Awareness And Acceptance Of Household (Building) Insurance Among Private Residence Of Flood Prone Areas In Lagos State, Nigeria

Abstract

This study was aimed at assessing the awareness and acceptance of household (building) insurance among private residence of flood prone areas in Lagos state, Nigeria. This study employed a descriptive research approach. Purposive sampling techniques was adopted for this study to select Ajeromi/Ifelodun, Amuwo-Odofin, Apapa, Eti-Osa, and Kosofe were selected as the choice population. A research questionnaire was adopted for the purpose of the study. A total of 400 copies of questionnaire were distributed to the selected areas, where 80 copies of the questionnaire were distributed to each of the five (5) LGA. Out of the 400 copies of the questionnaire administered for data collection, 364 copies were found useful for analytical results, providing 91%response rate. The Kolmogorov-Smirnov test and Kendall’s rank correlation coefficient techniques were employed in data processing. Analysis for hypothesis one shows that the Dcalc value (- 0.51295) <Dtab value (0.071), meaning that the null hypothesis household building insurance has not gained high level of popularity among residents of flood prone areas in Lagos state, Nigeria is accepted at α = 0.05, while the analysis for hypothesis two shows that the Dcalc value (- 0.4194) <Dtab value (0.071), which means that the null hypothesis which state that residents of flood prone areas in Lagos state, Nigeria are not willing to accept household building insurance policy, Nigeria is accepted at α = 0.05 and lastly, the analysis detected that there is a strong, positive relationship between awareness of household building insurance and acceptance of household building insurance (r = 0.671, N=364, p < .000)