by a tenant, lodger, or licensee. Not commercial buildings only. Not high-rises only. Every rental property.

The penalty for non-compliance: a fine of at least ₦1,000,000 or imprisonment for up to 12 months, or both. NAICOM can also request authorities to seal your building.

Yet over 95% of Nigerian properties remain uninsured.

Most landlords know they need coverage. The question is: which insurer, and what should the policy actually include?

This guide breaks down the five best insurance providers for Nigerian landlords, what landlord insurance covers, what NIIRA 2025 requires, and how to evaluate your options.

What Landlord Insurance Actually Covers

Landlord insurance in Nigeria protects two things: your building and your liability.

Building protection covers damage to the physical structure from fire, flooding, storms, earthquakes, lightning, explosions, burst pipes, riots, vehicle impact, and malicious damage. If your rental property is damaged by a covered event, the insurer pays to repair or rebuild it.

Liability protection covers legal claims when a tenant, visitor, or third party suffers bodily injury, death, or property damage on your premises. Under NIIRA 2025 Section 76(2), this coverage is mandatory. Your policy must cover the legal liabilities of both the owner and occupier of the property.

Beyond these two pillars, some policies include additional coverages that matter for landlords specifically:

Loss of rental income. If your property becomes uninhabitable after a covered event, some policies compensate you for the rent you lose while repairs happen. For a landlord who depends on that income, this is not optional.

Tenant-caused damage. Covers damage tenants cause beyond normal wear and tear. Not every policy includes this. Ask before you buy.

Contents cover. Protects landlord-owned furnishings, fixtures, and appliances inside the property. Relevant if you rent out furnished apartments.

What is not covered. Standard exclusions include wear and tear, pre-existing structural damage, illegal construction, gradual deterioration, properties left unoccupied for more than 30 days, war, nuclear hazards, and damage caused by poor maintenance.

What it costs. Premiums typically run 0.5% to 2.5% of your property's value per year. A ₦35 million three-bedroom flat on the Lagos mainland might cost ₦175,000 to ₦400,000 annually to insure. Some providers start as low as ₦20,000.

Why NIIRA 2025 Changes Everything for Landlords

The old Insurance Act of 2003 required building insurance for structures of more than two floors. The fine for non-compliance was ₦100,000. Enforcement was nonexistent.

NIIRA 2025 rewrites that equation.

The threshold dropped. Any building of more than one floor with tenants must be insured. The law defines "public building" to include any building occupied by a tenant, lodger, or licensee, along with tenement houses, hostels, and buildings open to the public for education, healthcare, recreation, or business.

The penalties multiplied. The minimum fine is now ₦1,000,000 — ten times the old amount. Imprisonment of up to 12 months is on the table. And NAICOM gained a new power: requesting authorities to seal non-compliant buildings entirely.

Liability coverage became mandatory. Section 76(2) requires your policy to cover the legal liabilities of both owner and occupier for bodily injury, death, or property damage to tenants and third parties. A building-only policy is no longer enough.

Fire payouts must rebuild. Section 79 requires that fire insurance payouts be used to rebuild or reinstate the damaged property, not pocketed as cash. This protects tenants and other interested parties.

Construction requires insurance too. Section 75 mandates builders' liability insurance for any construction exceeding one floor before a building permit can be issued. The penalty: ₦5,000,000 or 12 months imprisonment, or both. If you are building or renovating rental property, you need this before breaking ground.

Claims settlement has a deadline. Insurers must settle claims within 60 days. Late payments attract monthly compound interest. Any insurer with five or more verified unpaid claims complaints risks having its license cancelled.

The compliance window is closing. If you own rental property in Nigeria, building insurance is no longer a decision. It is a requirement.

How We Ranked These Providers

We evaluated Nigerian insurance companies on six criteria relevant to landlords:

Landlord-specific products. Does the insurer offer a named landlord or householder insurance product, or are they packaging generic property coverage?

Financial strength. GCR (Global Credit Rating) national scale ratings measure an insurer's ability to pay claims. We prioritized AA- and above.

Claims reputation. How quickly and reliably does the insurer settle claims? We looked at published customer reports and industry recognition.

Digital accessibility. Can you buy a policy, manage it, and file claims online or through a mobile app? This matters if you are a diaspora landlord or manage multiple properties.

Pricing. Entry-level premiums and value relative to coverage depth.

NAICOM registration and recapitalization status. Is the insurer registered and on track to meet the new ₦15 billion minimum capital requirement by July 2026?

1. Leadway Assurance

Best overall for landlords.

Leadway is Nigeria's oldest private-sector insurance company. Founded in 1970 by Sir Hassan Odukale, the company holds total assets exceeding $1.3 billion and a GCR rating of AA+(NG) with a stable outlook. That is the highest financial strength rating in the Nigerian insurance industry.

In 2024, Leadway generated ₦173.2 billion in insurance revenue and paid ₦117 billion in claims. Over the last eight years, the company has paid out more than ₦338 billion in claims.

What makes Leadway stand out for landlords is its Householder Insurance product, explicitly marketed to rental property owners. It covers building structure damage from fire, storms, and floods. It covers tenant-caused damage beyond normal wear and tear. It includes liability protection for injuries on premises. Select policies also cover loss of rental income.

Premiums start from ₦20,000. Typical costs run 0.5% to 2.5% of property value annually. If you install security features like alarms and fire detectors, you get premium discounts.

Beyond the householder product, Leadway offers dedicated Landlord Insurance, Fire and Allied Perils, All-Risks Insurance, Burglary Insurance, and Business Interruption coverage.

On the digital side, the Leadway App has over 50,000 downloads and supports policy management and claims tracking. The company operates through 24+ branch offices nationwide.

One detail worth noting: Leadway's parent group includes Leadway Properties and Investments. They understand real estate risk from both sides.

Why landlords pick them: Strongest financial rating in the market. Explicit landlord product. Lowest entry premium. Real estate expertise built into the group.

2. Custodian and Allied Insurance

Best for landlords who want a real estate ecosystem.

Custodian and Allied Insurance is the general insurance arm of Custodian Investment Plc, a diversified conglomerate that reported H1 2025 group revenue of ₦124.28 billion and group profit of ₦26.39 billion. The company carries a GCR rating of AA-(NG) and is registered with NAICOM as RIC No. 010(G).

What makes Custodian uniquely compelling for property investors is its parent group's ownership of UPDC Plc — one of Nigeria's leading property development and management companies with over 20 years in real estate. This gives Custodian a deeper understanding of property risks than insurers who treat buildings as generic assets.

Custodian offers a named Landlord Insurance product alongside Residential Property Insurance, Commercial Property Insurance, Fire and Special Perils, and Home Insurance. Coverage spans fire, natural disasters, theft, third-party liability, and vandalism.

The company's claims reputation is strong. Customer testimonials consistently cite quick and efficient resolution.

Digitally, Custodian's mobile app functions as an all-in-one financial companion covering pensions, insurance, real estate, and investments. You can purchase insurance online through the website.

Why landlords pick them: Real estate ecosystem through UPDC gives them unmatched property risk understanding. Named Landlord Insurance product. Strong claims track record.

3. NEM Insurance

Best for portfolio landlords and fire risk coverage.

NEM Insurance is Nigeria's oldest surviving general insurer. Founded in 1948 as an agent for Edward Turner and Co., the company has spent over seven decades building expertise in property fire risk. Fire insurance constitutes 22.7% of NEM's total gross written premiums — the deepest concentration in the market.

NEM earned the No. 1 General Business Insurance provider title at the 2025 Almond Awards. The company reported Q2 2025 insurance revenue of ₦75.41 billion and gross written premiums of ₦96.88 billion. Its GCR rating was upgraded to AA+(NG) in July 2025, matching Leadway at the top tier.

NEM does not offer a named "Landlord Insurance" product. Its strength is in Fire and Special Perils coverage — the core policy that NIIRA 2025 Section 76 requires. This covers fire, lightning, domestic explosions, aerial device damage, riots, strikes, civil commotion, burst water tanks, storms, floods, earthquakes, bushfires, malicious damage, and vehicle impact. The company also offers Home Protection, Burglary Insurance, and Engineering Insurance for properties under construction or renovation.

Digitally, NEM operates an e-Insurance portal where you can get quotes and manage policies online. Its "Chat Nemy" chatbot handles customer support queries. NAICOM registration: RIC No. 028(G).

Why landlords pick them: Top-tier financial rating (AA+(NG)). Deepest fire insurance expertise in the Nigerian market. Competitive pricing that works for landlords insuring multiple properties.

4. Cornerstone Insurance

Best for fast claims and Shariah-compliant coverage.

Cornerstone Insurance was founded in 1991 and listed on the Nigerian Stock Exchange in 1997. It was the first insurance company in Nigeria to offer online insurance transactions, earning the "Best Use of Technology" award at the 2016 Nigerian Technology Awards.

The company generated Q1 2025 insurance revenue of ₦11.19 billion and paid ₦3.8 billion in claims during 2024.

Cornerstone offers a named Landlord Insurance product alongside Fire and Special Perils, Home Insurance, Engineering All Risks (for properties under construction or renovation), and Mortgage Protection. Its Fire and Special Perils policy covers fire, lightning, explosion, flood, earthquake, burst pipes, storms, bushfires, malicious damage, vehicle impact, aerial devices, riots, strikes, and civil commotion.

Two things set Cornerstone apart from every other insurer on this list.

First, its claims speed. Multiple customer reports describe claims paid within 48 hours to one week, with full payment and no deductions. For a landlord dealing with property damage, the difference between a 48-hour payout and a 60-day wait is the difference between a quick repair and months of lost rent.

Second, Cornerstone is the only major Nigerian insurer offering Takaful (Shariah-compliant) insurance through its subsidiary Hilal Takaful Nigeria Limited. If you are a Muslim landlord or investor who requires Islamic-compliant financial products, Cornerstone is your only option among the top-tier providers.

The Engineering All Risks product also deserves attention if you are renovating or expanding rental property. It covers construction risks that standard landlord policies exclude.

Why landlords pick them: Fastest claims processing in the market. Only top-tier insurer with Takaful option. Engineering All Risks for renovation projects.

5. AIICO Insurance

Best for commercial rental property owners.

AIICO traces its origins to 1963 as the Nigerian agency of American Life Insurance Company, an AIG subsidiary. Today it is the largest composite insurer in Nigeria by total premiums — ₦156.1 billion in FY 2024, a 45.5% increase year on year. The company holds a GCR rating of AA(NG) with an international rating of B-, and its regulatory solvency margin sits at 3.2 times the minimum requirement.

AIICO does not offer a named "Landlord Insurance" product. Its property portfolio covers residential and commercial buildings through Building Insurance, Fire and Special Perils, Burglary and Theft Protection, Third-Party Liability, and Business Insurance for commercial properties.

Where AIICO stands out is distribution and accessibility. The company has over 3,000 agents nationwide — the widest in-person network of any insurer on this list. If you prefer face-to-face service or operate in areas with limited internet connectivity, AIICO gives you a local agent to work with. The company also runs a WhatsApp-based AI customer engagement system and its Flexure digital platform supports ISO-grade operations.

For landlords who own commercial rental property — office buildings, retail spaces, warehouse units — AIICO's Business Insurance and commercial property coverage are well-suited. For residential landlords, the lack of a named landlord product means you will be assembling coverage from multiple policy types rather than buying a single bundled product.

Why landlords pick them: Largest insurer by premiums (financial stability). Widest agent network for in-person service. Strong fit for commercial rental property owners.

Comparison Table

Provider	GCR Rating	Named Landlord Product	Entry Premium	Claims Speed	Digital Purchase	Takaful	Best For
Leadway	AA+(NG)	Yes	From ₦20K	Standard	App	No	Overall best for landlords
Custodian	AA-(NG)	Yes	—	Fast	App + Web	No	Real estate ecosystem
NEM	AA+(NG)	No (Fire specialist)	Competitive	Standard	Web portal	No	Portfolio landlords, fire risk
Cornerstone	—	Yes	—	48hrs–1wk	Web	Yes	Fast claims, Muslim investors
AIICO	AA(NG)	No	—	Standard	Agent network	No	Commercial property owners

What to Look For When Choosing Landlord Insurance

Before you buy a policy, run through this checklist.

Verify NAICOM registration. Every legitimate insurer in Nigeria is registered with the National Insurance Commission. Confirm your provider's registration at naicom.gov.ng before paying a single naira.

Check the GCR financial strength rating. This tells you whether the insurer can actually pay your claim when the time comes. Look for AA- or above on the national scale. All five providers on this list meet that threshold.

Look for a named landlord product. A dedicated landlord or householder insurance policy is designed for rental property risks. Generic property insurance may miss coverage areas that matter to you — like tenant-caused damage or loss of rental income. Three of the five providers on this list (Leadway, Custodian, Cornerstone) offer named landlord products.

Confirm Section 76 compliance. Your policy must cover both building hazards (fire, flood, storm, earthquake, collapse) and the legal liabilities of owner and occupier for bodily injury, death, or property damage on premises. A building-only policy does not satisfy NIIRA 2025. Ask your insurer explicitly whether the policy covers both.

Ask about claims settlement speed. NIIRA 2025 gives insurers 60 days to settle claims, with compound interest for late payments. Some insurers pay faster. Cornerstone has documented cases of 48-hour payouts. Ask for the insurer's average claims settlement time.

Test digital accessibility. Can you buy the policy online? Can you file a claim through an app or portal? Can you access your policy documents digitally? If you live outside Nigeria or manage multiple properties, this is not a nice-to-have. It is essential.

Compare pricing against property value. Premiums of 0.5% to 2.5% of property value is the standard range. Get quotes from at least two providers before committing. A ₦35 million property should cost roughly ₦175,000 to ₦400,000 per year to insure.

Ask about rental income coverage. Not every policy includes loss of rental income. If your property becomes uninhabitable after a fire or flood, this coverage pays you the rent you would have collected during repairs. For investment properties, this is a critical line item.

Check tenant-caused damage coverage. Standard building insurance covers natural disasters and accidents. Tenant-caused damage beyond normal wear and tear is a separate coverage that not all policies include. Ask before you sign.

Confirm recapitalization compliance. NAICOM has set a July 2026 deadline for all insurers to meet new minimum capital requirements — ₦15 billion for non-life insurers. Companies that fail to meet this threshold will lose their operating licenses. Ask your insurer whether they are on track.

Your Building is an Investment. Protect It Like One.

Building insurance is no longer optional for Nigerian landlords. The law requires it. The penalties for non-compliance are real. And the risk of losing a property to fire, flood, or liability claims without coverage is a risk no serious investor should take.

Start with a NAICOM-registered, highly-rated insurer that offers a named landlord product. Get quotes from at least two providers. Read the policy terms. Confirm that your coverage satisfies Section 76 — both building hazards and liability.

Your rental property is probably the largest asset in your portfolio. Treat insurance as part of the cost of owning it.

Roofteller is building embedded insurance into its landlord banking platform — matching you with the right coverage for your portfolio, purchased and managed alongside your rent automation, bookkeeping, and banking. Learn more about landlord insurance on Roofteller →