The Tainan Earthquake Fund called for insurance as soon as possible to reduce financial losses, central news agency CNA said
A 5.4-magnitude earthquake struck Tainan City on the evening of November 22. This earthquake was followed by multiple aftershocks. The Home Earthquake Insurance Fund urged residents who do not have basic home earthquake insurance to purchase it quickly. This insurance can help reduce the risk of property damage.
The earthquake’s epicenter was at a shallow depth, raising concerns about potential aftershocks in the area. The Earthquake Fund announced that since April 1, 1991, residential fire insurance has included coverage for fires, earthquakes, and other disasters through a “Guarantee Agreement” clause.
Currently, the maximum insurance coverage is NT$1.5 million. The temporary housing fee is NT$200,000, and each policy lasts for one year with an annual premium of NT$1,350. Basic earthquake insurance provides essential protection, but individuals can also buy additional commercial earthquake insurance for more coverage.
– How can residents prepare for future earthquakes beyond obtaining insurance?
Interview with Seismology Expert Dr. Li Wang on Tainan Earthquake and Insurance Necessities
News Directory 3: Thank you for joining us, Dr. Wang. Can you start by telling us about the recent earthquake that struck Tainan City on November 22? What can you tell us about its impact?
Dr. Li Wang: The 5.4-magnitude earthquake that hit Tainan was significant, especially considering its shallow depth. Shallow earthquakes often result in stronger surface shaking, which raises concerns for potential damage. Thankfully, there were no immediate reports of severe injuries, but the aftershocks that followed could pose additional risks, especially in an urban area like Tainan.
News Directory 3: Following the earthquake, the Home Earthquake Insurance Fund urged residents to purchase earthquake insurance. Why is this insurance so crucial?
Dr. Li Wang: Earthquake insurance is essential, particularly in a seismic hotspot like Taiwan, where we experience frequent tremors. The insurance can mitigate the financial impact of property damage due to earthquakes. The recent urging from the insurance fund highlights the vulnerability of people living in these regions, especially since over 60% of households are currently uninsured. Without this protection, many may face devastating financial losses if their homes sustain damage in future events.
News Directory 3: What does the current earthquake insurance cover, and how can residents benefit from it?
Dr. Li Wang: Since April 1, 1991, residential fire insurance policies have included clauses for coverage related to earthquake damage, fire, and other disasters. The maximum coverage available is NT$1.5 million, which can significantly aid in repair costs after an earthquake. Additionally, temporary housing costs up to NT$200,000 are covered. The basic policy also provides essential coverage for just NT$1,350 a year. For those looking for more comprehensive protection, there are options for additional commercial earthquake insurance.
News Directory 3: What advice would you give to residents wondering if they should purchase earthquake insurance?
Dr. Li Wang: I strongly recommend that residents consider buying earthquake insurance. Given that our nation lies in a highly active seismic zone, the risks are real and pressing. With only 38.77% of households currently insured, many are potentially at risk of facing overwhelming expenses following an earthquake. For peace of mind and financial security, obtaining at least basic earthquake insurance is a wise decision.
News Directory 3: Thank you for your insights, Dr. Wang. Is there anything else you’d like to add regarding earthquake preparedness in Taiwan?
Dr. Li Wang: Yes, beyond securing insurance, I encourage individuals and families to prepare emergency kits and establish communication plans. Participate in community drills if available, and stay informed about the seismic history and building regulations in your area. Being proactive can greatly enhance safety and resilience in the event of future earthquakes.
News Directory 3: Thank you for your valuable time and expertise, Dr. Wang. It’s crucial information for our readers.
Taiwan is situated in a seismic zone known for frequent earthquakes. As of October 2023, only about 38.77% of Taiwan’s 9.36 million households had basic residential earthquake insurance. This indicates that over 60% of people remain uninsured.