TL;DR
This is a pleasant surprise! I have phone app subscriptions that cost more per month. (I really need to review my subscriptions again.)
The Longer Short Insurance Story
Property insurance is usually purchased in large blocks of time longer than one year. The larger the block, the better the discount you'll receive. Typically, people will buy in three to five-year blocks. I was quoted a five-year block.
To make my life easier, I asked my Akyia hub contact to connect me with their recommended insurance broker. They responded to me very quickly with a clear and reasonable quote for the property.
Fire Insurance
¥274,620 ($1,846 / ~$31 month)
"Fire Insurance" is a generic term for insurance that covers fire, typhoons, floods, theft, object collisions, damage to furniture and appliances, and all of the stuff inside the house. For my little house in Daito, on a five-year contract, I'm paying about $ 31 USD a month, which isn't a lot. Then again, the house didn't cost that much, so it's in line with expectations. This covers the structure and ¥3M for contents. (i.e., appliances, furniture, personal possessions.)
Earthquake Insurance
¥37,600 ($251 / ~$4.20 month)
Earthquake insurance is optional and is based on the property's value, which in my case is set at ¥5.2 million. (The documented purchase price)
Due to regulation, earthquake insurance is capped at half the value of fire insurance. (¥2.6 million for buildings and ¥1.5 million for contents)
Note
I was not expecting the quote to be this inexpensive. At first, I misread the quote and assumed that the total for both fire and earthquake insurance was ¥586,840. (~$4K / ~$66/mo; adding the quotes for fire insurance w/o earthquake to quote for fire insurance w/ earthquake) Even at that, I was like, Damn! That's super reasonable!
But also remember, the house is only worth $ 34,000 USD, so yeah, insurance isn't going to be a complete kick in the nuts.
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