In this article, learn about earthquake insurance in Turkey for Turks and foreigners, and learn about many important points related to this topic through this article that was prepared for you by the Glovision's Real Estate team in Istanbul.
It is known that Turkey is exposed, like many other countries, to the risk of earthquakes, and therefore facing this fact was a necessity that urged the Turkish government to take many measures. Also provided many facilities for those who want to renovate old areas through new projects and earthquake-resistant housing.
In addition to the above, and in case of earthquakes, God forbid, the Turkish government compensates the affected in varying proportions according to the extent of the damage they sustain, and to cover these expected expenses, the Turkish government collects the amounts of earthquake insurance within the so-called DASK insurance in Turkey.
Is it mandatory to do DASK insurance?
Yes, the owner of every home or property must carry out this insurance for his property, in order to preserve the country’s ability to compensate those affected in case of earthquakes, in addition to including the insured property in case of earthquakes, that is, in the absence of valid insurance, there will not be a Compensation for the property's owner in case it was damaged by earthquakes.
In order for the government to guarantee the collection of earthquake insurance from everyone, it has linked the implementation of many real estate and service procedures to the existence of a valid earthquake insurance document.
How much is earthquake insurance and for how long?
Depending on the type of building, its age, location and area, in addition to many other factors, the value of the earthquake insurance for a particular building is calculated, which is around 2080 - 3016 Turkish liras on average.
As for the duration of DASC earthquake insurance, it is one year, knowing that the earthquake insurance policy must be renewed before its expiry in order to benefit from the discounts on the value of early insurance, in addition to the need to stay on the safe side to obtain compensation provided by the Turkish government to those affected by earthquakes and those insured their properties through DASK.
What is the largest compensation value that an earthquake victim can get?
The maximum earthquake insurance that a building can obtain is a maximum value of 600,000 Turkish liras, and if the damages are small, these damages are evaluated by specialized committees and so that the affected will be compensated within a maximum month by transferring the calculated and estimated compensation amounts to their bank accounts.
In case that there is a delay in the process of assessing the damages resulting from earthquakes, the Turkish government transfers an initial amount to the affected people till the completion of an accurate assessment of the damages.
Foreign landlords and earthquake insurance
Turks and foreigners are treated in the same way if they own a property damaged by earthquakes in Turkey, and as long as the foreigner who owns the property in Turkey possesses a Tapu document in addition to the Dask insurance that is renewed annually, this means a certain obtainment of compensation provided by the Turkish government as it is the case for the Turks.
What about the old buildings that were built before the year 2000?
If the buildings have a building permit dating back to the year 2000 and before, the owners of these properties can obtain earthquake insurance with an increase in the insurance value of 10% because of the increase in the risk for these buildings due to their old age and specifications.
