Gyeonggi Housing and Urban Development Corporation (GH) will provide free support for disaster insurance coverage against wind and flood damage and earthquakes for 1,126 households living in semi-basement units under the existing housing jeonse rental program, ahead of the monsoon season.
To enroll in the insurance, tenants living in semi-basement units can apply by visiting their local administrative welfare center. GH will fully cover the portion of the insurance premium that would normally be paid by the tenant.
In addition, GH will provide up to 1 million won to cover the cost of installing flood prevention facilities such as flood barriers, retractable security windows, and flood alarms. If tenants move to above-ground units, moving expenses will also be supported up to 400,000 won.
The wind and flood damage and earthquake disaster insurance is a policy insurance that provides practical compensation for property damage to homes caused by natural disasters such as typhoons, floods, heavy rain, strong winds, and earthquakes.
The existing housing jeonse rental program is a housing welfare project in which GH signs a jeonse contract for existing homes selected by low-income groups, such as basic livelihood security recipients, and then re-rents them at affordable rates.
Lee Jongseon, Acting President of GH, stated, "GH will spare no effort in thorough preparation and support to create a safe living environment in semi-basement homes and to prevent housing flood accidents."
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