The Role Of Insurance Appraisals In Japanese Home Insurance Claims – If you buy a house in Japan using financing from a Japanese bank, you will need to purchase fire insurance. Lenders require fire insurance because the mortgage is secured by the property, and if the property is lost to fire or accident, the lender will lose its security.
The following basic guide specifically covers fire and flood insurance for homeowners. We will cover renters’ insurance in a separate post.
The Role Of Insurance Appraisals In Japanese Home Insurance Claims
Fire insurance covers actual structures and household appliances that are damaged by fire, lightning or explosion.
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Fire insurance does not cover damage caused by earthquakes. Earthquake insurance must be purchased as a rider to insure yourself against fire. For more information on this topic, please see our separate, upcoming post on earthquake insurance.
In most cases, the fire insurance required when taking out a mortgage only covers the property itself, but not household items. You can insure your home appliances against fire damage, but this is not usually required by lenders.
For example, if you buy fire insurance for both your home and contents, you’ll cover damage from a fire in your own home, as well as damage to the exterior walls of your home from a fire in your neighbor’s home. The insurance would also cover damage to the phone, for example as a result of a lightning strike or a piece of furniture catching fire from a burning cigarette.
Of course, in addition to the structure itself, household goods insurance costs more. Please see the approximate costs section below.
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Fire insurance covers certain natural disasters, including wind disasters such as typhoons, lightning strikes, and snow and hail disasters.
Fire insurance also covers damage caused by natural gas explosions, water stains (for example, from a burst water pipe), flying or falling objects outside the building, violent disturbances outside the house, vandalism and theft.
Examples of damage that may be covered include damage to a television set caused by flooding from the second floor of a house, a car hitting the house, a baseball thrown into the house and damaging a laptop, or a leak from a washing machine hose that damages the floor or wallpaper. Theft insurance may also cover the theft of a bicycle from a shared bicycle parking lot.
Fire insurance does not cover damage caused by water-related natural disasters. If you so choose, you should add “water disaster” coverage such as flooding to your basic fire insurance.
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Water disaster insurance covers storm and flood damage caused by heavy rain, melting snow, storm surges, landslides and falling rocks and debris.
Damage resulting from tsunamis and landslides caused by earthquakes are not covered by natural disaster insurance. For natural disasters deemed to be caused by earthquakes, you will need earthquake insurance, which can be added to your fire insurance policy.
For natural disaster payouts, most insurance companies require certain minimum conditions to be met, including the requirement that the flood be at least 45 centimeters above ground or floor level and that damage to property and household appliances must be at least 30% exchange price.
Even though the number of flood disasters has increased significantly in recent years, flood insurance is not required when taking out a mortgage loan. A flood-related disaster claim can significantly increase your insurance premium, which is why some homeowners choose to forego it.
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It is important to weigh the pros and cons due to the increased occurrence of heavy rainfall and landslides over the last few years. According to the Ministry of Lands, about 1.23 million, or 23.1% of households in Japan, live in areas where there is a risk of a landslide or flood disaster.
When doing your due diligence when purchasing a home, it is a good idea to check the hazard map for the area where the property is located, as this can give you an idea of the likelihood of flooding and landslides in the area. If your property is not located in an area with a high risk of flooding or landslides, you may be able to waive flood insurance. Unfortunately, most local governments do not publish hazard maps in English. This is one of the reasons why a qualified bilingual real estate agent can be an invaluable resource when purchasing a home in Japan.
The cost of fire insurance for a residential property in Japan can vary significantly depending on the building’s location, date of construction and construction method.
If we add insurance for household goods, water disasters and earthquakes, the premium will obviously increase.
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The information below serves as a reference for our readers. Please contact them directly for specific services.
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You may also be interested in FAQs about buying property in Japan Can a foreigner buy property in Japan?
Yes. You can buy property in Japan regardless of your nationality and country of origin. There are also no residency requirements when purchasing property in Japan. Securing financing as a resident foreigner is more complicated. For information on financing, see Basic Requirements for Obtaining a Mortgage Loan for a Foreigner in Japan
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A bilingual real estate agent in Tokyo answers frequently asked questions about purchasing and managing an investment property. How much is my property worth?
Real Estate Japan is pleased to offer free, no-obligation valuations to property owners in Japan. Click here and fill out the form: How much is my property worth?
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Explains the main legal issues related to Japanese real estate investments. Most of the information first appears in English. Jewelry has great sentimental and monetary value, so a thorough valuation is necessary. Jewelry valuation clinics are specialized institutions that offer professional jewelry evaluation. In this article, we explore the benefits of these clinics, focusing on their role in providing accurate quotes and meeting the criteria set by the Jewelry Insurance Standards Organization (JISO).
Jewelry valuation clinics play a key role in providing accurate valuations in line with the criteria set by JISO. These clinics employ highly qualified gemologists and appraisers who meticulously evaluate each piece of jewelry. By considering factors such as gemstone quality, craftsmanship, and historical significance, they provide an unbiased assessment of an item’s value. This is especially important for jewelry owners looking for insurance. JISO, the industry body, has set stringent criteria for jewelry insurance. Quotes obtained from reputable clinics not only meet but exceed these standards, ensuring adequate coverage and protection for your valuable jewelry.
Jewelry valuation clinics are staffed by industry experts with extensive knowledge of gemstones, precious metals and jewelry trends. Their knowledge allows them to identify rare or valuable specimens that may be missed by the untrained eye. In addition, customers benefit from personalized tips on maintaining, renovating or modernizing their jewelry. Reputable clinics not only provide accurate quotes, but also offer advice on caring for your valuable items and can recommend trusted suppliers for repairs or alterations. This knowledge and guidance instills confidence in jewelry transactions, providing peace of mind for both owners and buyers.
Insurers often require jewelry appraisals to determine coverage amounts and premiums. By obtaining an assessment from a reputable clinic that meets the JISO criteria, jewelry owners can confidently meet these insurance requirements. The detailed documentation provided by clinics provides insurers with a reliable reference point to accurately understand the value and features of jewelry. Meeting insurance standards not only protects your jewelry from loss or damage, but also ensures you are fairly compensated in the event of a claim.
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Jewelry valuation clinics provide the necessary services to ensure accurate valuations and meet the criteria set by JISO for jewelry insurance. By leveraging the expertise of these clinics, owners can confidently protect and manage their valuable jewelry investments while meeting insurance requirements. These clinics act as trusted partners, discovering the true value of valuable works of art and protecting their value for many years to come. Ken Aaron of Portland-based Virtual Home Inventory uses 360° floor-to-ceiling photography and adds tags with details about artwork and other items. Virtual home inventory
An hour spent taking home inventory photos can now save you hundreds of painful hours trying to gather information for an insurance claim after a disaster. And despite all this extra hardship, you’ll still get a lower compensation amount, said Kurt George, a valuation and claims expert at Property Damage Appraisers.
It is the responsibility of the homeowner or tenant to prove the condition of any item lost due to theft or damage by fire, water or
