Turkey is one of the most popular and promising destinations for buying real estate. But, like any major investment, the property must be properly insured. This issue becomes especially relevant for foreign citizens who are absent from Turkey for a long time.
Home insurance in Turkey is possible voluntary and mandatory.
Voluntary property insurance allows you to insure the property against any risks: the negative impact of natural and atmospheric phenomena, damage and damage from third parties, theft, illegal actions, fire, etc. You can apply for a policy at any of the private insurance companies in Turkey.
Compulsory insurance applies to buildings that are located in the municipal territories of the Republic of Turkey.
In recent years, obtaining earthquake insurance in Turkey has become mandatory when buying any commercial or residential property in the country. Without it, it is impossible to make any deal or conclude a contract in relation to construction.
Earthquake compensation reimbursement is paid at the office of the Natural Disaster Insurance Corporation, known as DASK, which is overseen by the Treasury Department.
Compulsory Earthquake Insurance (Dogal Afet Sigortalari Kurumu or DASK for short) is a public insurance system established to compensate for property damage caused by an earthquake.
The DASK insurance policy covers property damage and reimburses the costs of repairing a damaged home from an earthquake and as a result of natural disasters and natural disasters, such as fire, explosion, tsunami, landslide and other natural factors.
Every homeowner in the Republic of Turkey is required to purchase a DASK public insurance policy in accordance with the law (Law No. 587 of 12/27/1999 on Compulsory Earthquake Insurance). This system of insurance of residential and non-residential premises against natural disasters makes it possible to cover the entire population of the Republic of Turkey with this service, distribute risks throughout the country and, despite small insurance premiums, ensure quick compensation for material losses in the event of an insured event.
DASK insurance must be taken out after purchasing a property and before registering water and electricity subscribers. You can apply for a policy at any bank or insurance company. You must renew your insurance every year until your current insurance expires.
Compensation is paid after the completion of the assessment of the damage caused on the basis of the necessary information and documents within a maximum period of 30 days. The maximum amount of insurance coverage declared by DASK is a maximum of 550 TL per 1 m2, or 240,000 TL for all types of real estate.
Compulsory Earthquake Insurance (DASK) covers property damage that is directly caused by an earthquake.
Below are the sections that are covered by insurance:
If you have any questions regarding DASK insurance or you need advice on buying apartments in Turkey, please contact TRUST UNITED managers. Our managers will select for you the best option for real estate insurance services in Turkey and help you solve other difficulties.