GH Promotes 'Feng Shui Disaster Insurance' for Semi-basement Rental Housing Tenants

GH employees are inspecting a semi-basement house.

The Gyeonggi Housing and Urban Corporation (GH) is launching a campaign to promote subscription to flood and windstorm insurance that provides premium support for residents of semi-basement rental housing ahead of the peak rainy season.

Flood and windstorm insurance is a policy insurance supported by the government and local governments, covering more than 70% of the insurance premiums to compensate for property damage caused by natural disasters such as floods and typhoons. Vulnerable groups who have a history of disaster damage or live in disaster-prone areas receive full premium support.

According to Gyeonggi Province, although flood and windstorm insurance offers more benefits than the current disaster relief fund, which provides up to 3 million KRW, the subscription rate in the Gyeonggi area remains at only 19.1% due to insufficient guidance and promotion.

Along with promoting flood and windstorm insurance subscriptions, GH is visiting about 60 rental tenants who received disaster relief funds last year to provide guidance on relocation to above-ground housing and installation of disaster prevention facilities.

GH plans to assign dedicated staff responsible for semi-basement residences to provide year-round natural disaster information and prevention activities.

Kim Se-yong, President of GH, stated, "Although there are no semi-basement houses in rental housing owned by the Gyeonggi Housing and Urban Corporation, some semi-basement houses exist in rental housing where tenants find homes themselves with fund support due to the tenants' housing cost burden. GH will take active interest in low-lying and vulnerable areas and make multifaceted efforts to ensure housing stability, including encouraging flood and windstorm insurance subscriptions and supporting relocation."

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