Haenam County Prepares for Natural Disasters with Wind and Flood Insurance

More Than 55% of Insurance Premiums Subsidized

Haenam County in South Jeolla Province (Governor Myung Hyun-gwan) announced on April 28 that it is actively supporting residents in signing up for wind and flood insurance in order to minimize property damage from natural disasters such as typhoons and heavy rains expected in the upcoming summer season, and to provide prompt assistance with recovery efforts.

Wind and flood insurance is a policy insurance program overseen by the Ministry of the Interior and Safety and operated by private insurance companies. It offers practical compensation for property damage caused by typhoons, heavy rains, heavy snow, earthquakes, and other disasters. In particular, more than 55% of the insurance premium is subsidized by the central and local governments, thereby reducing the financial burden on policyholders.

Haenam County Office Building Exterior View

Eligible applicants include: ▲residential homes ▲greenhouses for agricultural and forestry use, including vinyl greenhouses ▲small business owners’ stores and factories. The basic insurance period is one year, and enrollment is available at any time throughout the year. However, since damages from natural disasters that occur before signing the insurance contract are not covered, it is advantageous to enroll in advance.

For residential homes, only detached and multi-unit houses as defined by the Building Act are eligible. Homes not registered in the building ledger can also be insured, but in the event of damage, property tax payment records must be verified to receive compensation.

Wind and flood insurance can be purchased from seven private insurance companies: DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance, NH Nonghyup Property & Casualty Insurance, Hanwha General Insurance, and Meritz Fire & Marine Insurance. Detailed information about the insurance products is available on the National Disaster Safety Portal.

An official from the county stated, "Wind and flood insurance is a system that provides real support in protecting the valuable property of our residents from unexpected natural disasters," and added, "We strongly encourage all residents to actively enroll in wind and flood insurance, which offers substantial compensation at a low cost."