Bucheon City "Subscribe to Flood and Windstorm Insurance"... No Personal Burden for Vulnerable Groups

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City, Gyeonggi Province, urged residents to subscribe to flood and windstorm insurance to prepare for damages caused by natural disasters.

Flood and windstorm insurance is a policy insurance that provides actual compensation when property damage occurs to houses, greenhouses, stores, factories, etc., due to typhoons, strong winds, heavy rain, heavy snow, storms, tidal waves, floods, earthquakes, and other disasters.

Policyholders receive up to 92% of the annual premium supported by the government and local governments. For vulnerable groups in Bucheon City (basic livelihood security recipients and near-poverty class), private organizations support the insurance premiums, so there is effectively no premium payment burden on individuals.

There are two compensation methods: a "fixed amount product" that compensates according to the scale of damage, and an "actual loss product" that compensates for the actual damage amount. Among these, the actual loss compensation type also covers minor damages such as broken windows.

In particular, from this year, the national subsidy rate for insurance premiums for stores and factories has increased from 25% to 50%, and the insured amount for tenant inventory assets has been raised from 30 million KRW to 50 million KRW.

The compensation amount for house flooding damage has also been increased from 2 million KRW to 4 million KRW, and compensation for damage to greenhouses during fallow periods is now available, further strengthening the coverage of flood insurance.

Citizens who wish to subscribe can choose from five designated insurance companies (DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance) and subscribe individually.

Annual premiums are supported by the government and local governments. Vulnerable groups in Bucheon City (basic livelihood security recipients and near-poverty class) can subscribe to flood and windstorm insurance without personal burden by visiting the local administrative welfare center and signing a group subscription consent form.

For detailed information regarding individual subscriptions, inquiries can be made to the five major insurance providers (02-2100-5103~7) for guidance.