Like any major investment, property in Turkey must be properly insured. This issue becomes especially relevant for foreign citizens who are absent from Turkey for a long time.
Do I need to insure property in Turkey?
Home insurance may be voluntary and mandatory.
Voluntary insurance allows you to insure the property against any risks: the negative impact of natural and atmospheric phenomena, etc.
Compulsory insurance applies to buildings that are located in the municipal territories of Turkey.
TCIP is compulsory earthquake insurance provided by the Turkish government. This insurance is to provide compensation for material damage to housing, fires, explosions, tsunamis and landslides caused directly by an earthquake.
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, 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. You must renew your insurance every year until your current insurance expires.
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.
The DASK insurance policy is recognized as the most successful natural disaster insurance system in the world.
What does DASK insurance cover?
Compulsory Earthquake Insurance (DASK) covers property damage that is directly caused by an earthquake.
Below are the sections that are covered by insurance:
- Building foundation
- Main, general, internal walls and partitions
- Ceilings and floors
- Additional parts of the building, similar to those above.
What losses does DASK insurance not cover?
The following expenses are not covered by earthquake insurance in Turkey:
- rubble removal costs
- Loss on inactivation
- Loss due to rent disruption
- Costs of moving to a new home or new business
- Bodily injury and death
- Moral damage
- Cash in any currency
- Damage to furniture, appliances and equipment
- Damage caused by structural failure
What is the cost of DASK?
Compulsory earthquake insurance premiums are calculated depending on several factors:
- seismic risk zone in which the building is located
- year of construction of the building and type of structure (type “A” – frame reinforced concrete and steel structures; type “B” – brick and stone structures; type “C” – other structures),
- total area and year of construction of the building.
DASK real estate insurance in Turkey costs about 1000-2000 TL, if you look at the prices in more detail, you can focus on the following approximate indicators:
- 1 + 1 apartments – about 150 TL,
- 2 + 1 apartments- 300 TL,
- 3+1 apartments – 450 TL,
- villas – about 600 TL.
Necessary documents for registration of DASK
To apply for compulsory DASK earthquake insurance, you need to provide the following documents:
- A copy of a Turkish title deed or TAPU.
- Size of land and property in square meters.
- Passport numbers of individuals, which are indicated in the certificate of ownership.
- Turkish tax numbers for all persons listed in TAPU
- Full address of the property
- Answers to frequently asked questions
Can only property owners take out DASK insurance?
No, an insurance policy can also be issued by a tenant who rents a home.
What are the insured events in the voluntary insurance program in Turkey?
Voluntary policy can be issued for different cases. Often, apartment owners prefer to insure their property against flooding, fire, explosion due to gas leakage, illegal actions of third parties (robbery), etc.
Is it possible to add risks from earthquakes when applying for a voluntary insurance policy?
Yes, but you still have to purchase a DASK insurance policy. Indemnification under the terms of the private insurance program will be able to compensate for other insurance claims.
If you have any questions regarding DASK insurance or you need advice on buying an apartment in Turkey, please contact BEST INVEST managers.