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Homeowners advised to buy typhoon, flood insurance

2012/06/21 11:16:32

Taipei, June 20 (CNA) The Financial Supervisory Commission suggested Wednesday that homeowners should purchase typhoon and flood insurance to gain recompense for damage incurred by storms.

Besides fire insurance, homeowners can buy insurance that covers damage from storm-triggered disaster and flooding, the Cabinet-level commission said in a press release.

The reimbursement amount of such insurance is capped at 30 percent of the insured amount of the building insurance, or NT$500,000 (US$16,736) if 30 percent of the insured amount is lower than that figure, according to the release.

The insured are also eligible for up to 60 days of reimbursement for temporary housing expenses and a maximum of NT$3,000 per day while their damaged homes are repaired or reconstructed, the commission said.

However, such insurance does not cover damage from mudslides triggered by typhoons.

(By Wu Ching-chun and Kendra Lin)