Prepare with Flood and Windstorm Insurance: Up to 92% Government Subsidy on Premiums

Typhoon, Heavy Rain, Flood, Strong Wind, High Waves, Tsunami, Heavy Snow, Earthquake, and Earthquake Tsunami: 9 Types

Annual Insurance Premium Status by Type of Flood and Windstorm Insurance Products

[Asia Economy Reporter Lim Cheol-young] The Ministry of the Interior and Safety urged people to subscribe to flood and windstorm insurance, which provides practical compensation at an affordable price, in preparation for the upcoming rainy season.

According to the Ministry on the 21st, flood and windstorm insurance is a policy insurance designed to compensate for property damage caused by nine types of natural disasters, including typhoons and heavy rain. When subscribing, more than 70% (up to 92%) of the total insurance premium is supported by the government and local governments.

The facilities eligible for flood and windstorm insurance include houses, greenhouses (including vinyl houses) used for agriculture and forestry, and commercial or factory buildings operated by small business owners. Not only the owners of the facilities but also tenants can subscribe to the insurance. It can be subscribed through five insurance companies contracted with the Ministry of the Interior and Safety, and some products are available for non-face-to-face online subscription via each insurer’s website.

The annual insurance premium paid by the subscriber varies depending on the subscription area, size, and compensation limit, but through government and local government support, flood and windstorm insurance can be subscribed at a relatively low cost. Looking at the annual insurance premiums paid by subscribers for each insurance product, it is about 16,000 KRW for houses, 102,000 KRW for greenhouses, and 38,000 KRW for commercial buildings (based on a compensation limit of 100 million KRW).

Jin Myung-gi, Disaster Recovery Policy Officer at the Ministry of the Interior and Safety, said, “Since significant damage occurs every summer due to typhoons and heavy rain, flood and windstorm insurance can be a reliable and practical support for all citizens in the event of natural disasters. We urge everyone to subscribe to flood and windstorm insurance to prepare for unexpected natural disaster damages.”

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