Earthquake Insurance for Real Estate in Turkey
In recent years, Arab investors have become increasingly interested in buying real estate in Istanbul, and their desire to know their rights and the laws that conduct their transactions has increased, and because Turkey is located in an earthquake zone, we present in this article for those who want to enter the real estate world in Turkey details of real estate insurance in Turkey against earthquakes to be I am confident that they will buy a property in Turkey.
What is turkey DASK earthquake insurance for real estate?
It is an insurance imposed by the Turkish government after the Istanbul earthquake in 1999, and that is part of an integrated plan developed by the government for the urban transformation in the country by demolishing buildings that threaten to fall and rebuilding them, raising the population’s awareness of the importance of securing earthquakes and building strong earthquake-resistant buildings within specific standard specifications.
This insurance is compulsory and is implemented by “DASK”, which operates under the supervision of the Turkish Ministry of Finance. This company grants the owner of the property who paid the insurance a document without which he is not entitled to obtain the basic services of the property such as water, electricity, gas, phone and the Internet.
And the real estate owner can pay the required amount from him in an insurance company or one of the post offices or banks.
And the Disaster Insurance Institution determines the amount that each property must pay in accordance with criteria the most important of which is the proximity of the property to the earthquake zone and the area of the property and the type of property in terms of building specifications that are resistant to earthquakes, that the value of real estate insurance in Turkey against earthquakes does not exceed 250 TL. Compulsory annually.
What are the aims of this insurance?
This insurance aims to protect real estate facilities, whether they are for housing or work from earthquakes and disasters by setting basic standards for building resistant to earthquakes and earthquakes, and the reconstruction of what is affected by earthquakes or various disasters, and reducing damage to people and reducing expenses on the state by establishing an insurance fund .
It also aims to build a strong state with coherent structures and resistance to earthquakes, and to raise the awareness of the population of the importance of insurance at various levels, and this awareness has recently been reflected in the rise in prices of modern real estate built according to earthquake regulations and the prices of their rents in Istanbul after the recent earthquake that struck Istanbul Last September, what makes the investment in these modern real estate a popular investment in Istanbul real estate.
What does this insurance include?
Depending on several factors including “the construction site, its age, the area of the property, and the details surrounding it”, the amount paid by the insurance institution, which does not exceed the value of 40 thousand dollars, is calculated as an upper limit for a single property, and it covers expenses including: building rules, basic and separation walls, and Ceilings, floors, stairs, stairs, elevators, skylights, walkways, entrance to the building and everything that is essential in construction .. While DASK insurance does not cover the expenses of lifting rubble, employer losses, furniture or baggage losses, nor mortality, bodily injury or damage Which was caused by a defect in the building itself.
This insurance includes all real estate built by the state or the private sector, whether it is used for housing, work or public services, provided that these buildings meet the requirements of the building, whether you get a description “commercial or residential” or not, and also includes the buildings under construction that fulfill the papers Its legal status is within the real estate tabloid known as the real estate easement, but it does not include buildings that violate building codes or are randomly constructed without any license, or abandoned people uninhabited or buildings that received notification of demolition by the Turkish government.
According to all of the above, the trend towards newly built real estate in Istanbul that is subject to the regulations of earthquake resistance is the perfect choice for those looking for real estate for housing , work or investment , our modern projects and built in an anti-earthquake and tremors in your hands to choose the most suitable for you , Call now and get Free advice from our specialized team.
