Seoul Jung-gu Fully Supports Flood and Windstorm Insurance Premiums for Small Business Owners and Vulnerable Groups

No Personal Expense When Enrolling in Flood and Windstorm Insurance by April 30... Up to 90% Coverage for Natural Disasters, No Worries

[Asia Economy Reporter Park Jong-il] Jung-gu, Seoul (Mayor Seo Yang-ho) will fully support flood and wind disaster insurance premiums for small business owners, near-poverty class, and basic livelihood security recipients to protect residents' property from natural disasters.

Flood and wind disaster insurance is a national policy insurance designed to practically compensate for property damage caused by unexpected natural disasters such as typhoons, floods, heavy rain, strong winds, heavy snow, and earthquakes.

The insurance premiums are supported by the government and local governments, and it is operated by five insurance companies (DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance, NH Nonghyup Property & Casualty Insurance) that have agreements with the Ministry of the Interior and Safety.

Compared to disaster relief funds that currently support about 30-35% of damage restoration costs when natural disasters occur, subscribing to flood and wind disaster insurance can provide compensation up to 90%.

However, due to residents' psychological resistance to insurance subscription and lack of information about support benefits, the subscription rate is low, and in reality, they are not receiving practical compensation when damage occurs.

Especially from this year, small business owners are additionally supported along with the existing support targets of basic livelihood security recipients and near-poverty class. The district plans to support the approximately 20,000 KRW personal burden incurred when subscribing to insurance for small business owners exhausted by COVID-19, allowing them to subscribe to flood and wind disaster insurance for free.

Subscriptions are available for stores, factories, and facilities operated by small business owners, and in case of flood and wind disasters, stores can receive actual compensation up to 100 million KRW, factories up to 150 million KRW, and inventory assets up to 50 million KRW. It is expected that small business owners with weak capital and insufficient recovery ability will receive realistic compensation in the event of natural disasters and achieve livelihood stability.

The application period is until April 30, and the insurance subscription period is one year. It is a one-year term insurance, and existing subscribers also need to apply for contract renewal.

For inquiries and applications, visit the nearest community service center, any of the five private insurance companies (DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance, NH Nonghyup Property & Casualty Insurance), or the district office's flood control department.

Seo Yang-ho, Mayor of Jung-gu, said, "Flood and wind disaster insurance can provide practical help to small business owners and vulnerable groups in the event of natural disasters," and added, "We will actively promote it to residents to reduce the burden of damage from unexpected disasters."

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