Earthquake insurance in Turkey for a safe property
As required by the Compulsory Earthquake Insurance Law Decree No. 587 announced on December 27, 1999 in the Official Gazette of the Turkish Government
All independent divisions within the scope of Turkey Real Estate Ownership Law No. 634, buildings constructed as dwellings registered in the Land Registry and subject to private property, and independent divisions within these buildings that are used as workplaces, offices and for similar purposes, as well as state-built real estate or loans granted by The state due to natural disasters is subject to compulsory earthquake insurance, as of September 27, 2000.
Compulsory earthquake insurance is offered by TCIP (Turkish Disaster Insurance Pool), which guarantees insurance charges against material losses directly caused by earthquakes as well as fires, explosions and landslides caused by earthquakes in insured buildings and their foundations
What is earthquake insurance for Turkey real estate?
Often referred to as Compulsory Earthquake Insurance (Zorunlu Deprem Sigortası), DASK covers physical damage to a building or dwelling due to earthquakes and natural disasters caused by an earthquake, such as explosions, landslides and tsunamis. It also compensates and pays for losses of property in Turkey within the limits specified in the policy and is paid by cash money.
DASK policies are renewed annually, and the Turkish government imposes on each property owner in Turkey a different approach,
On the other hand, although as a property owner in Turkey you may not be regularly required to provide proof that you have one, you will have to obtain DASK insurance when you want to sell your property and register water or electricity on your name.
What does earthquake insurance cover
Whether real estate in Turkey is partially or completely damaged, DASK earthquake insurance covers damage to the following building parts:
- main walls
- Joint walls that separate partitions
- garden walls
- retaining walls
- Ceiling and floors
Complementary areas of the building which have qualities similar to those mentioned above.
Earthquake insurance costs when buying a property in Turkey
DASK earthquake insurance premiums are calculated annually according to the type of property building in Turkey, the total floor area, the year of construction, the number of floors, and the earthquake risk group, which will change according to the neighborhood and city in which you are located. For example, real estate insurance in Istanbul is different from earthquake insurance in Bursa as,
Your DASK premium will cost more if you live in Istanbul, as it is considered high risk. On average, it may range anywhere from 40 TL to 250 TL.
The catastrophe insurance pool ensures that DASK premiums are kept at a level that all citizens can afford.
DASK has 15 different cost rates which are determined according to 5 danger zones and 3 different building styles (steel/concrete, stone masonry and other buildings) according to “Turkey Earthquake Zones Map”.
DASK policyholders who renew their insurance each year within 30 days of completion also benefit from a 10% renewal discount.
Discounts or additional fees are applied according to the date of construction of the property in Turkey and the number of floors.