Incheon City Supports Over 70% of Flood Insurance Premiums... Up to 87% for Disaster-Prone Areas

Incheon City announced on the 2nd that it will support subscriptions to flood and windstorm insurance, which can compensate for damages caused by natural disasters such as the rainy season and typhoons.

This year, the city will support at least 70% of the flood and windstorm insurance premiums, reducing the subscriber's burden to 30% or less. In particular, when subscribing to group insurance for houses in disaster-vulnerable areas with a high risk of natural disasters, the premium support can be up to 87.04%.

Disaster-vulnerable areas include houses that have received disaster relief funds due to natural disasters or areas where flood damage records have been created, as well as houses in areas where natural disaster risk improvement district prevention projects are underway. In the case of last year, insurance payments totaling about 138 million KRW were made for 32 cases throughout the year, including approximately 11 million KRW paid to a house in Jung-gu that suffered flood damage due to heavy rain.

Individual flood and windstorm insurance can be subscribed to at seven private insurance companies, and group insurance can be subscribed to at disaster departments of each county/district or administrative welfare centers. This insurance covers damages caused by nine types of natural disasters, including typhoons, heavy rain, floods, and strong winds, and is available for houses, greenhouses, small business shops, and factories.

An official from Incheon City said, "We hope people hurry to subscribe to flood and windstorm insurance before the rainy season and typhoon periods arrive so that they can receive practical compensation when damages occur."