Gyeonggi Province will support up to 70% of the cost when subscribing to flood and storm damage insurance for greenhouses and vinyl houses in preparation for heavy snowfall this year.
A Gyeonggi Province official urged, "Due to the occurrence of El Ni?o this year and reduced Arctic sea ice, there is a possibility of early winter severe cold and increased precipitation. To reduce damage, we ask farmers to subscribe to flood and storm damage insurance."
Flood and storm damage insurance is an insurance that practically compensates for property damage to houses, greenhouses, and small business owners (stores and factories) caused by natural disasters including heavy snowfall, typhoons, floods, heavy rain, tidal waves, strong winds, storms, heavy snow, and earthquakes. The government and local governments support more than 70% of the insurance premium, allowing subscribers to join with a relatively low burden of 30% or less.
In previous years, heavy snow damage tended to be concentrated on agricultural and forestry facilities such as vinyl houses, and most cases of receiving flood and storm damage insurance payments due to heavy snow have occurred from damage to greenhouses or vinyl houses.
Subscription to flood and storm damage insurance can be done through the Eup, Myeon, Dong administrative welfare centers or through seven private insurance companies (DB Insurance, Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, KB Insurance, NH Nonghyup Property & Casualty Insurance, Hanwha General Insurance, Meritz Fire & Marine Insurance).
Detailed subscription methods can be found on the Gyeonggi Province website (gg.go.kr) or the National Disaster Safety Portal (safekorea.go.kr).
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