Claiming Home Insurance For Earthquake Damage In Japan – Japan is a country prone to earthquakes. And there has been a long history of discussion and study before the earthquake insurance system was introduced. After the 1964 Niigata earthquake, the government and property and accident insurance companies conducted research and drafted laws regarding earthquake insurance. And a system that continues to this day was launched. This is because it is difficult to predict fires and damage to buildings due to earthquakes and volcanic eruptions. But such damage is often enormous. Earthquake insurance has thus become a high level of public insurance operated by the government and property and casualty insurance companies. In addition, earthquake insurance cannot be issued by itself and must be combined with fire insurance.
*Earthquake insurance guidelines in Japan are constantly being updated. We recommend that you contact and consult your insurance company regarding coverage. premium and the first part of the damages
Claiming Home Insurance For Earthquake Damage In Japan
Earthquake insurance in Japan pays out insurance when an earthquake-insured building or household property is damaged by fire, destruction, burial, or flood loss caused by an earthquake. Volcanic eruption or tsunami caused by these things
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Earthquake insurance covers “buildings” and “household items” as well as fire insurance. You can choose an option between “Building only,” “Household only,” and “Building and household.”
You can choose both short term (1 year) and long term (2-5 years) as well as fire insurance. The longer the warranty period. Annual insurance premiums will be less.
Contract earthquake insurance for each building and household item. Normally, the coverage value of earthquake insurance is in the range of 30-50% of the value of fire coverage. The maximum coverage limit is 50 million yen for buildings and 10 million yen for household items.
In the case of building fire insurance valued at 20 million yen and household items valued at 10 million yen
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Earthquake insurance for buildings Coverage can be set in the amount of 6 – 10 million yen and for household appliances, it can be set in the coverage limit of 3 million – 5 million yen.
Property and casualty insurance companies confirm the status of damage to buildings and household items. and determine which of the following four categories is based on the degree of damage: “Total loss”, “Great half loss”, “Slight half loss”, and “Partial loss” if small. than “partial loss” will not have the right to receive compensation.
Answer: Earthquake insurance premiums vary depending on “Building structure” and “Building location” and insurance premiums are calculated and determined according to the risk of the building.
Considering the risk of damage caused by earthquakes and destruction by fire. Building structures are divided into two levels: wooden and non-timber structures (steel frames, reinforced concrete structures, etc.). Wooden structures are at higher risk of damage and destruction. and insurance premiums may be high Meanwhile, non-timber structures are low risk and insurance premiums can be low.
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Additionally, the following discounts are available depending on the building’s construction year, earthquake rating. and the structure of the building (Discount can only be applied to 1 item and cannot be repeated)
In the event that the insured building has an earthquake level (prevents collapse of the structural frame) as specified in “Housing Efficiency Labeling System” according to the “Housing Quality Assurance Promotion Act”
In cases where the insured building meets the earthquake resistance standards specified in the Building Standards Act. (Effective on June 1, 1981) As a result of earthquake resistance diagnosis carried out by local governments, etc., or further seismic improvements.
The basic insurance premium rate for each province is determined according to the risk of earthquakes.
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The scope of earthquake insurance coverage for condominiums is divided into: “Common areas” that are shared by residents and “special living areas” that are used for the owner’s living space. The scope of coverage is the same as condo and apartment owners. “Special use areas” and “household items” For “common areas” of the condo, the management association will provide insurance. Common living areas include common amenities, hallways, exterior walls, entrances, etc., as well as balconies and entrance doors attached to residential units.
In the case of condominiums Damage to specific living areas The damage situation (which is insured by the owner) is generally determined in the same way as the damage situation required for common living areas. If the common living space is determined to be a partial loss Specific usable space will also be determined as a partial loss. Even if there is no damage to the area If the consideration is different from the actual damage situation You can request an individual re-verification.
According to data from the Cabinet Office, in fiscal year 2015, the contract fire insurance rate was 82 percent, which is considered a high level for fire insurance contracts. The contract earthquake insurance rate is 33.9%, according to statistics compiled by the General Insurance Rating Organization of Japan” (Budget 2020) The “contract earthquake insurance rate,” which is the percentage of people who attach earthquake insurance to a fire insurance contract, is 68.3. % in fiscal year 2020, in areas that are expected to have a major earthquake in the future or that have recently experienced a major earthquake, the contraction rate or household joint earthquake insurance rate will be higher than other areas.
In 2013, the percentage of earthquake insurance for the exclusive living space of condominium residents was 70.9%. The accompanying earthquake insurance rate for the entire residence. It can be said that the accompanying earthquake insurance rate is higher for households in condominiums than in single-family homes. The reason is that earthquake insurance premiums for condominiums apply only to specific areas of use and are less expensive than single-family homes. Why are condo insurance premiums so cheap? This is because condominiums are non-wooden buildings that are less vulnerable to earthquake damage than single-family homes with many wooden structures.
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From information from the Ministry of Finance The rate of earthquake insurance accompanying common areas of condominiums issued by management associations was 37.4% as of 2013, while 93.2% of management associations carried fire insurance. This information is included. The rate is quite low. Among the many newly built condominiums The executive association has not yet taken out earthquake insurance. The reason is high insurance premiums and many people think that condominiums are strong and cannot fail.
The tax deduction system for earthquake insurance allows income tax to be deducted. (national tax) up to 50,000 yen and up to 25,000 yen for resident tax (local tax) on gross income
There are bilingual insurance agents who handle fire insurance. and can provide assistance in English in the event of an accident or accident. In addition to estimates
For more information about insurance and bilingual agents Please see the simple instructions. About home insurance in Japan
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Earthquake insurance does not cover all damage to buildings and household items. But it is insurance to save lives after a disaster. In the event of an earthquake You can receive compensation under the public support system called the ” Disaster Victims’ Livelihood Restoration Support Act “, but the maximum amount paid is about 3 million yen, which is not enough. The costs incurred in the event of a major earthquake can be quite large, such as large-scale repair and rebuilding costs. Housing loan repayment Rent for a new house and the costs of creating a new life We recommend that you model the risk of damage caused by an earthquake and the costs required to rebuild your career. and consider the necessity of earthquake insurance
The property is located in an area where transportation links for central Tokyo and the Bayshore area meet, 2.2 km from Ginza, Tokyo. The 52-story twin towers are built as seismic isolation structures. In addition to a spa, fitness center, and lounge, In addition to bookshops, etc., it also provides excellent services for residents, such as concierge services, car sharing services, and shuttle buses to Shinbashi Station, etc.
An apartment tower with a seismically isolated structure is built in a large residential and commercial development zone in the Tokyo Bay area. The hotel-like entrance lounge overlooks the greenery of the expansive grounds. There are full communal facilities, including a Party Lounge and Kids Room, as well as high quality and functional equipment in the rooms. Ariake Park, Ariake Tennis Park, Ariake Park, Tokyo Garden Theatre, Spa City, and other commercial facilities and parks. Many more are located nearby.
Brillia Ariake Sky Tower is a 33-story reinforced concrete condominium apartment located in Ariake 1-chome, Koto-ku, a continuously developing city. There is a wide range of community amenities that complement residents’ daily lives, such as a lounge bar, library, swimming pool and gym.
