Real Estate Insurance in Turkey 2020 | Need to Know

Real estate insurance in Turkey has become essential, especially nowadays, for people considering to own or invest in real estate in Turkey.

In order to benefit of real estate insurance in Turkey, full ownership of the property is a must. Generally speaking, investors and property owners have distinctive options for properties’ insurance.

There are many categories for real estate insurance in Turkey, depends mainly on the type of risks the property may be exposed to and deemed to be insured.

Real Estate Insurance Against Natural Disasters (DASK)

DASK is known as: earthquakes insurance in Turkey, and it is a mandatory insurance. In other words, every property owner has to register in it through a convenient service provider.

Above all, registering in DASK in Turkey is one of the most important steps to be taken upon transferring ownership, due to Turkey’s location in a seismically active area.

What is DASK? Real estate insurance against natural disasters in Turkey

DASK is a government insurance, and a policy approved by the World Bank and the Turkish financial government. So, the main purpose is ensuring real estate from damages caused by earthquakes.

What does DASK insurance cover in Turkey?

Physical damage: Including injuries that may occur on the stairs and elevators.
Earthquakes damage: including fire, explosion, and landslide in buildings.

This insurance covers compensation for damages, whether the damage in construction is partial or total. Thus, preventing the property owner from incurring the costs of rebuilding or repairing damages resulting from prospective earthquakes.

What buildings are covered by DASK insurance in Turkey?

DASK insurance in Turkey includes the following buildings:

Used for commercial purposes: buildings and offices, for example.
Under construction, and has not yet been completed.

What buildings are not covered by earthquake insurance in Turkey?

Independent buildings and sections subject to the Public Housing Law, in accordance with the 1983 Law, or used as buildings for public services.
Those built in rural areas.
Used entirely for commercial or industrial purposes.
Constructed without an engineering plan or project.
Constructed in violation of the relevant legislation.
Subject for demolishing by licensed public institutions, neglected, dilapidated, or abandoned and not eligible for residential use.

When is the insurance paid for the damaged real estate?

For properties with earthquakes compulsory insurance and are damaged by earthquakes, compensation is paid within a maximum period of 30 days.

That is to say, once the damage assessment is completed, and based on the information and documents required.

Insurance of the belongings inside the property

This is one of real estate insurance categories in Turkey. It covers the costs of damage that occurs to the assets inside the property.

For instance, assets’ damage resulting from floods, earthquakes, or even theft and riots.

Moreover, this insurance covers damage inside your property such as glass, decoration, and electrical appliances that are less than 5 years old.

What are the types of real estate insurance in Turkey?

Fire insurance: it covers the damage in the property caused directly by fire, lightning, explosion, smoke and steam.
Water problems: It covers damages caused by bursting of water installations, or rainwater leakage from the roof.
Covering losses resulting from riots or theft.
Flood insurance: covers damage to property due to floods.

What is Residence Insurance in Turkey?

It is an insurance policy that covers damages resulting from any natural disaster, or accidents such as theft, and water problems. This type of insurance includes home furnishing and construction.

Residential Properties Insurance in Turkey

In the event of wanting to buy a property and reside in Turkey, you will get advantages that make this experience an excellent and safe option.

With this insurance, you will protect your property from any danger, whether an accident or a natural disaster.

Insurance of Real Estate Investments in Turkey

If the aim of buying property in Turkey is real estate investment through leasing, for example, then insurance guarantees the interest of both parties:

The tenant: the insurance will cover the costs of any damage to the house during the rental period. Thus, he is exempted from bearing any compensatory expenses, if any damage occurs to the property.
Property owner: comprehensive insurance enables him to protect his property from any damage that might happen, without paying high costs.

Moreover, people are more attracted to buying and renting insured properties. Consequently, the property gains higher value, when reselling.

Home Insurance and Medical Services in Turkey

In the same context, if a residence owner is exposed to any health problem covered by the insurance, it provides necessary medical services, such as:

Residence insurance covers some necessary medical services, for any emergency situation inside the house.
It also covers some medical consultations (inspection and review costs for clinics and hospitals), as well as medical staff services fees.
It covers ambulances and equipment as well. So, hospital admission procedures become easier, when needed.

In the event that you want to own a property in Turkey, the available insurance options make this process safer.

Similarly, it adds more value to immovable property. In other words, allows you to benefit from real estate ownership in Turkey, with no concern about the costs of damage caused by any accident or disaster.

You can contact us today, and get to know all the details you need when searching for residences for sale in Turkey, or any other property you need.

Our real estate consultancy is free of charge. So, please do not hesitate to call and ask for advice now.

Sources: DASK + Conditions of earthquake insurance in Turkey + home insurance through a bank in Turkey

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