Arab and foreign investors who want to own real estate are heading to Turkey, because Turkey is a pioneer in this field, where commercial and residential towers and complexes such as buying apartments in Istanbul are increasing every day. . Before buying a penthouse in Istanbul , you should familiarize yourself with the rules and procedures that are important for you as the owner of this property, and among these rules, you can mention earthquake insurance in Turkey because Turkey needs real estate owners. So what is compulsory natural disaster insurance in Turkey? And how is it done?
Getting to know Dusk Insurance Turkey
Earthquake insurance in Turkey is a mandatory insurance for real estate in this country, whether residential or non-residential, and covers the costs of repairing property damage caused by natural disasters such as earthquakes. Compulsory natural disaster insurance in Turkey was introduced after the Marmara earthquake in 1999 and is mandatory for all real estate owners in Turkey, whether Turkish or foreign, of any nationality.
After 2012, the Turkish government established the Natural Disaster Insurance Foundation, known as DASK, as an institution that pays earthquake insurance in Turkey and is under the supervision of the Turkish Ministry of Finance.
The Turkish government guarantees the demolition of all seismically unsafe buildings and their reconstruction in accordance with modern conditions, and at the same time obligates construction companies in the private sector to achieve seismic safety conditions while exercising control over them. . The Turkish government has also conducted a comprehensive study of all Turkish buildings in terms of their ability to withstand natural disasters.
Why does Turkey apply compulsory natural disaster insurance in this country?
The history of imposing earthquake insurance dates back to the aftermath of the devastating earthquake in Istanbul, when it was severely damaged due to extensive destruction that affected several neighborhoods, including Avcilar.
After that, Turkey took several measures to prevent a repeat of the disaster. Turkey’s steps are briefly as follows:
- Implementation of earthquake insurance in Turkey
- Demolition and reconstruction of endangered buildings
- Implementation of the comprehensive urban transformation plan in Turkey
What effect do natural disasters have on real estate prices in Turkey?
The impact of the earthquake on real estate prices in Turkey is proportional to two main factors:
- Appropriate preventive measures in the framework of disaster management improvement policy, which Turkey has already paid attention to, especially the history of earthquakes in Turkey, which has given Turkish government agencies good experience in dealing with them.
- Continued population growth, which is approximately 1.8% in Turkey and crosses the threshold of 2.5% in Istanbul, which leads to a continuous increase in demand for residential buildings in the long term, which means that the earthquake will not directly affect the real estate market. unless there is a building that has construction problems or is classified as very dangerous.
Therefore, the mandatory natural disaster insurance in Turkey compensates the costs caused by natural disasters such as explosions, landslides, tsunamis, fires, and earthquakes within the scope of coverage specified in your insurance policy, even if your building is fully or partially damaged.
Familiarity with Dusk insurance in Turkey and its payment conditions
Compulsory natural disaster insurance in Turkey is paid by the property owner and the tenant has nothing to do with the insurance. He pays the insurance for the first time at the beginning of the construction of the property to receive certain services. which can only be received after paying the earthquake insurance in Turkey and this service is related to the payment of electricity, water, gas, telephone and internet insurance.
The DASK document is required to open a water, electricity and gas meter because this is possible only after paying the insurance amount for the first time and water, electricity and gas meters can be opened by the owner or tenant. Obtain a copy of the compulsory natural disaster insurance policy in Turkey and then the property owner will pay the earthquake insurance annually according to a certain date determined by Dusk Foundation. Also, earthquake insurance in Turkey is paid in banks, post offices and insurance companies.
What buildings in Turkey are covered by earthquake insurance?
Earthquake insurance in Turkey includes the following buildings and properties:
Properties and real estates registered in the Turkish Real Estate Registry Office.
Purchase office in Istanbuland real estate designated for work registered in Land Registry Office in Turkey.
- Parts of floors subject to real estate law, such as roofs, garages, facilities, etc.
- Buildings built by the Turkish government for public services or granted to people in times of disasters.
- Buildings that meet construction requirements but do not have a description of the building, either commercial or residential.
- Places that have real estate easement means they are under construction but have building and real estate registration conditions.
Costs covered by compulsory natural disaster insurance in Turkey
In case of any earthquake in Turkey or natural disasters, DASK covers the following costs:
- Building principles and rules
- Main and separating walls
- Ceiling and floor.
- Ladders and escalators
- Skylights
- Corridors between apartments
- Entrance of buildings
- Levels
- Completed parts of the building
Familiarity with Dusk insurance in Turkey and the costs that are not covered?
The costs that are not covered by the mandatory natural disaster insurance in Turkey are:
- Debris removal costs
- Damage caused by breaking the lease
- The costs of moving to a new home or good business
- Loss of furniture, luggage and goods
- The deceased
- Physical damage
- Psychological damage
- Building damage caused by damage in the building itself
How to calculate compulsory natural disaster insurance in Turkey
The calculation of earthquake insurance in Turkey differs according to several factors related to the property, which include:
- Construction location such as the city where the building is located and the neighborhood and street.
- Building skeleton.
- Age of the building.
- Building or apartment area.
- It is calculated and it is expected that in 2023, updates will be made regarding price determination.
Benefits of investing and buying property in Turkey
Turkey usually treats foreign investors in a way that is similar to domestic investors.
Turkey’s economy is one of the economies that has a bright future all over the world. Expectations are that in the next ten years, the country will become one of the fastest growing economies in the world due to the annual attraction of 15 billion dollars of foreign investment, and it will increase every year because it is the 16th largest economy in the world. is the world
The population of Turkey helps the investment, because the population of Turkey is 77.7 million and Turkey is larger in terms of population compared to the European Union.
The infrastructures in Turkey have advanced technology in everything that a successful investment needs from transportation, remote communication means and advanced marine transportation facilities and it has low cost.
final word
Compulsory natural disaster insurance in Turkey, called DASK, covers damage to your property caused by an earthquake, but does not cover any other risks such as theft or damage caused by water leaks. So, if you want your personal belongings to be insured in the event of an earthquake, you must have additional insurance, and it is better to have comprehensive homeowners insurance to replace appliances, furniture, jewelry, etc. damaged by earthquakes or other natural disasters. CityRealty helps buyers get home insurance.
The city’s real estate experts will help you to complete all the steps of obtaining compulsory natural disaster insurance in Turkey. Correct and up-to-date information is very important for home insurance and DASK. All documents must be filled out completely and accurately. If you buy a property in Turkey through the CityRealty real-estate website, experts will help you in collecting and preparing documents. So you can contact the CityRealty experts and use their consulting services to find more and great real estate opportunities.