DASK insurance in Turkey, also known as the Turkish Natural Catastrophe Insurance Pool, is compulsory earthquake insurance that all homeowners must have by law. When property buyers sign for title deeds in Turkey, they only receive them upon proof of yearly DASK coverage. Upon hearing this, some foreign property buyers get alarmed. However, major earthquakes in Turkey rarely happen. The biggest was more than 20 years ago. All around the world, there are minor earthquakes every day, but they are so small that human beings do not feel them. But let’s look more at the DASK insurance policy and what homeowners in Turkey need to know.
About DASK insurance in Turkey
What Does DASK in Turkey Cover?
DASK covers major and minor damage to your property in Turkey. For example, you can claim for repairs on your property if there are minor shakes and wall cracks. So, no matter how minor, check your property structure and report damages straight away after all shakes. In addition, if there is a significant earthquake, although these are few and far between, the DASK insurance gives you coverage to explosions and fire caused by the quake and damage. Homeowners in Turkey are covered for damage on the foundations, main walls, shared walls, roofs, floors, stairs, landings, corridors, rooftops and chimneys.
What is the Coverage Limit?
For the latest coverage limit, please check the official DASK website of Turkey since these are updated all the time in line with current construction costs. (dask.com.tr) Reconstruction costs do not take into account the land value, just buildings. As of January 2022, reinforced concrete was 1,508 TL per square meterage, while unreinforced concrete was 1040 TL. The maximum guarantee amount for all properties was 320,000 TL. Official updates are published every year in the Official Gazette of Turkey.
How much is DASK Insurance?
DASK Insurance premiums vary depending on three factors.
- The zone where your property in Turkey is located.
- The building’s construction style. (There are seven different classifications. )
- The square meterage of your property
When buying, ask numerous insurance companies in Turkey, like AXA Sigorta, for quotes. Policyholders who renew every year benefit from discounts.
How to Claim from DASK
Whether you receive major or minor damage from earthquakes, call ALO DASK 125. Provide your policy number, ID number, address and telephone number, and they will open a file. Once the homeowner submits the claim, the TCIP Loss Adjuster visits the damaged property to assess and determine how much compensation to pay. Then, they will send payment to the person’s bank account on the title deeds, as quickly as possible.
Is DASK in Turkey Worth It?
Some people say yes, while others say no. It boils down to how you feel about insurance policies. Some people say DASK is essential for minor structural damages alone. However, we have never received any damage to our property, which was built in 2006 using reinforced concrete. Please note that DASK only covers construction costs, not content. In addition, fires must have been caused by the earthquake. It doesn’t cover haphazard fires. Lastly, regarding apartment complexes in Turkey, communal areas are not covered. Regardless of whether you purchase DASK insurance yearly, you must have it to sign for your title deeds.
More about Earthquakes in Turkey
In 1999, a major earthquake struck the Izmit district in Northern Turkey. Although the earthquake only lasted for 37 seconds, there were many casualties. In addition, reports showed that many houses were poorly constructed. The Turkish government tried to prosecute developers, but few were found guilty. However, following the earthquake, building regulations and the process of licenses in Turkey were changed. Additionally, much focus was put on Istanbul. Should that city be hit by a major earthquake, the whole of Turkey would stop since Istanbul is the hub of economics, business, tourism, education and finance, despite not being the capital.
For Istanbul, authorities formed the ISMEP project, which stands for Istanbul Seismic Risk Mitigation and Emergency Preparedness Project. The project sets specific procedures to ensure buildings in Istanbul are safe, including spot checks and refit or reconstructions if necessary. In addition, the plan includes established procedures should a major earthquake hit Istanbul and how the authorities and services will respond to ensure everything is up and running as soon as possible. As mentioned before, though, major earthquakes in Turkey are rare.
More About Turkey
About Financing Property: If you are looking at financing property in Turkey, rest assured that there are quite a few options. Even though Turkish house prices have considerably increased over the last three years, Turkish property is still affordable, especially compared to other countries like Spain, France and Portugal.
Are Properties Cheap in Turkey? Foreign home buyers who ask if properties are cheap in Turkey are delighted at the answer. Yes, properties are affordable compared to other popular countries for foreign buyers, like Spain, Portugal, and France. So naturally, this attracts much interest, with roughly 50,000 properties sold yearly to foreigners of various nationalities.
About Us: We are Spot Blue, selling property throughout Turkey, including Istanbul, Fethiye, Antalya and Bodrum. To learn more about DASK insurance in Turkey, call today and chat with an agent. Otherwise, see our all-encompassing portfolio of apartments and villas for sale in Turkey.