Property Insurance in Turkey: Why is it so necessary?
Property insurance in Turkey is one of the most important aspects to consider when buying a property in this country.
When buying a property in Turkey, in addition to choosing the right house and getting the necessary permits, you should make sure that your property is protected against potential risks and unforeseen events. This article will discuss the importance of property insurance in Turkey and the different types of insurance that can help protect owners and tenants from loss.
Main Types Of Property Insurance in Turkey
Property insurance in Turkey is a necessity that protects your property from various risks. In case of problems such as fire, flood, earthquake, or theft, property insurance can help you minimize financial losses. In addition, if you rent out your property, insurance can also provide protection against possible lawsuits from tenants.
Turkey has two types of insurance - compulsory earthquake insurance - DASK and voluntary home insurance for real estate.
What Is DASK, How To Take Out This Compulsory Insurance in Turkey And What Does It Cover?
DASK (Doğal Afet Sigortaları Kurumu) is a state-owned insurance company founded in 1999 in Turkey to provide earthquake insurance. It is compulsory insurance that every property owner in Turkey must have. To obtain DASK insurance, you can go to any bank or insurance company in Turkey and provide the following required documents:
- Certificate of ownership of the property;
- Number and taxpayer code;
- A copy of your passport;
- A receipt of insurance payment.
The cost of insurance is calculated on the basis of the living area and may vary depending on the location of the property and its type (e.g., apartment or house).
DASK insurance covers damage caused by an earthquake, such as damage to walls, ceilings, floors, and other parts of the building, as well as the destruction of the building. However, there are a number of cases that are not covered by DASK insurance. For example, insurance does not cover damage caused by a tsunami, flood, fire, or another natural disaster. Damage caused by non-compliance with building regulations, vandalism, and other causes is also not covered. Therefore, to protect your property from other types of risks, you need to buy additional real estate insurance. For this purpose, property owners in Turkey can also purchase voluntary home insurance, which covers a wider range of risks.
Voluntary Home Insurance in Turkey
Home insurance is a voluntary type of property insurance in Turkey. This insurance provides protection for your property and possessions in case of fire, theft, flood, and other similar events. The cost of home insurance also depends on the type and size of the property, its location, and other parameters.
Voluntary home insurance in Turkey usually covers losses related to damage or loss of property, including furniture, electronics, and other items. However, as with any insurance policy, there are limitations and exceptions. Some insurance companies may not cover losses related to certain types of natural disasters or acts of terrorism.
Differences Between Compulsory Earthquake Insurance (DASK) And Residential Property Insurance in Turkey:
- "Zorunlu Deprem Sigortası" or DASK is insurance that is compulsory for all residences in Turkey. "Konut Sigortası" or voluntary home insurance is additional insurance that you can take out at your own discretion.
- The Konut Sigortasy policy can be terminated at the request of the insurance company, while the DASK cannot be terminated and must be renewed every year.
- DASK covers only earthquake damage, while Konut Sigortasi is a more extensive insurance option and can include various types of insurance, including fire, theft, sewer damage, and others
- The cost for both types of insurance varies. The price for DASK is reviewed every year and its maximum amount is limited. The cost of "Konut Sigortasi" depends on the company's terms and conditions and additional services provided to the client.
- Those who take out compulsory earthquake insurance and homeowners' insurance can take advantage of discounts, subject to certain conditions. Discounts for compulsory earthquake insurance apply to policy renewals every year, depending on the number of stories of the building and the year of construction. Discounts for voluntary residential real estate insurance, on the other hand, are set by insurance companies.
In addition to DASK insurance, property owners in Turkey can also buy voluntary home insurance, which covers a wider range of risks such as fire, theft, flooding, and other natural disasters.
Frequently Asked Questions About Property Insurance in Turkey:
1. Do I have to be a property owner to take out DASK?
Being a property owner is not a prerequisite for purchasing an earthquake insurance policy. This means that you can insure your apartment even if you are a tenant and, in the event of an insured event, receive compensation for damages. So, buying an insurance policy can protect your property even if you don't own it.
2. Can earthquake insurance be included in voluntary insurance?
Yes, you can include earthquake insurance in your policy when you take out a voluntary insurance policy. Some insurance companies offer a variety of insurance policies that include coverage for various risks, including earthquake coverage. However, this does not change the fact that you will still need to take out compulsory DASK property insurance in Turkey.
3. How do I report home damage after an earthquake?
If there is damage to your home as a result of an earthquake, you should immediately report it to the insurance company with which you have an insurance policy. To do so, you should contact the insurance company using the contact information specified in the policy and provide a detailed description of the damage. It is important to keep in mind that if an insured event occurs, you should follow all the requirements set by the insurance company to avoid problems when receiving payment.
4. How to get compensation from the insurance company in case of need?
To receive payment from the insurance company, you need to provide it with all the necessary documents confirming the insured event and the amount of loss. Usually, the insurance company sets certain deadlines for the submission of documents, so it is important to monitor the timeliness of the application and submission of documents. After reviewing the application and documents, the insurance company decides on the payment of compensation, if the insured event falls under the policy coverage.
It is also important to understand that not all types of damages can be covered by insurance, so you should carefully study the terms of the contract before purchasing insurance.
Property insurance in Turkey can help you save your investment and avoid financial losses in case of unforeseen events. However, before choosing a particular insurance company and type of insurance, it is advisable to carefully study all the terms and limitations of the insurance policy to choose the most suitable option for you and your property.
In conclusion, property insurance in Turkey is an important step to protect your property from possible risks and losses. Mandatory DASK earthquake insurance provides minimum protection against natural disasters, while optional voluntary insurance can provide additional protection against other risks. Before purchasing an insurance policy, you should carefully review the terms and limitations to ensure that your property is protected in the most effective way.
If you have any questions about property insurance, or if you need help buying a property in Turkey, then feel free to contact Realtor Global, and we will help with all your problems.
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