FOHO Launches Foreigner-Focused Rental Insurance

FOHO Launches Deposit Insurance for Foreign Tenants in Korea

1. Why Deposit Insurance Matters

• Non-return of Deposit: Landlords who go bankrupt or disappear can withhold deposits.

• Legal Barriers: Korea’s protections (like fixed-date registration) can be hard to access due to language and procedural complexity.

• Limited Access to Support: Many tenant relief programs are unavailable to foreigners.

• Rising Jeonse Fraud: In 2023, over 25,000 tenants were fraud victims. 393 were foreigners [Source].

2. What FOHO Deposit Insurance Covers

3. How It Works: Step-by-Step

1. Get a Lease
• Ensure the contract is in your name and for a residential purpose.

2. Apply via FOHO
• Submit your lease, ARC/passport, deposit payment proof.
• FOHO checks property registry to confirm ownership and debt ratio.

3. Landlord Confirmation
• FOHO contacts the landlord to verify details.

4. Pay Premium
• Pay the one-time insurance fee online. In many cases, the landlord can share the cost.

5. Get Covered
• Receive a policy certificate. Coverage is valid through the lease period.

6. Claim if Needed
• If the deposit isn’t returned on time, submit evidence.
• FOHO reimburses you, then legally pursues the landlord.

4. Example Case

• You lease a villa with a KRW 50 million deposit (approx. $38,500 USD).

• You apply for FOHO insurance. Property passes risk check.

• You and the landlord share the KRW 300,000 premium.

• At lease-end, landlord vanishes.

• You file a claim. FOHO pays the full KRW 50 million within weeks.

5. What Makes FOHO Different

• Multilingual Application: Full English, Chinese, and Vietnamese support.

• Property Registry Check: Confirms the landlord’s legitimacy and debt level.

• No Legal Guesswork: FOHO guides you through housing laws and contract steps.

• No Delays: You don’t need to chase the landlord—FOHO does it for you.

6. Glossary of Key Korean Terms

7. Final Notes