Compulsory Earthquake Insurance in Turkey
Earthquake Insurance in Turkey
The phenomenon of earthquakes in Turkey and how the Turkish government dealt with it?
Earthquake insurance in Turkey | Earthquakes in Turkey
Some cities in Turkey are vulnerable to earthquakes from time to time whose strength ranges between light and medium strength,
Because it is located on the earthquake line in Turkey.
That is why earthquake insurance must be obtained in Turkey.
In the year 2020, some earthquakes occurred between light and destructive.
Specifically, on January 24, 2020, a humanitarian disaster struck Elazığ region in eastern Turkey, where an earthquake measuring 6.7 on the Richter scale occurred.
In addition, its influence extended to Syria, Georgia, and Armenia.
The earthquake killed nearly 42 people, and injured more than 1,000 people.
Rescue teams and humanitarian organizations rushed, under the directives of the Turkish government, to provide humanitarian support, secure earthquakes in Turkey and support the people and stand with them to overcome this humanitarian catastrophe.
It was also followed by several earthquakes in different regions, the most important of which was the Aegean Sea earthquake or Izmir earthquake as it is called.
Its magnitude reached 7.0 degrees on the Richter scale, which occurred on 10/30/2020 and affected the Greek island of Samos.
Furthermore, the earthquake caused great damage in the city of Izmir and reached most of the areas near the city.
Additionally, there was the Manisa earthquake, which recorded a magnitude of 5.1 on the Richter scale on January 28, 2020, and its influence extended to Istanbul, Bursa and İzmir.
Earthquake insurance in Turkey
Earlier in the year 2000, the Turkish government had issued a mandatory law for insurance against earthquakes and natural disasters.
This law came after the Marmara earthquake in Izmit (Gölcük Depremi), which occurred in 1999 and recorded a magnitude of 7.6 on the Richter scale.
Moreover, the earthquake lasted for only 37 seconds and caused large-scale loss of life (1700 people) and destruction of property.
Furthermore, the earthquake caused displacement of more than half a million people, who became homeless.
So the disaster management announced that the area of the earthquake had become a disaster area.
Accordingly, the Turkish government has obligated Turkish home owners and construction companies to obtain mandatory earthquake and natural disaster insurance for their properties.
It is called (DASK) after the institution that was established since that time, which is under the Turkish Ministry of Finance.
Accordingly, it has become a condition for property owners in all its forms to obtain mandatory earthquake insurance in Turkey when they want to purchase a property.
Only with the insurance, they can obtain access to basic services such as electricity, water and natural gas.
The value of earthquake insurance in Turkey is calculated according to the area of the property.
Moreover, the insurance value ranges annually between 35 Turkish liras and up to 250 Turkish liras or its equivalent and it varies according to the area and age of the building.
Additionally, it is renewed annually for each property.
You can also calculate the value of earthquake insurance in Turkey, by accessing the official website of DASK and entering the required data and criteria through the following link:
https://www.dask.gov.tr/e-services/portal/calculatePremium
The insurance includes earthquake damage and natural disasters, such as demolitions, fires and floods.
Moreover, support is provided to those affected by the earthquake by all means.
How does the Turkish government invest the sums deducted in the name of (Earthquake Insurance)? And what does it provide to its citizens?
- _Requiring construction companies to obtain earthquake insurance before starting work.
- _ Follow up the work by the competent authorities. Thus, obtaining earthquake-resistant buildings and facilities.
- _ Preserve the lives of citizens and mitigate damage in the event of an earthquake.
- _ Providing full support to those affected by an earthquake by all means.
- _ Reducing the burden on the government in the event of earthquakes, by establishing a fund to help those affected by earthquakes.
- _ Reaching the Turkish state to the ranks of developed countries, through solid and earthquake-resistant infrastructure.
- _ Contribute to raising awareness among citizens, in the event of earthquakes or natural disasters.
Ebla Real Estate Services:
We stress the need to obtain an earthquake insurance policy for any property before purchasing it,
and to ensure that this property conforms to the technical specifications and standards against earthquakes.
Undoubtedly, we are also keen that all the projects that we market or construct are conforming to the specifications and standards adopted by the Turkish state against earthquakes.
Click here to learn more about mandatory earthquake insurance from the official DASK website:
Edited by: Ebla Group Real Estate
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