What:
Tokio Marine & Nichido Fire Insurance Co. has begun selling a policy for apartment association boards that will pay for costs that occur when elderly occupants die alone with no relatives located.
Why:
The elderly dying alone has become a growing social problem in recent years. In some cases, it costs more than 1 million yen ($7,200) to clean the apartment and do other necessary work to prepare it for purchase again after its previous occupant dies.
How:
- Under the policy, apartment association boards will get reimbursed when they have to shoulder the costs for cleanup and disinfection, as well as the expenses to hire lawyers to locate possible heirs.
- A yearly insurance premium will cost 50,000 yen or so for a maximum payout of 1 million yen in the event of a solitary death for an apartment building housing 100 units, according to the company.