Is it necessary to insure property in Turkey?

Время прочтения: 5 минут Просмотров: 49 26/07/2023

Content: What determines the cost of DASK?; What payments are not covered by insurance?; How to get DASK insurance

There are two types of insurance in Turkey:

● mandatory;

● voluntary.

Compulsory real estate insurance includes state earthquake insurance DASK. DASK is issued upon purchase of real estate and is subject to annual renewal.

Mandatory receipt of such insurance is quite justified, since some regions of the Republic of Turkey are located in the zone of seismic activity, where earthquakes occur.

Compulsory insurance was introduced after the adoption of Law No. 587 "On Compulsory Earthquake Insurance" in 1999. The financial stability of this insurance is provided by the Turkish Catastrophe Insurance Pool (TCIP). Its activities are controlled by the Treasury Department.

Thanks to compulsory earthquake insurance, long-term reserves are formed in the country, which, in the event of an earthquake, will make it possible to cover financial losses and compensate for damage to the victims.

Compensation payments are guaranteed in case of direct or indirect material damage to housing caused by an earthquake and as a result of a natural disaster caused directly by an earthquake: explosion, fire, landslide and tsunami. The losses are reimbursed by the state.

What determines the cost of DASK?

The cost and calculation of reimbursement may vary depending on the size of the property, location and type of housing construction. The amount of the insurance premium depends on 3 factors:

● The seismic risk zone in which the building is located.

● Construction type of the building.

● The total area of the residence.

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What payments are not covered by insurance?

Compulsory DASK insurance does not cover such types of material damage as:

● Waste collection costs in the event of an insured event.

● Damage to any movable property, etc.

● Injuries, deaths during an earthquake.

If you want to protect yourself and your loved ones as much as possible, we recommend that you take out a voluntary insurance policy in addition to DASK, where you can foresee literally any damage.

How to get DASK insurance

To apply for DASK insurance, you need to visit the office of the insurance company, provide the necessary documents and fill out the application form.

List of documents for DASK insurance in Turkey:

A copy of the TAPU (title deed) or contract for the sale of housing.
A copy of the receipt for the payment of real estate tax for the current year (EMlak vergisi).
A copy of the ID-card or passport of the property owner.
Apartment address (street, house number, apartment number, etc.).
Phone number of the property owner.

After providing the specified documents, the insurance company will evaluate the value of the property and provide information on the cost of insurance and the conditions for its conclusion.