The iconic Western House is a 20-storey office complex in the Lagos Island Central Business District (CBD).
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Power surge is one of the major factors responsible for property damage in Nigeria today. Properties worth millions of naira are lost yearly to power surges in different parts of the country. Power surges occurs when there is a sudden increase in the amount of power in the electrical system. They are spikes in voltage and vary in duration and magnitude, from hundred to thousand volts.
Many buildings use electrical power which ranges from 220-240 volts, single phase, and alternating current. As a result of the unreliable and erratic supply of power, voltage is not delivered constantly at 220 volts. With alternating current, the voltage fluctuates from 0 to a peak voltage of over 280.
During a power surge, the voltage rises above the peak voltage. A spike in voltage can be damaging to appliances and electrical devices. An increase in voltage above an appliance’s operating voltage can lead to an arc of electrical current in the appliance. The heat produced in the arc affects the electronic circuit boards and other electrical components. Recurrent power surges can shorten the life of appliances and electronics and equally damage them.

• Unplug Unused Devices

The first step towards preventing power surge is to unplug devices that are not in use. It is advised not to leave household appliances plugged in especially when there is a storm because lighting strike is another major cause of power surges. Unplugging unused devices also helps to conserve energy.

• Fix Poor Wiring

If the wiring of the building is outdated, it could be a potential cause of power surge. Most electrical systems in houses built round the 80s’ were not designed for large-capacity appliances. Some signs of poor wiring are blown fuses, frequent tripping of circuit breakers, buzzing sound or burning smells from power outlets. These signs indicate that something is wrong, and it could lead to power surge. Damaged or exposed wires offer little resistance and can interrupt the flow of current. This, in turn, increases the likelihood of a surge, especially to the specific outlet they lead to.

• Repair Overloaded Circuits

If two or more large appliances are drawing power from the same power outlet, it could lead to an overloaded circuit thereby causing a potential power surge.

A furnished apartment is a space that has been fitted with furniture and equipped with certain amenities. The living room should have at least a couch, table and maybe a coffee table or bookshelf while the bedroom should have a bed, nightstand with lamp, and a dresser. Typically, the furnished apartment will cost more compared to residential spaces that are unfurnished. Furnished apartments vary depending on the landlord and whether other amenities such as kitchen appliances and bathroom accessories are also included.
Pros of Renting Furnished Apartments

• Renting a furnished apartment eliminates the hassles of moving furniture. Also, if you still need to buy additional furniture and accessories, it will be lesser compared to an unfurnished apartment.
• Renting a furnished apartment offers flexible leasing option, especially if you travel often and just the space for a short period of time.
• Renting a furnished apartment saves you from spending a major part of your budget on new furniture especially when it is a short lease and you have limited time to stay at the apartment.

Cons of Renting Furnished Apartments

• There are more unfurnished apartments than furnished spaces which reduces the pool you have to choose from. Maintaining a furnished apartment requires a lot of work by the landlord, so it’s not as common.
• Most furnished apartments tend to offer only the basics, which include a couch, kitchen table, and a bed. You might still end up bringing your own furniture to fill the gaps in the apartment.
• Little or no control over the décor of the apartment. If you don’t like the colour of the couch in your furnished apartment, there is little or nothing you can do about. Also, you won’t have complete control over the look of your apartment. The look of the apartment is mostly determined by the landlord, if you care a lot about interior design, this is probably not the right option for you.
• Furnished apartment is more expensive than unfurnished spaces because you may be required to pay repair and replacement cost which often makes the rent higher. It helps the landlord to cover the cost of replacing or repairing damaged furniture.

Collapsed building is a common phenomenon in different parts of the country and many people have embraced it as part of the environmental hazards we have to live with. In fact, Lagos ranks as the state with highest number of collapsed buildings in Nigeria. Unfortunately, over 90% of these collapsed buildings were neither insured nor were the properties covered by any form of insurance policy.
Property insurance provides financial reimbursement to the owner of a structure and its contents in case there is damage or theft and also to a person other than the owner if that person is injured on the property. Property insurance may include these policies, such as homeowners insurance, renters insurance, flood insurance, amongst others.
The insurance company offers you a contract known as an insurance policy. The insurance policy is a document that contains all the terms and conditions agreed upon in the insurance contract. While insurance premium is a monthly payment is made by an individual or business to service this contract.
Types of Property Insurance Coverage
Replacement Cost covers the cost of repairing or replacing property at the same or equal value. The coverage is based on replacement cost values rather than the cash value of items.
Actual Cash Value Coverage pays the owner the replacement cost minus depreciation. If the destroyed item is 10 years old, you get the value of a 10-year-old item, not a new one.
Extended Replacement Costs will pay more than the coverage limit if the costs for construction have gone up; however, this often won’t exceed 25% of the limit.
Benefits of Property Insurance
Sense of Security – Having a property insurance protection against the uncertain risks of loss such as fire, natural disaster, theft, gives you a peace of mind and confidence as the owner of the assets. And if these risks occur and you suffer loss, the insurance company will surely give the appropriate compensation.
Compensation for Damage or Loss of Property – Property insurance offers compensation for any damage or loss of your property. The term for compensation is that the loss is not caused by your own negligence.
When choosing an insurance policy, there are different factors to bear in mind, such as the amount of insurance coverage that you are getting from a particular policy on your property. Secondly, the amount of yearly premium that the insurance requires you to pay. Also the time taken and the ease with which you can claim the homeowner insurance and settle the procedure. Lastly and most importantly, you have to go through the list of events that the insurance will cover.