National Earthquake Insurance: Who Qualifies and What You Get
Understand the basics of National Earthquake Insurance, covering property damage from earthquakes and tsunamis for owners in Japan.
National Earthquake Insurance is a scheme designed to provide financial coverage for property damage resulting from earthquakes and tsunamis.
Who it's for
This scheme is available to all property owners. If you own property, you qualify to seek this specific type of coverage to protect your assets.
What you get
The primary benefit is financial coverage for damage caused by earthquakes or tsunamis. This is intended to provide a financial safety net to help manage the costs associated with property damage caused by these specific natural disasters.
What it costs you
To have this coverage, you must pay an annual premium. The specific amount you pay depends on the structure of your building and its physical location.
The catch to know
It is important to understand the limits of this protection. The scheme only covers up to 50% of the fire insurance amount. This means the coverage provided by this scheme is tied to the amount of your fire insurance and will not cover the full value of a property if that value exceeds that 50% threshold.
How to apply
- Review your current property ownership details.
- Determine the structure and location of your building.
- Check your existing fire insurance amount to understand the coverage limits.
- Contact the relevant authorities or providers for the current rates and enrollment steps.