For all those investing in the Turkish real estate market, DASK, earthquake insurance for property in Turkey is mandatory. Buyers need to consider the laws that conduct their transactions. Since Turkey is situated in an earthquake zone, in this article, we provide specifics of real estate insurance in Turkey against earthquakes to those who want to join the property world in the beautiful country of Turkey.
What is DASK earthquake insurance for real estate?
DASK is an insurance policy implemented by the Turkish government after the 1999 Istanbul earthquake. It is part of an integrated strategy developed by the government for the country’s urban transformation by demolishing and rebuilding buildings that are threatening to collapse, raising public consciousness of the importance of securing earthquakes and building substantial earthquake-resistant structures.
This insurance is mandatory and is carried out by ‘DASK,’ which works under the Ministry of Finance of Turkey’s oversight. This company grants a document to the property owner who has paid the insurance without which he is not entitled to access essential property services, such as water, electricity, gas, telephone, and the Internet.
Where do you make the payment for DASK insurance?
The real estate owner will pay his insurance agent or one of the post offices or banks the amount necessary. The Catastrophe Insurance Institution calculates the amount to be paid for each property in compliance with parameters, the most important factor of which is the location of the property to the earthquake zone, plus the area of the property and the type of property in terms of building requirements that are earthquake-resistant, the importance of real estate insurance in Turkey against earthquakes. This insurance is compulsory and is paid each year.
What is the purpose of this insurance policy?
This insurance policy is intended to cover real estate facilities from earthquakes and natural disasters, whether they are for housing or jobs, by setting minimum requirements for building resistant to earthquakes and earthquakes, and repairing what is damaged by earthquakes or various disasters, and by setting up an insurance fund to mitigate harm to citizens and expenditure on the state.
It also seeks to create a strong state with coherent systems and earthquake resilience and increase people’s consciousness of insurance value at different levels. This vital awareness has recently been reflected in the rise in the prices of modern real estate built in compliance with earthquake regulations and the rental prices in Istanbul following the recent earthquake.
What does DASK insurance include?
The sum charged by the insurance company, which does not exceed the value of 40 thousand dollars, is determined as the upper limit for a single house, based on many factors, including ‘the construction site, its age, the area of the property and the specifics surrounding it,’ and covers expenses including building codes, primary and separation walls and ceilings, floors, stairs. However, DASK insurance does not cover costs related to the removal of debris, employer damages, loss of furniture or luggage, or mortality, illness or injury caused by a fault in the building itself.
This insurance covers all real estate built by the state or the private sector, whether used for housing, employment, or public facilities so that these buildings comply with the specifications of the building, whether or not you obtain a definition of “commercial or residential” and also includes buildings under construction that comply with the legal documents.
You can go to any of the insurance companies where your Turkish property is located and ask them for a quote for your DASK insurance. It’s wise to obtain normal property insurance as this makes up for the shortfall of rebuilding that the DASK insurance does not cover.