Japan’s big four insurance companies are planning to increase home insurance premiums from October this year according to The Nikkei Shimbum. This will be the first increase since 2015 and is the result of large typhoons and heavy rainfall events in 2018 that saw large payouts. 

Tokio Marine & Nichido Fire Insurance are said to be increasing premiums by an average of 6 ~ 7% nationwide. Sompo Japan Nipponkoa Insurance will be increasing rates by 5 ~ 7%, while Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance will increase their rates by 6 ~ 9%. 

Fire insurance premiums vary depending on where exactly the property is located, the type of structure, age, and level of coverage. It is usually optional. One exception is when a mortgage is used, in which case the bank will usually require that the borrower take out fire insurance on the property.

Many insurers provide simulations on their websites to provide a general idea of annual insurance premiums. 

Source: Japan Property Central, The Nikkei Shimbun

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