Encouraging Guro-gu Residents to Enroll in Flood and Windstorm Insurance

Economic Damage Compensation from Natural Disasters ... Over Half of Insurance Premiums Supported by Government or Local Authorities ... Low-Income Households Must Apply at Dong Community Center by April 14 ... General Residents Enroll Through Insurance Companies

[Asia Economy Reporter Jong-il Park] Guro-gu (Mayor Lee Seong) has encouraged residents to subscribe to flood and wind disaster insurance.

On the 19th, Guro-gu announced that it supports the subscription fees for flood and wind disaster insurance to minimize the economic burden on residents caused by various natural disasters, and is guiding residents to subscribe to the insurance so that many can prepare for flood and wind disasters.

Flood and wind disaster insurance is a policy insurance managed by the Ministry of the Interior and Safety and operated by private insurance companies, designed as an advanced disaster management system that allows residents to cope with unexpected disasters on their own.

More than half of the insurance premium that the subscriber must pay is supported by the government or local governments, allowing subscription at an affordable premium.

The natural disasters covered include typhoons, floods, heavy rain, strong winds, wind waves, tidal waves, heavy snow, and earthquakes. Eligible facilities for subscription include residential buildings (houses), agricultural and forestry greenhouses including vinyl greenhouses, and stores and factories operated by small business owners.

In case of damage caused by natural disasters, compensation of up to 90% of the restoration cost standard amount can be received depending on the extent of the damage.

Guro-gu additionally supports insurance premiums from its own budget when low-income households in the area subscribe to flood and wind disaster insurance. Basic livelihood security recipients and near-poverty class residents who wish to subscribe can apply by visiting their local community service center by April 14.

General residents can individually subscribe through five insurance companies operating flood and wind disaster insurance (Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance, KB Insurance, NH Insurance).

A Guro-gu official said, “Flood and wind disaster insurance can relieve worries about natural disasters that can occur anytime and anywhere,” and added, “We plan to strengthen publicity so that many residents can subscribe to flood and wind disaster insurance.”