Turkey is an attractive real estate haven for lifestyle/budget buyers and investors. However, the country have a very strong position on property insurance. For example, you cannot rent or sell any property (house) without having an earthquake insurance. Also, if you are applying for Turkish citizenship by investment, it is compulsory that you have an earthquake insurance policy.
What is Earthquake Insurance (DASK) in Turkey?
DASK is a compulsory earthquake insurance policy in Turkey. It is the short form for Dogal Afetler Sigortalar Kurumu. As an insurance policy, it helps to cover the damages to the personal items in your residence or home caused by an earthquake. This insurance also covers other damages from natural disasters resulting from earthquakes.
This disasters includes tsunamis, landslides, and explosions. This insurance works by covering all the residential areas which have been registered in the title deed. Based on the Turkish law on disaster insurance, you will not be a beneficiary of any housing loan provided by the country.
In addition, without this insurance, you will not benefit from any aid or assistance in the cause of an earthquake. People who do not have their DASK, are barred from accessing services such as natural gas, water, electricity, and so on.
The Turkish government and DASK
The Turkish government also tries to enlighten the general public on the importance of DASK. Its aim is to increase the total number of properties that have been insured properly with DASK. Since it is mandatory that everyone have an updated insurance policy, people have to renew their DASK policies every year. Many homeowners may not regularly show that they have DASK. But, it is important that they take out the insurance.
DASK insurance: What does it cover in Turkey?
With DASK, you can cover all material damages resulting from an earthquake. This includes tsunamis, landslides, and fires. Other damages that the DASK covers includes damages to the house foundations, roofs, main walls, stairs, garden walls, elevators, chimneys, and corridors, which the earthquake caused.
All of these are covered by this insurance policy. One of the most significant benefits of DASK is that it is supported by the Turkish government. With DASK, the government can provide relief for you in the event of an earthquake. In addition, the premium that people pay for DASK also help support victims of earthquakes in the country.
What is the cost of DASK?
DASK can be estimated annually by considering certain parameters. It is calculated by considering the following:
The structural nature of the property
The gross floor area
The number of storeys
The construction year
The earthquake risk group
All of these parameters vary based on the city and the neighborhood. DASK premiums are very affordable and are kept this way for the citizens to be able to pay them up at regular intervals. To get an idea of DASK, this is how it is charged:
You pay about 90 Euros for a one-bedroom apartment
You pay about 120 Euros for a two-bedroom apartment
You pay about 150 Euros for a three-bedroom apartment
There is Belongings insurance, which is used to cover potential damage and loss to the home of the individual as well as their furniture and other assets. In the country, there are several property insurances that provide full liability coverage in the event of property or home accidents. But you will have to first apply to be granted a DASK, as you are not allowed to have an ordinary property insurance.