A policy-type disaster insurance under the Storm and Flood Insurance Act. It compensates loss to homes, greenhouses and shops from typhoon, heavy rain, flood, heavy snow and earthquake. The government subsidy is 50–92%.
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
A policy-type disaster insurance under the Storm and Flood Insurance Act. It compensates loss to homes, greenhouses and shops from typhoon, heavy rain, flood, heavy snow and earthquake. The government subsidy is 50–92%.
Full cover for detached and multi-family homes.
Vinyl and glass greenhouses.
Shops in storm-flood-prone areas.
| Type I (base) | Fixed sum / partial loss |
|---|---|
| Type III (indemnity) | Compensation in proportion to actual loss |
| Policy period | 1 year (automatic renewal recommended) |
|---|---|
| Insurer | Hyundai |
| Limit | Government-notified limit |
| Turnaround | Same day – 1 week from application |
| Channel | Individual consultation with our broker (010-5755-6465) |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Situations that come up often where natural-disaster risk is present — a five-scenario self-check
Homes in coastal, riverside or low-lying areas with repeated storm-flood face a high risk of building and household-goods damage from natural disasters.
Ordinary home fire insurance may not adequately cover storm-flood and earthquake loss, which policy-type storm-flood insurance can supplement.
Typhoon and heavy snow directly damage greenhouse structures. A design covering the greenhouse structure on its own is needed.
Storm-flood insurance is a policy-type insurance where the state and local government subsidise much of the premium, lowering your own cost.
Storm-flood insurance covers not only typhoon and heavy rain but also earthquake and seismic-sea-wave damage.
People sometimes only try to take out storm-flood insurance after seeing a forecast that a typhoon is approaching. But storm-flood and earthquake disaster insurance does not compensate loss from a disaster already in progress at the policy date — measured from when the Meteorological Administration or the Flood Control Office issues a weather warning or preliminary warning. In other words, if you take it out once a disaster is imminent or has begun, that disaster is not covered. Fire/explosion loss arising from storm-flood, loss from ageing/corrosion, and loss to unauthorised buildings are also within the exclusions. The premise of natural-disaster insurance is taking it out in advance, in normal times when there is no disaster.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
If you take it out after a weather warning or preliminary warning is issued, loss from that disaster in progress is excluded. Storm-flood insurance must be in place in advance, in normal times without a disaster.
Type I compensates on a fixed-sum/partial-loss basis, Type III in proportion to actual loss. Check which suits the value of the home/facility and the desired cover level.
Loss from building ageing/corrosion, poor management or an unauthorised building is not covered. Understand that storm-flood insurance covers "direct" damage from natural disaster.
The questions decision-makers ask most when considering storm-flood and earthquake disaster insurance
It covers direct loss to homes, greenhouses and the like from natural disasters such as typhoon, heavy rain, flood, strong wind, high seas, tidal wave and heavy snow, and from earthquakes and seismic sea waves. Beyond building and household-goods loss, demolition/debris-disposal costs and alternative-accommodation costs can be covered depending on the wording.
Ordinary fire insurance is designed around fire and may not adequately cover storm-flood and earthquake loss. Storm-flood and earthquake disaster insurance covers natural-disaster loss with a government subsidy as a policy-type insurance, usually reviewed alongside fire insurance as a complement.
Storm-flood insurance is a policy-type insurance for which the state and local governments subsidise a substantial part of the premium. You apply individually through an insurer or as a group through the local government; the support rate and procedure are set by government/local-government policy, so check the criteria at the time of application.
No. Storm-flood and earthquake disaster insurance does not cover loss from a disaster already in progress at the policy date — measured from when the Meteorological Administration issues a weather warning or preliminary warning. It must be taken out in advance, in normal times when there is no disaster.
Type I compensates on a fixed-sum / partial-loss basis, while Type III compensates in proportion to the actual loss (indemnity). Choose the suitable type considering the value of the home/facility, the desired level of cover and the premium burden.
It is assessed on the type and structure of the home/greenhouse, the natural-disaster risk of the location, the chosen cover type (Type I/III) and sum insured, and the government/local-government premium support. The exact premium and support are confirmed by the policy criteria at the time of application and the insurer's guidance.
