Mandatory Disaster Liability Insurance Enrollment for Rental Housing Under 15 Floors

Enforcement Decree of the Disaster Safety Act Amended... Enrollment Available from the 7th

Ulsan City Hall exterior view. (Photo by Ulsan City)

[Asia Economy Yeongnam Reporting Headquarters, Reporter Yoon Yoseop] Ulsan City announced on the 7th that, with the revision of the Enforcement Decree of the Framework Act on Disaster and Safety Management, the mandatory subscription to disaster liability insurance will be expanded from apartments under 15 floors to public and private rental housing under 15 floors.

Disaster liability insurance is a compulsory insurance that compensates for bodily injury or property damage to others caused by fire, explosion, or collapse. It differs from general fire insurance, which compensates the insured for property damage caused by fire.

The facilities subject to disaster liability insurance include disaster-vulnerable facilities such as apartments, restaurants, lodging businesses, and logistics warehouses.

Insurance premiums may vary depending on the type of business, area, and insurance company of the facility, and the coverage limits are up to 150 million KRW per person for bodily injury and up to 1 billion KRW for property damage on an actual expense basis.

The subscription targets include rental housing managed under the Special Act on Private Rental Housing, such as collective housing with 300 or more households, collective housing with central heating and elevators, and rental housing managed by housing management companies or self-managed.

In Ulsan, 22 locations including Byeongyeong Samil Apartment and Gyodong Jugong Apartment fall under this category.

Insurance subscription is available immediately from the 7th. There is a special subscription period due to the revision of the enforcement decree, and subscription must be completed within six months. Failure to subscribe will result in fines ranging from a minimum of 300,000 KRW to a maximum of 3 million KRW depending on the duration of the violation.

For subscription inquiries, contact the disaster liability insurance call center, district or county offices, nearby community centers, or insurance companies selling disaster liability insurance.

Lee Jae-up, Director of Disaster Management at Ulsan City, said, “With the expansion of mandatory disaster liability insurance subscription targets, residents of rental apartments can now be protected against disaster-related damages. We hope citizens will take an interest so that we can strengthen the social safety net through insurance subscription.”

This content was produced with the assistance of AI translation services.