Jeongeup-si Promotes Subscription to 'Fengshui Disaster Insurance' for Natural Disaster Preparedness

[Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Jeongeup City, Jeonbuk Province, has recently stepped up efforts to actively promote subscription to flood and windstorm insurance as damage from natural disasters such as heavy snow and strong winds has surged.

Jeongeup City Hall Exterior View
[Photo by Jeongeup City]

According to the city on the 25th, flood and windstorm insurance, a policy insurance managed by the Ministry of the Interior and Safety and operated by private insurance companies, compensates for property damage caused by nine types of natural disasters including typhoons and heavy rain.

The government and local governments subsidize part of the insurance premium paid by subscribers, allowing them to cope with unexpected flood and windstorm damage at an affordable premium.

Applications for subscription can be made anytime throughout the year, and not only facility owners but also tenants (lessees) can subscribe.

Eligible facilities for subscription include houses (detached and multi-unit), agricultural and forestry greenhouses (including vinyl houses), and commercial and factory buildings operated by small business owners (including facilities, machinery, and inventory assets installed inside the buildings).

The government and local governments support more than 70% (up to 100%) of the total insurance premium, reducing the individual subscriber's premium burden.

Subscriptions can be made year-round by contacting one of seven private insurance companies or through the website, and subscribers only need to pay the individual premium portion (0% to 30% of the total premium).

Mayor Lee Hak-su said, “As large-scale natural disasters are occurring frequently, voluntary subscription to flood and windstorm insurance is essential to minimize the burden on citizens. We hope that through flood and windstorm insurance, residents will prepare in advance not only for heavy snow this winter but also for summer typhoons and heavy rain damage.”

Meanwhile, in December last year, two greenhouses in the region damaged by natural disasters such as heavy snow and strong winds filed claims for flood and windstorm insurance and received approximately 120 million won in insurance payouts.

Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil baekok@asiae.co.kr