When you buy a home, you will have some insurance. Fire insurance, home property insurance, earthquake insurance, etc. On this occasion, I would like to introduce you to home insurance.
Types of home-related insurance
When buying a home, most people buy "fire insurance." This "fire insurance" is the foundation of home insurance. "Earthquake insurance" and "home property insurance" are basically fire insurance contracts, incidental contracts and individual contracts are common, and the coverage is also based on fire insurance. Covering your undercover with three locks can give your home a complete sense of security. The three main functions of insurance are:
• Fire insurance Prepare for building damage
• Home property insurance Prepare for damage to daily necessities that cannot be covered by fire insurance (part of the building)
• Earthquake insurance Prepare for damage to buildings and household items caused by an earthquake
Fire insurance comes with home property insurance, but earthquake insurance requires a separate contract. However, the compensation amount is basically the fire insurance compensation amount, and it is supposed to be set in the range of 30-50%. So if you don't have fire insurance, you can't buy earthquake insurance. There are differences between fire insurance and homeowners insurance depending on the insurance company other than life insurance, but recently insurance has appeared that can be comprehensively selected as "homeowners insurance." However, no matter which non-life insurance company you join, earthquake insurance is the same. This is because the government has made it possible to provide earthquake insurance by reinsuring the damage caused by a large earthquake that exceeds a certain amount of earthquake insurance obligations assumed by private insurance companies.
Characteristics of each insurance
Fire insurance covers a variety of damages in addition to fire. In general, there are five types of compensation.
1. Fire, lightning, blast, explosion
2. Wind disaster, leopard disaster, snow disaster
3. Flood disaster
4. Theft, water leak
5. Damages, etc.
Of these, 1 is the basic contract for fire insurance and there is not a big difference in insurance coverage. From the second year it can be said that it is a variation of the fire insurance, but the location and structure of the home will be taken into account when deciding whether to cover it or not. For 4 and 5, the comprehensive fire insurance (also called free design type, risk subdivision type, etc.) is a variation of the compensation, but there are also those that divide this part into "home property insurance" .
Household goods insurance covers all household goods that are not covered by fire insurance. Even if a building is compensated in a disaster, damage to household items and appliances is not compensated. It also compensates for damages such as theft, water leaks, and accidental damage, not disasters.
Earthquake insurance requires a separate contract from fire insurance and home property insurance. The premium is the same regardless of the insurance company you have, but the premium varies depending on the degree of earthquake risk and the area and structure of the building. Earthquake insurance is considered to cover not only damage caused by earthquakes, but also damage caused by tsunamis caused by earthquakes, spills, and damage caused by fires. Only with fire insurance, these damages will not be covered.
How much does homeowner’s insurance cost?
I'm concerned about homeowner’s insurance premiums, but it can be hard to say "overall, this is it." Area, building structure, scale, single-family home or condominium, family structure, age ... and how to choose coverage. This setting of conditions is complicated, so it cannot be said unconditionally.
It's important to get quotes from multiple non-life insurers and to change and compare your coverage options settings. The following example is shown, but this is just an example, and please consider that the insurance premium will fluctuate depending on the situation of each home. Also, the required costs vary by contract method, such as long-term contract discount, annual / lump sum payment, and insurance premium payment method.