Hana Bank is launching an insurance policy that protects young renters from fraud, covering losses up to 300 million won.
The bank announced on August 13 that it will provide the 'Youth Rent Contract Assurance Insurance' free of charge to its young customers, developed in collaboration with Hana Insurance.
Eligible participants include individuals aged 19 to 34 who apply for Jeonse loans at Hana Bank and meet Hana Insurance's underwriting criteria. Hana Bank will cover the entire insurance premium.
This product offers coverage for fraud that may occur from the signing of a rental contract to the early stages of moving in, with a maximum coverage of 300 million won. Key areas of protection include impersonation of landlords, contract damages due to forgery and fraud, document forgery such as land registry issues, and double contracts.
If a tenant's rights are violated during the contract process, the policy will compensate for actual damages, such as deposits or down payments, within the coverage limit.
However, losses incurred from not receiving a deposit back due to the landlord's financial difficulties are not covered, as this product specifically addresses fraud-related damages.
Additionally, to maintain legal standing, tenants must complete their residency registration on the contract start date, and coverage may be limited if they move out without permission before the contract ends.
A Hana Bank representative stated, "We created this insurance to reduce the risk of fraud for young people and support housing stability. We will continue to expand financial services that alleviate the housing burden for the youth."
* This article has been translated by AI.
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