Alawa Real Estate

Earthquake insurance policy in Turkey

We will discuss in detail everything related to the "earthquake insurance policy in Turkey" and its importance, and highlight the benefits it brings to investors and real estate owners, and we will also explore the requirements for obtaining this document and the details to consider when choosing.

What is the earthquake insurance policy in Turkey?

The Turkish authorities impose earthquake insurance as a mandatory condition that includes coverage of damages that may affect the building after an earthquake in any way, whether in part or in whole and this obligation came after the devastating earthquake that struck Marmara in 1999, as Turkey obligated real estate owners to insure their properties against earthquakes.

The Turkish government has established an earthquake and natural disaster insurance institution, known as DASK, to be responsible for compensating damages caused by earthquakes throughout Turkey to buildings and real estate of all shapes and sizes.

The earthquake insurance costs in Turkey are borne by the owner of the apartment or property, as the insurance is paid for a period of one year, renewable annually and the first earthquake insurance payment in Turkey is made at the start of building the property to ensure the provision of basic services for the building such as electricity, water, gas, telephone and internet.

The DASK earthquake insurance payment document in Turkey is a prerequisite for transferring property ownership in Turkey, in addition to opening a subscription to obtain various utility services related to the property.

Earthquake insurance can be paid in Turkey at banks, insurance companies, or the Turkish Post Office PTT for DASK.

The importance of earthquake insurance in Turkey for foreigners and Turks

The Turkish government offers earthquake insurance to both Turkish citizens and foreigners and this insurance is considered an important support for the victims of earthquakes and other natural disasters, as it helps them obtain financial compensation for their losses and insurance also includes coverage for any medical expenses that may arise as a result of the disaster and in addition, the government provides support to those affected by disasters and ensures that Turks and foreigners receive equality in terms of relief and assistance.

All foreign residents who hold a valid residence permit can benefit from public health insurance in Turkey and earthquake home insurance is also available, and covers the costs of repairing or replacing buildings or other property damaged by disasters and foreigners and Turks have equal opportunities to benefit from these benefits, which allows them to protect themselves from any financial losses that may arise as a result of natural disasters and thus, seismic and general health insurance in Turkey provides peace of mind to foreign residents and citizens, and ensures the protection of their property and safety in the event of disasters.

What does earthquake insurance cover in Turkey?

Earthquake insurance in Turkey includes comprehensive coverage for physical damage that may occur in buildings as a result of earthquakes, and he is also obligated to secure the rights of the property owner after any damage that may be caused to him as a result of natural disasters, such as earthquakes, fires and collapses.

The compulsory insurance also covers the repair and construction costs needed to restore the property to its original condition after an earthquake and obtaining earthquake insurance is important so that the owner and residents are safe from any potential losses and avoid the high costs of rebuilding after disasters and therefore, real estate owners in Turkey are advised to take all necessary precautions to secure their properties and avoid possible damages resulting from earthquakes and other natural disasters.

What buildings are covered by earthquake insurance in Turkey?

Earthquake insurance in Turkey includes a variety of buildings, including commercial buildings such as offices and shops, as well as buildings designated for public services, and it is also required by law that any building subject to the Public Housing Act be covered by earthquake insurance.

In addition, earthquake insurance is required to cover any physical damages caused by an earthquake, fire, explosion or tsunami and these policies are designed to provide protection to home and business owners in the event of a disaster and thanks to these insurances, the necessary protection for property and buildings is provided, and it contributes to easing the financial burdens in the event of unexpected accidents.

What buildings are not covered by earthquake insurance in Turkey?

There are a number of buildings that are not covered by the insurance law, such as those located in rural or remote areas, abandoned buildings, and buildings that do not meet the conditions stipulated for construction and therefore, before making a purchase decision, you must have a good understanding of the condition of the building in which you intend to own.

Those buildings that are not covered by insurance policies may be subject to risks, and ownership in them may become a financial adventure and it is necessary to check the condition of the building and ensure that it complies with the necessary conditions and required licenses before making a purchase decision and it is also recommended to seek the help of a local real estate expert to assess the condition of the building and verify its safety and compliance with legal and regulatory requirements.

What is the cost of an earthquake insurance policy in Turkey?

The cost of the earthquake insurance policy is variable according to several factors, such as the location of the property, its area, type of building and other details, but it is actually considered a relatively small cost in exchange for the benefits and protection it provides and investors and real estate owners consider it a necessary investment to ensure the safety of the property and to enjoy peace and security.

Common questions

Is the earthquake insurance policy optional or mandatory?

The earthquake insurance policy is mandatory in Turkey for all real estate owners, including citizens and foreigners, and is enforced based on the law passed after the 1999 Marmara earthquake.

What are the costs covered by the earthquake insurance policy in Turkey?

The insurance policy covers the material costs of damage that may occur to buildings due to earthquakes and other natural disasters, and includes repair, construction and replacement costs.