About “Homeowners Insurance”*
Homeowners insurance is an insurance policy to be taken out when you do not live in the house you own, but rent it out to others. It is necessary to be prepared for the risk of natural disasters, but you also need to be prepared for damage to your property caused by fire from a neighbor’s house or damage caused by firefighting activities that result in flooding. In addition, you need to be prepared for risks specific to rental properties such as injuries to tenants or passersby due to building damage and other liabilities, or loss of rental income due to fire or natural disasters.
*Coverage details, product/rider names, etc. vary by insurance company.
What types of property are covered?
Homeowners insurance covers detached houses, condominiums, or apartments used as a residence.
What can be insured?
You can take out insurance for your building, or for both your building and household goods.
What kind of accidents does the “Homeowners insurance” cover?
Insurance will be paid in the event of damage caused by fire, lightning, rupture/explosion, wind, hail, snow, water, falling/flying/colliding objects from outside the building, water leakage, violent acts associated with disturbances or group activities, theft/damage/defacement due to theft, or unforeseen and unexpected accidents.
What special coverage options are offered?
・Facility liability cover
Facility liability cover is for landlords. Facility liability cover is provided when defects in your properties or an unexpected accident caused by its operation injure others or damage the property of others, resulting in legal liability for landlords.
・Spreading fire damage cover
If a fire by negligence from your property caused damage to a nearby property or household goods, you are not legally liable for damages, but this special coverage compensates damage to nearby property or
・Rent income cover
Rent income cover provides compensation for the loss of rent income due to damage caused by fire, etc.
・Special cover for landlord expenses for accident response
If a tenant dies on the property, it provides compensation for cleanup, cremation, etc., and for the loss of rent during this period.
・Accident recurrence prevention costs
Accident recurrence prevention cost coverage provides the cost of preventing the accident
from recurring in the case you received a compensation for a fire, lightning, rupture, explosion or theft.
You can claim compensation for the amount that has been paid within 180 days of the date of
the accident. Moreover, the compensation is up to 200,000 yen per an accident.
・Earthquake Insurance (Earthquake fire 30plan/50plan)
In case of fire damage caused by an earthquake, the Earthquake Fire 50 Plan will cover up to 100% of the fire insurance amount together with the earthquake insurance and earthquake fire cost insurance.