Earthquakes insurance in Turkey ... the base of a resistance property
One of the major cities in the world that did not stop over time is its urban renaissance is "Istanbul" where architects in every era were trying to construct more durable buildings in the face of natural disasters, and they moved in that from building with stones to construction in wood in a simple plan from the people at the time To mitigate earthquake damage, for example, but with the major fires in medieval Istanbul, residents retreated with wood and began to think of a stronger and more solid alternative, especially after the devastating earthquake in Istanbul in the nineties of the last century.
After the devastation caused by the earthquake in the nineties, the actual and serious implementation of the road map drawn up by the then Turkish government and distributed it to all public and private construction companies began by urging them to develop safe designs for buildings according to recent seismic studies.
From here, the idea of securing real estate against earthquakes began to take shape within a government plan that obligated all real estate owners "Turks and Foreigners" to possess a seismic insurance policy while prohibiting all procedures for buying, selling and leasing without being available.
Definition of earthquake insurance
It is a kind of compulsory insurance for residential and non-residential properties that the Turkish state imposed in 1999 after the devastating Marmara earthquake.
The insurance guarantees covering the costs of repairing damage to buildings in the event of earthquakes or natural disasters.
The earthquake insurance bill is paid at an office of the Natural Disaster Insurance Corporation known as DASK, which is under the direct supervision of the Ministry of Finance.
Who should pay earthquake insurance
Turkish law requires the owner of the property to pay the insurance amount during the start of construction of the property, as the document is necessary and a condition for obtaining many services, including electricity, gas, water, telephone and internet connections.
The payment of the amount of earthquake insurance does not stop at construction only, as the owner of the property is obligated to pay the insurance value annually according to a time schedule determined by the DASK.
Where to pay real estate insurance against earthquakes
There are many options for paying the property insurance amount from earthquake hazards, including banks, post offices and insurance companies distributed in many regions in Turkey.
Why earthquake insurance?
- Earthquake insurance is extremely important. Once you get this document, you have confirmed that the property that you bought in Turkey as a healthy foreigner and earthquake-resistant in the event of earthquakes with damage.
- The seismic insurance policy is considered the bulwark of your property in the event of damages, as it contributes to reducing your expenses during environmental disasters, in addition to reducing the state’s expenditures with regard to the restructuring of its institutions and facilities.
- Beyond expenditures, the document contributes to raising population awareness about the critical importance of buildings that are earthquake-resistant and the importance of the document itself in mitigating damage if it occurs.
How does earthquake insurance cover your expenses in the event of damage?
Earthquake insurance includes building essentials and rules, all “basic walls, partitions, and gardens”, ceilings and floors, stairs, stairs, elevators, walkways, roofs, real estate entrances and upper parts complementing construction.
This insurance allows later in the event of damages to cover the costs of lifting debris, losses of work or rental disruption, expenses of moving to a new home or new work, all losses resulting from damage to furniture, luggage and goods, physical and psychological damages and deaths if recorded.
These properties are concerned with earthquake insurance
Earthquake insurance in Turkey includes several buildings that we calculate as follows:
- All properties destined for housing and registered in the "Land Registry" department, consisting of "apartments, villas, houses, etc."
- All commercial properties registered in the Land Registry Department, such as offices and shops.
- Public buildings intended for public services or granted to residents in the event of a disaster.
- All parts of buildings holding title deeds "surfaces, garages, warehouses, etc."
- All properties that meets the conditions of construction without specifying its type "residential or commercial"
- All buildings under construction whose owners have an easement bond.
These properties are not concerned with earthquake insurance
Seismic insurance in Turkey does not include specific properties, and they are detailed as follows:
- All buildings built without Turkish law
- Rural or rural buildings that are not subject to modern building legislation in Turkey
- All abandoned or unused buildings.
- All buildings that received warnings or notices of demolition by the Turkish government.
How do you determine the value of earthquake insurance?
The value of real estate insurance against earthquakes, which does not exceed at the top 40 dollars annually, depends on several factors, the most important of which is the construction site, its design, age, area and other partial details that differ according to the property.
Until the date of writing the words of this article, Turkey has secured approximately 10 million properties, equivalent to 52 percent of the buildings in the country, while the government’s plan aims to reach 18 million properties insured against seismic risks during the next few years.