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Claiming Home Insurance For Fire Damage In Japan
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There are three components to homeowners insurance: home coverage, personal property coverage, and personal liability coverage. It also offers relocation if your home becomes uninhabitable due to “loss of use”.
Homeowners insurance protects against damage to your home from covered events known as insured perils. Common insurance perils include fire and smoke damage.
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Although homeowners insurance covers fire damage, if you live in areas prone to wildfires, you may need to increase your home and personal property coverage limits.
Homeowners insurance protects your home and personal property if it is damaged by a covered event, known as an insured peril. Common insurance perils include fire, smoke, theft, storms, hail and lightning.
Damage to your home and personal property from fire and smoke are risks covered by insurance. However, if you live in areas where wildfires are common, Steve Wilson, senior underwriting manager at Hippo Insurance, recommends getting a rider for extended replacement cost coverage under your home coverage because material costs to rebuild increase after a forest fire.
Homeowner’s coverage is the part of a homeowners insurance policy that covers the cost of repairing or rebuilding your home if it’s damaged.
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It’s also important to make sure you have enough personal property coverage. There are limits on standard personal property coverage depending on your policy and your insurance company, usually $100,000.
With wildfires on the rise, some California homeowner’s insurance companies are losing customers. Fortunately, California offers insurance for homeowners who can’t get coverage through the California Association of Fair Access to Insurance Requirements (FAIR) plan.
Specialty items such as high-end electronics, specialty jewelry, furs, fine art, firearms, and cash may not be covered for wildfire damage. Those items may need a “personal item” endorsement or add-on, Wilson said.
For specialty jewelry, you can purchase a floating policy as a supplement to your homeowners insurance. Another option is to purchase standalone personal jewelry insurance. Your jewelry and fine art should be appraised before purchasing a float or stand-alone policy.
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It is a good idea to take inventory of your furniture and personal belongings. Some homeowners insurance companies will have inventory lists to complete. If you have fine art and specialty jewelry mounts, you will need to catalog them and provide appraisals for them.
“Loss of use” coverage, also known as “additional living expenses” or ALE, is included in most homeowner’s insurance policies and provides reimbursement for your temporary home when a peril causes damage that make your home livable.
For “loss of use” and “additional living expenses”, it really depends on your insurance company. Some carriers will reimburse you for temporary housing. Others may have a list of housing alternatives. It varies greatly by provider.
Ashlee Tilford, editor-in-chief of Insurance.com, told Insider that most homeowners have the wrong idea of what constitutes “livable.” Don’t assume that your insurance company will pay additional living expenses, because the definition of livable varies by company.
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If you are considering leaving your home due to fire, smoke, or wildfire damage, contact your homeowner’s insurance provider first and take detailed photos of the damage. Be sure to lock and secure the premises as well.
After you’ve experienced a disaster, Wilson recommends staying in touch with your homeowner’s insurance company to let them know what’s happening to your home and taking the following steps when submitting insurance claims:
Ronda Lee was previously Associate Insurance Editor at Personal Finance Insider covering life, auto, home and renter insurance for consumers. Before joining Business Insider, she was a contributing writer at HuffPost with featured articles on politics, education, style, black voices and entrepreneurship. She was also a freelance writer for PolicyGenius. She worked as a lawyer practicing insurance defense and commercial litigation.
Editorial Note: The opinions, analyses, reviews or recommendations expressed in this article are solely those of the author and have not been reviewed, approved or endorsed by any card issuer. Read our editorial standards.
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Please note: While the above offers are accurate at the time of publication, they are subject to change at any time and may have changed or no longer be available.
Sign up for in-depth coverage of today’s biggest stories in markets, technology and business, delivered daily. Read preview Japan is a country prone to earthquakes and there is a history of discussions and studies for a long period of time before the earthquake insurance system was introduced. Following the 1964 Niigata earthquake, the government and property and casualty insurance companies researched and drafted an earthquake insurance law, and the system that continues to this day was put into place. Because it is difficult to predict the occurrence of fire and damage to buildings due to earthquakes and volcanic eruptions, but such damage is often enormous, earthquake insurance became a highly public insurance jointly operated by the government and companies property and accident insurance. Also, earthquake insurance cannot be taken out alone, and must be taken out together with fire insurance.
*Guidelines for earthquake insurance in Japan are constantly revised. We recommend that you contact and check with your insurance company for coverage, premiums and deductibles.
Earthquake insurance in Japan pays out insurance money when a building or household property covered by earthquake insurance is damaged by fire, destruction, burial, or flood loss caused by an earthquake, volcanic eruption, or tsunami due to any of these.
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Earthquake insurance covers “buildings” and “household goods” in the same way as fire insurance. You can select from ‘Buildings Only’, ‘Household Items Only’ and ‘Buildings and Household Items’.
You can choose between short term (1 year) and long term (2-5 years). As with fire insurance, the longer the insurance period, the lower the insurance premium per year.
The earthquake insurance contract must be taken out for each of a building and for the home. The coverage amount for earthquake insurance is usually within the range of 30-50% of the coverage amount for fire insurance. The maximum coverage amount is 50 million yen for a building and 10 million yen for household items.
In case of fire insurance for buildings with a coverage amount of 20 million yen, and for household goods with a coverage amount of 10 million yen,
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Earthquake insurance for construction, which can be set to the coverage amount of 6 to 10 million yen, and for household goods, which can be set to the coverage amount of 3 million to 5 million yen.
A property and casualty insurance company confirms the damage status of buildings and household items and determines which of the following four categories according to the degree of damage: “Total Loss”, “Medium Major Loss”, “Medium Loss small ” and ” Partial loss”. If it is less than “partial loss”, you will not be entitled to compensation.
Answer: Earthquake insurance premiums vary based on “the structure of the building” and “the location of the building”, and insurance premiums are calculated and determined based on the risk of the building
Considering the risk of damage caused by earthquake shaking and destruction by fire, the structure of buildings is divided into two ranges: wooden structures and non-wooden structures (steel frames, reinforced concrete structures, etc. .). Wooden structures have a high risk of damage and destruction, and insurance premiums can be high, while non-wooden structures have a low risk and insurance premiums can be low.
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In addition, the following discounts are applicable depending on the year of construction of the building, the seismic rating and the structure. (Only one discount can be applied and cannot be duplicated.)
Cases in which the insured building has a seismic grade (prevents the collapse of the structural structure) as stipulated in
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