The complete information about earthquake insurance in Turkey DASK

Turkey is in a seismically active region and is prone to earthquakes of varying magnitudes. In fact, the country has a long history of devastating earthquakes that have resulted in significant loss of life and property. To address this risk, the Turkish government established the Disaster Insurance Pool (DASK), which is a mandatory earthquake insurance program for all property owners in the country. This article will cover the procedures, coverage, and importance of having earthquake insurance in Turkey.

DASK is a mandatory insurance program that covers residential and commercial properties against earthquake damage. The insurance coverage is provided by a consortium of insurance companies and is managed by the Turkish Catastrophe Insurance Pool. Property owners must purchase the insurance within one month of taking possession of their property. The insurance premium is based on the size and location of the property and is paid annually.

The insurance coverage provided by DASK includes damage to the building structure, its foundation, and its fixtures. It also covers the cost of debris removal, temporary housing, and alternative accommodation. The insurance policy does not cover damage to the contents of the building, such as furniture, appliances, or personal belongings. Property owners who wish to insure their belongings against earthquake damage must purchase a separate policy.

DASK is an essential requirement for all property owners in Turkey, as it provides a safety net against the financial consequences of an earthquake. The cost of repairing a building damaged by an earthquake can be significant and could result in financial ruin for property owners who are not insured. DASK ensures that property owners are financially protected in the event of an earthquake and can cover the cost of rebuilding or repairing their properties.

New real estate projects are required to purchase earthquake insurance before construction begins. This ensures that the building is protected from earthquake damage from the outset, and that the developer and property owner are not left with significant repair costs in the event of an earthquake. The cost of earthquake insurance is a relatively small expense compared to the cost of rebuilding or repairing a property after an earthquake.

In conclusion, earthquake insurance is a crucial requirement for all property owners in Turkey, and new real estate projects. DASK provides comprehensive coverage against earthquake damage and ensures that property owners are financially protected in the event of an earthquake. The cost of the insurance premium is a small price to pay for the peace of mind that comes with knowing that your property is protected. Therefore, all property owners in Turkey must ensure that they have earthquake insurance, as it is not only a legal requirement, but also a sound financial decision.