DASK, earthquake insurance on Turkish property, is required for all those investing in the Turkish real estate market. Buyers should think about the laws that govern their purchases. As Turkey is situated in an earthquake zone, we provide details on real estate insurance in Turkey against earthquakes in this post for those interested in investing in property in Turkey.
What is DASK real estate earthquake insurance?
After the earthquake in Istanbul in 1999, the Turkish government launched the DASK insurance coverage. It is part of the government’s integrated strategy for the country’s urban transformation, which includes demolishing and rebuilding buildings on the verge of collapsing, raising public awareness about the importance of earthquake security, and constructing substantial earthquake-resistant structures.
This insurance is required and administered by ‘DASK,’ overseen by Turkey’s Ministry of Finance. This company issues a document to a property owner who has paid the insurance premium, without which he is unable to use essential property services like water, electricity, gas, telephone, and the Internet.
DASK protects your home, not your building
Common places in Turkey are not covered by earthquake insurance. Damage to buildings like apartments, parking, garden walls, elevators, warehouses, and coal storage places is not covered by average seismic risk Turkey house insurance.
To protect common spaces against earthquakes, you’ll need additional private insurance in addition to your Dask insurance, so building insurance is a good idea. Dask’s maximum Turkish government reimbursement in damage or destruction is 215,000 TL per housing unit in Turkey. Remember that you can get additional house insurance if you want to take advantage of a guarantee that exceeds this limit.
Where do you send your DASK insurance payment?
The real estate owner will pay the money required to his insurance agency, a post office, or a bank. The Catastrophe Insurance Institution determines the amount to be paid for each property based on several factors. The most important of which is the property’s proximity to an earthquake zone, the size and type of property in terms of earthquake-resistant building requirements, and the importance of earthquake insurance in Turkey. This insurance is required and must be paid annually.
What is the objective of this policy of insurance?
This insurance policy covers real estate facilities from earthquakes and natural disasters. Whether for housing or jobs, establishing minimum requirements for earthquake-resistant buildings, repairing damage caused by earthquakes or other disasters, and establishing an insurance fund to mitigate harm to citizens and state expenditure.
The aim is to build a strong state with well-coordinated systems and seismic resilience and raise people’s awareness of the importance of insurance at all levels. Following the recent earthquake in Istanbul, prices of modern real estate built by earthquake rules have risen, as have rental prices.
What is covered by DASK insurance?
The amount charged by the insurance company is determined as the upper limit for a single house, based on many factors such as “the construction site, its age, the area of the property and the specifics surrounding it. It covers expenses such as building codes, primary and separation walls and ceilings, floors, and stairs. On the other hand, DASK insurance does not cover charges such as debris clearance, employer damages, furniture or luggage loss, or mortality, illness, or injury caused by a construction defect.
This insurance covers all real estate built by the state or the private sector for housing, employment, or public facilities that comply with the building specifications, whether or not you obtain a definition of “commercial or residential,” and also includes buildings under construction that comply with the legal documents.
Insurance for your home
You can get an estimate for your DASK insurance from any of the insurance firms in the area where your Turkish property is located. It’s a good idea to get regular property insurance to cover the cost of rebuilding that the DASK insurance doesn’t cover.