Encouraging Disaster-Vulnerable Households to Enroll in 'Wind and Flood · Earthquake Disaster Insurance' Ahead of Summer
Practical Compensation Support for Residents' Property Damages Caused by Natural Disasters
Songpa District (District Mayor Sukang Seok) is actively encouraging residents to enroll in the 'Wind and Flood · Earthquake Disaster Insurance' to minimize damage from natural disasters such as typhoons, floods, and earthquakes, ahead of the full onset of the summer rainy season.
The 'Wind and Flood · Earthquake Disaster Insurance' is a policy insurance program overseen by the Ministry of the Interior and Safety and operated by private insurance companies. It provides compensation for property damage caused by natural disasters such as wind and flood events and earthquakes.
The district is especially urging disaster-vulnerable households, such as semi-basement residences that are at high risk of flooding, to enroll in the insurance. However, even those who are not classified as disaster-vulnerable households can enroll individually, though the insurance premiums may differ.
Support measures have also been put in place to reduce the financial burden on policyholders. When enrolling, the government and local authorities subsidize at least 55% of the insurance premium. General residents are eligible for about 55% support, second-lowest income groups and single-parent families receive 78%, and basic livelihood security recipients can receive up to 87% support.
Eligible applicants include buildings used directly as residences under the Building Act, tenants' personal property, as well as commercial properties and factories. Enrollment is possible at any time throughout the year, but it is important to enroll in advance, as damages that occur before the insurance contract is signed are not covered.
The coverage is divided into four categories based on the extent of damage: total destruction, major destruction, partial destruction, and minor destruction, with different compensation amounts for each. Total destruction is compensated at 100% of the insured amount, major destruction at 70%, partial destruction at 50%, and minor destruction at 25%.
Residents wishing to enroll can inquire at their nearest community service center or the Songpa District Water Management Division, or apply through one of 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).
Songpa District Mayor Sukang Seok stated, "Due to recent climate change, typhoons and heavy rains during the summer season are occurring more frequently," and added, "I hope that residents will proactively enroll in wind and flood insurance to receive practical compensation for unexpected natural disasters."
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