GH Supports 'Feng Shui Disaster Insurance' Premiums for Residents of Semi-Basement Jeonse Rentals

Gyeonggi Housing and Urban Corporation (GH) is the first local public enterprise to support free enrollment in flood and windstorm insurance. The target households are about 1,000 rental tenants living in semi-basement units.

Flood and windstorm insurance is a policy insurance where the government and local governments subsidize more than 70% of the insurance premium to compensate for property damage caused by natural disasters such as floods and typhoons. However, as of March this year, the nationwide enrollment rate based on housing is only 27.8%.

Since June, ahead of the rainy season, GH has been focusing on increasing the enrollment rate through services such as proxy enrollment for flood and windstorm insurance.

GH has especially decided to support the remaining insurance premiums beyond those subsidized by the government and local governments.

Kim Se-yong, president of GH, stated, "GH is thoroughly conducting preemptive management to prevent damage to semi-basement households. Although rental housing under lease is not owned by the corporation, considering that prevention is much more efficient than restoration and that vulnerable housing groups can suffer irreparable damage from disasters, we plan to continuously provide attention and support."

GH has adjusted the installation cost for flood prevention facilities (operable security windows, flood alarms, flood barriers) to 1 million KRW per household for semi-basement rental households with more than one year remaining on their lease contracts. Additionally, for households with less than one year remaining on their lease, moving expenses up to 400,000 KRW are supported when relocating to above-ground floors.

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