The two departments issued a notice to expand the coverage of catastrophe insurance for urban and rural residents. The basic insurance amount of the expanded catastrophe insurance is 100,000 yuan per household for urban residential buildings.
The insurance liability extends from existing destructive earthquakes to secondary disasters such as typhoons and their resulting storm surges, floods, heavy rains, mudslides, landslides and other geological disasters. Each household can refer to the market value of the house and negotiate with the insurance company to determine the insurance amount as needed. The maximum insurance amount for each insurance policy shall not exceed 1 million yuan per Household.