Preparing for Natural Disaster Damage with Flood and Storm Insurance... Bucheon City Supports Up to 92% of Insurance Premiums

Vulnerable Groups Can Enroll Without Personal Contributions

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City, Gyeonggi Province, urged residents to subscribe to flood and windstorm insurance that minimizes damage from natural disasters, supports stable recovery, and provides practical compensation.

Flood and windstorm insurance is an advanced disaster management system that pays actual compensation when property damage occurs to houses, greenhouses, stores, factories, etc., due to typhoons, heavy rain, and other flood and windstorm disasters.

The covered disasters include typhoons, strong winds, heavy rain, heavy snow, wind waves, tidal waves, floods, and earthquakes. The insured facilities include houses (including tenants' movable property), agricultural and forestry greenhouses (including vinyl greenhouses), stores and factories operated by small business owners, facilities, and inventory assets.

There are two compensation methods: a "fixed amount product" that compensates according to the scale of damage, and an "actual loss product" that compensates the actual damage amount. Among these, the actual loss compensation type also covers minor damages such as broken glass. Unlike disaster relief funds that pay a fixed amount of minimum restoration costs regardless of area, flood and windstorm insurance increases the insurance payout as the damaged area increases.

Starting this year, to encourage more citizens to subscribe, government and local government subsidies have been increased to over 70%, reducing the self-payment rate for citizens.

Policyholders receive up to 92% of the annual premium supported by the government and local governments. Especially for vulnerable groups in Bucheon City (basic livelihood security recipients and near-poverty class), private organizations support the insurance premiums, so individuals effectively pay no insurance premiums.

Citizens who wish to subscribe to flood and windstorm insurance can individually subscribe by selecting their preferred insurer among the five designated insurance companies. Vulnerable groups can visit one of the 10 administrative welfare centers and sign a group subscription consent form to subscribe to flood and windstorm insurance without any personal payment.

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