Jeonse Guarantee Insurance: Who Qualifies and What You Get
Learn how this insurance protects your housing deposit if a landlord fails to return your money.
Jeonse Guarantee Insurance is a safety net designed to protect tenants if a landlord is unable to return their housing deposit when a lease ends.
Who it's for
This insurance is for tenants who want to protect their large housing deposits. In many cases, the landlord is also required to help facilitate the application process.
What you get
If you cannot get your deposit back from your landlord at the end of your lease, this insurance provides protection against that financial loss. It ensures you receive your funds even if the landlord fails to pay.
What it costs you
To have this coverage, you must pay a premium. The cost is calculated as a percentage of the total deposit amount you have paid to your landlord.
The catch to know
There is a risk that your application could be denied if the value of the property decreases. If the property's market value drops below the amount of your deposit, you may not be eligible for insurance.
How to apply
- Review your lease agreement and check the property value.
- Confirm that your landlord is willing to facilitate the insurance process.
- Submit your application and required documents through the official provider.
- Pay the calculated premium to activate your coverage.
For more details, visit the official portal: https://www.khug.or.kr