Samsung Fire & Marine Insurance Launches 'Smart Home Life' Expanding Coverage for Residential Space Risks

Samsung Fire & Marine Insurance announced on the 1st that it has launched the comprehensive home insurance product "Wise Home Life."

[Asia Economy Reporter Oh Hyung-gil] Samsung Fire & Marine Insurance announced on the 1st that it has launched a comprehensive home insurance product called 'Smart Home Life.'

It provides comprehensive coverage for various damages that can occur at home. In addition to damages caused by fire and the cost of debris removal, it is the only product in the industry that also covers waste disposal costs. Within 10% of the insured amount for fire coverage, actual expenses for waste transportation, landfill, and incineration are reimbursed.

Damaged household goods burned by fire are compensated based on their current value after depreciation according to their age. However, if the insured subscribes to the special clause for household goods restoration costs, they can receive an additional amount equal to the difference between the purchase price of new household goods and the depreciated compensation amount, within the insured limit.

When subscribing to the non-special building wind and water damage special clause, actual damages caused by typhoons, floods, heavy rain, etc., are covered. Apartments under 15 floors, row houses, and detached houses can also receive coverage for damages such as veranda window breakage due to typhoons and flooding caused by heavy rain.

Coverage for high-end home appliances has also been strengthened. The special clause for repair costs of 20 home appliances and 7 cultural goods covers repair costs at official service centers if the insured product breaks down due to electrical or mechanical causes within the insured’s residence. Coverage starts 60 days after subscription, with a limit of 1 million KRW and a deductible of 20,000 KRW.

In addition to the telecommunication financial fraud special clause that covers damages from voice phishing, smishing, and pharming, the product includes various coverages such as damage from leakage in water supply and drainage facilities, family daily life liability, internet direct transaction fraud, cyber defamation, and legal cost support for civil lawsuits.

Subscription is available for individuals aged 18 to 80, and the insurance period can be selected from 5, 10, 15, 20, or 30 years.