Govt to buy homeowner insurance for residents

Beijing is planning to use government funds to buy homeowner insurance for residents, in an effort to compensate victims of natural disasters, The Mirror Evening News reported on Wednesday.

Authorities from the Beijing Civil Affairs Bureau said that the government's financial support for commercial insurance will enrich the city's measures to reduce the risks of disaster.

Early this year, the government in Beijing's Changping district purchased homeowner's insurance for more than 80,000 households from the Beijing unit of Peoples Insurance Company of China.