Record-Breaking Cold Wave Raises Risk of Burst Pipes
Preventable with Guaranteed Products
[Asia Economy Reporter Minwoo Lee] From the end of the Lunar New Year holiday, a sudden severe cold wave is raising concerns about various freezing damage accidents. Experts advise paying attention to cold wave-related products and special contracts offered by non-life insurance companies.
According to the Korea Meteorological Administration on the 25th, the lowest temperature in Seoul at around 2 a.m. was recorded at minus 17.3 degrees Celsius. Since 1904, the number of days when Seoul's lowest temperature dropped below minus 17 degrees is only 173 days. In the 2000s, it was only 9 days in total. At 6:33 a.m. on the same day, the temperature in Cheorwon-gun, Gangwon Province (Kimhwa-eup) dropped to minus 25.1 degrees Celsius. At 12:35 a.m., the wind chill temperature in Cheorwon-gun fell to minus 28.3 degrees Celsius.
Due to the sudden historic cold wave, special caution is required regarding damage caused by the bursting of water meters and drainage pipes. According to the Central Disaster and Safety Countermeasures Headquarters, the number of reports of frozen water meters due to the cold wave until the end of last year was about 400 cases. Among them, about 300 cases occurred in apartments, with a relatively higher freezing rate in corridor-type apartments without windproof windows. To prevent such damage in advance, it is advised to pay attention to special contracts or products offered by each non-life insurance company that cover pipe leaks caused by freezing.
AXA General Insurance (hereinafter AXA Insurance) is selling the '(Non-life) AXA Life Safety Comprehensive Insurance,' which covers various risks and accidents in daily life, including household water leakage damage. This product guarantees damage caused by leaks due to accidental incidents such as cold waves in the insured's home (townhouses, apartments, etc.) during the insurance period through the special contract for damage caused by leakage in water supply and drainage facilities (general household goods). It covers direct damage to insured objects (household goods inside the building) caused by leakage or waterproofing failure in water tanks, pipes, and drainage facilities within the insurance amount limit per accident.
It also covers damage to household items and fixtures of the insured or members of the same household. Costs for removing residues and cleaning expenses used in handling insurance claims can also be additionally compensated. In addition to leaks, death or permanent disability caused by fire accidents is also covered.
Samsung Fire & Marine Insurance strengthened the coverage of its 'Direct Home Fire Insurance' in January last year, providing protection against various injury accidents that can occur at home. When subscribing to the special contract, if boilers, water pipes, or other water supply and drainage facilities are damaged due to freezing or other reasons, 90% of the damage amount within the insured amount is covered from 90 days after the subscription date. Additionally, repair costs for 20 major home appliances and 7 major cultural goods, as well as actual damage compensation in case of theft or robbery, are also covered.
Hanwha General Insurance is selling the '(Non-life) Safe Together Life Comprehensive Insurance,' which covers daily risks, various injury accidents, and repair costs for home appliances. Customers who subscribe to the special contract related to leakage damage in water supply and drainage facilities can receive coverage for freezing and leakage damage caused by aging pipes starting from 91 days after the contract date. A deductible applies if the damage amount exceeds 1 million KRW. Furthermore, in case of damage caused by fire or collapse, temporary housing expenses for the residence are provided, along with accommodation and meal expenses for 90 days from the time of the fire occurrence.
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