Property Insurance and Housing Development in Port Harcourt, Rivers State

This research examines the relationship between property insurance uptake and housing development activities in Port Harcourt, Rivers State, South South Nigeria. Port Harcourt is one of Nigeria's most commercially active cities, with a dynamic real estate market driven by oil industry revenues and population growth. Despite significant investment in residential and commercial properties, formal property insurance coverage remains low relative to the value of assets at risk from fire, flooding, theft, and structural failure. This study employs a descriptive survey design with data collected from 260 property developers, real estate investors, and homeowners in three districts of Port Harcourt. Structured questionnaires assess property insurance awareness, uptake rates, perceptions of cost and value, mortgage-linked insurance requirements, and claims experience. Secondary data from the Rivers State Ministry of Urban Development and Nigerian Insurers Association supplement the analysis. Descriptive statistics and correlation analysis are applied. Preliminary findings are expected to indicate that property insurance uptake is primarily driven by mortgage obligations rather than voluntary risk management decisions, suggesting that voluntary market development requires targeted intervention. The study recommends that financial regulators mandate property insurance in real estate transactions and that insurers develop simplified products tailored to small-property owners. Keywords: Property Insurance, Housing Development, Port Harcourt, Real Estate Risk, Mortgage Insurance.