RetireJapan

I have a five year policy coming to an end soon with Sonpo Japan. Costs about 57,000 yen per year.
Covers my house for all natural disasters, including earthquakes. Also covers home contents up to 3 million yen.
Just got a new quote for the coming five years. Annual payment will now be over 121,000 yen per year!! Err....come again?!
Nothing has changed regarding the coverage. I have also never claimed on the insurance. Yet it is more than doubling!
Is this just par for the course in Japan?
Anyone else had similarly ridiculous increases recently?
I am thinking to consult one of those insurance kiosks (保険窓口) and get some quotes from other companies.
My house isn't even worth that much, as I bought it when it was already twenty years old back in 2017.
The only thing that has changed since 2017 is that the house is worth even less now than I paid for it (very rural area).
I could kind of understand such a massive increase if I had put in a huge claim recently, or if I had added to the value of the house since buying it (by adding an extension or something).

Could just be all the earthquake related payouts. We have a policy with Sompo Japan, and they have paid us at least three times for earthquakes in the last couple of years -one of the best investments I have ever made

The requirements to claim on earthquake insurance for dwellings seem to be extremely low.

After looking at many, many different quotes from different insurance companies, there really is not much between them. For my house, I am looking at about 120,000 yen per year in premiums. However, a friend recommended CO-OP共済 to me, as that is what they use:
https://coopkyosai.coop/portal/kasai.html
When I got a quote from them, keeping all amounts and coverage the same, their price is only 60,000 yen per year.
Why? What's the catch? From what I can see, there doesn't appear to be one.
Am I missing something?

Anyone have any experience with using 共済 for their house insurance?

Thanks.

Roger Van Zant wrote: ↑Tue Apr 12, 2022 11:06 am
Anyone have any experience with using 共済 for their house insurance?

Thanks.

We use Co-Op for house insurance. Standard fire and also recently added extra for earthquake coverage. We have some small medical and life insurance policies with them as well.
I think Co-Op is really good. Under-rated.
We have not had to claim on anything for the house, just medical-related stuff a couple of times, but they have always been prompt and competent.

beanhead wrote: ↑Wed Apr 13, 2022 1:10 am

Roger Van Zant wrote: ↑Tue Apr 12, 2022 11:06 am
Anyone have any experience with using 共済 for their house insurance?

Thanks.

We use Co-Op for house insurance. Standard fire and also recently added extra for earthquake coverage. We have some small medical and life insurance policies with them as well.
I think Co-Op is really good. Under-rated.
We have not had to claim on anything for the house, just medical-related stuff a couple of times, but they have always been prompt and competent.

I opted for Co-Op共済 in the end. Costs about 4500 yen per month for the level of cover I require. Pleased to have sorted it all out at last!

Perhaps Co-op is not for profit leading to a lower cost?

I had a friend whose balcony fell off his house and claimed earthquake damage 20 years after the quake. That was the insurance company's idea too, not his!

We also have had people come around after typhoons asking if they could check our roof. The angle is they notice "damage" and then do repairs and get repaid by insurance companies.