Geumcheon District to Fully Cover Storm and Flood Insurance Premiums for Flood-Prone Semi-Basement Households

Partial Premium Support Also Provided for Small Business Owners and Homeowners

Geumcheon District (District Mayor Yoo Seonghun) will once again provide full support for storm and flood insurance premiums for residents of semi-basement homes that are vulnerable to flooding, following last year's initiative.

Storm and flood insurance was introduced to compensate residents for damages caused by natural disasters such as typhoons, heavy rain, floods, and earthquakes. Any resident of Geumcheon District is eligible to enroll, and the government and local authorities cover part or all of the insurance premiums.

Small business owners receive support for 50% of the premium, general homeowners receive 55%, those in the near-poverty class receive 78%, and basic livelihood security recipients receive 87% of the premium through national and district funds. In particular, low-income residents who actually live in disaster-prone areas are eligible for full coverage of their insurance premiums.

Additionally, group policyholders such as economically vulnerable groups and residents of disaster-prone areas will have their entire out-of-pocket premium, not covered by government and local authority subsidies, paid by the National Disaster Relief Association and the Social Contribution Council of Non-life Insurance Companies.

The economically vulnerable groups include basic livelihood security recipients, the near-poverty class, single-parent families, and general tenants. Disaster-prone areas include locations with a high risk of flooding, such as areas at risk of collapse, landslide-prone areas, tsunami risk zones, regions with frequent snow damage, disaster prevention zones, and semi-basement homes.

Economically vulnerable groups and residents of disaster-prone areas can apply for group enrollment in storm and flood insurance by visiting their local community center. Homeowners can enroll individually through insurance companies.

Small business owners operating stores or factories can enroll in insurance at the Seoul Small Business Storm · Earthquake Disaster Insurance Enrollment Center.

An official from the district stated, "We are actively encouraging residents who hesitate to enroll in storm and flood insurance due to financial burdens by providing full support for the premiums."

Yoo Seonghun, Mayor of Geumcheon District, said, "We plan to actively promote and support enrollment in storm and flood insurance so that residents affected by natural disasters can receive compensation and quickly return to their daily lives."

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