"Payment for Moving Expenses Due to Interfloor Noise" Carrot Insurance Launches Interfloor Noise Moving Insurance

[Asia Economy Reporter Changhwan Lee] Carrot General Insurance announced on the 22nd that it will launch the ‘Carrot Interfloor Noise Moving Insurance’ to prepare for disputes over interfloor noise in multi-family housing.

The Carrot Interfloor Noise Moving Insurance provides compensation up to 2 million KRW for moving expenses if a move is necessary due to disputes over ‘interfloor noise’ in apartment residences, including mixed-use residential complexes, despite filing for dispute mediation.

The subscription cost is a one-time payment of 12,000 KRW for jeonse tenants and 17,000 KRW for homeowners. By setting up a legal expense coverage rider, legal costs related to real estate ownership and lease deposit up to 20 million KRW can also be covered.

Applications can be made within 90 days including the move-in date, with an insurance period of 21 months for jeonse tenants and 24 months for homeowners.

A Carrot representative stated, “Since the perception of interfloor noise varies individually and there is a possibility of recurrence even after negotiation, amicable resolution is often difficult,” adding, “We will continue to launch services like practical safety measures that minimize financial damages caused by interfloor noise disputes.”

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