Jeonse Deposit Return Guarantee: Who Qualifies and What You Get
Protect your housing deposit with a guarantee that ensures you get your money back even if your landlord cannot pay it.
This scheme provides insurance to protect your housing deposit if a landlord is unable to return it at the end of a lease.
Who it's for
This protection is designed for tenants living under a Jeonse contract. If you are a tenant who has entered into a lease agreement and want to secure your deposit against potential non-payment, you may qualify for this coverage.
What you get
The primary benefit is security for your housing funds. If your landlord fails to return your deposit once the lease has concluded, this guarantee provides protection against that loss. It acts as a safety net to ensure that the money you provided for your housing remains accessible to you, even if the landlord faces financial difficulties.
What it costs you
To access this protection, you must pay an insurance premium. The specific amount of this premium is not a fixed flat fee; instead, it is calculated based on the total size of your deposit. You will pay this amount to secure the guarantee for the duration of your contract.
The catch to know
Timing is the most important factor to remember. You cannot wait until the end of your lease or until a landlord fails to pay to seek this protection. You must complete your application within a specific, limited timeframe following the signing of your rental contract to ensure you are covered.
How to apply
- Verify that your Jeonse contract meets the necessary requirements for insurance.
- Prepare your rental contract and any required documentation regarding your deposit.
- Apply for the guarantee and pay the insurance premium based on your deposit amount.
- Visit the official portal for more information and to start your application: https://www.khug.or.kr