How flood damage victims can file insurance claims

Compensation for flood damage is growing into a hot issue amid heavy damage caused by torrential rain in the Seoul area. As of Thursday, more than 4,000 people reported losses from floods to insurance companies.

To be properly compensated, however, those affected by heavy rain should accurately report their losses to the relevant organizations at a proper time.

Owners of submerged cars can be compensated if they have auto insurance with a clause on “own-car damage coverage.” They can also receive compensation within the limit of the compensation they subscribe to. If car owners are not at fault, premiums will not rise despite compensation.

To find out if one`s car insurance has such a clause, drivers can call the insurers they subscribe to or refer to the homepage of the Korea Non-life Insurance Association (www.knia.or.kr).

People whose homes were submerged underwater can receive a government subsidy of up to 600,000 won (571 U.S. dollars). If homes collapse or are washed away by floods, the government will provide up to 30 million won (28,500 dollars) in subsidies and loans. For half-collapsed homes, up to 15 million won (14,270 dollars) is provided.

To receive support, however, homeowners affected by floods must report their losses to relevant organizations within 10 days after the disaster ends.

If homeowners are insured against natural disasters, they can receive compensation amounting to 50-90 percent of damage. They cannot receive government subsidies at the same time, however.

sunggyu@donga.com