After Koceali and Düzce earthquakes occurring in 1999, Turkey had faced with the reality of earthquake threat once again. As a natural result of this situation, many legal regulations have been made in order to reduce the problems caused by earthquakes. The most important of these is the compulsory earthquake insurance, which is made compulsory for both Turkish and foreign home owners for all houses. With the compulsory earthquake insurance that entered into force as of September 2000, all homeowners must insure their homes against earthquakes. Today, it is not possible to sell or rent a house without earthquake insurance. In addition, foreigners who want to benefit from Turkish citizenship by investment concept, they must have a valid earthquake insurance in Turkey. In this article, we will talk about the necessary documents, guarantees and advantages for earthquake insurance.
What are the Required Documents for Earthquake Insurance?
- Phone Number
- Mobile Phone
- Turkish ID Number (Foreign ID Number for foreigners)
- Tax Number (for legal persons)
- Full Address
- Ttile Deed Information
- Construction Year
- Construction Type
- Total Number of Floors
- Damage Information
- Gross Area (m2)
- Type of Usage
Coverage Scope and Amount
Compulsory earthquake insurance covers the following parts of the building: Base of the buildings, main walls, common walls, garden walls, retaining walls, ceiling and floors, stairs, elevators, landings, corridors, roofs, chimneys and supplementary features. The minimum coverage amount is 268 thousand Turkish Lira from January 1, 2021 for all building types which was determined by DASK. While determining the minimum coverage amount for houses, the cost of rebuilding the destroyed dwelling is taken into account. The amount of coverage for the house to be insured is determined according to the size and construction style of the dwellings.
Advantages of Earthquake Insurance
The most important advantage of compulsory earthquake insurance is that you’ll have a state-sponsored insurance. Thanks to the insurance, you can protect your residences against disasters that may occur as a result of earthquakes such as explosion, landslide and tsunami. Homeowners who want to secure the future of home and family, regardless of whether they are domestic or foreign, can apply to the nearest bank branch or insurance agency and have compulsory earthquake insurance. Anyone who declares their residence and identity information can become a policy holder. In addition, let us remind you that you can have compulsory earthquake insurance with extremely affordable premiums. Again, if there is any damage to your home, as a result of your earthquake insurance application, the damage is determined quickly and the coverage is determined.
If you have any questions about compulsory earthquake insurance in Turkey, please ask us the comments section below.