Last Updated on 14/09/2023
Property purchase in Turkey is notable for having practical and easy procedures. This smooth process helped increase real estate investment. Yet, there are some particular instructions that the buyer should pay attention to. In fact, home insurance in Turkey is one of these important details. The buyer can choose the package that suits his budget for additional features. Yet, a specific minimum coverage is required.
MEO Consultants, assist its customers with this step within its multidisciplinary services. Our professionals will suggest to you trustworthy and professional insurance agencies with good benefits and reasonable fees.
Is home insurance in Turkey mandatory?
Whether a Turkish or foreign national, each property buyer needs to get home insurance in Turkey. According to his budget and property, the owner can adjust the insurance features he needs for his property and goods.
However, particular home insurance in Turkey is mandatory and required to fulfill specific procedures or even get certain documents. We are talking about DASK insurance, the abbreviation in the Turkish language of “Natural disasters insurance institution.” So as it refers, this type of insurance covers any damage that affects the property and its contents in natural disasters such as water floods, earthquakes, or fires.
The obligation of DASK home insurance in Turkey came into force within preventive measures against earthquakes disaster, especially after the seism of 1999 that caused enormous damage to Kocaeli and Istanbul cities. This incited the government to establish new regulations in construction to protect from eventual risk.
The DASK home insurance in Turkey is required for utility connections such as water, gas, and electricity. It is also obligatory to get the title deed of the property. The buyer must renew his property’s insurance policy every year as long as it is still in his name.
How to get DASK insurance in Turkey?
All properties must get DASK home insurance in Turkey regardless of their type. They can be villas, apartments, or even holiday homes. You can get this type of insurance from any bank or insurance agency. Yet, there are some information and documents that you need to provide:
- A valid ID document
- A tax number
- A valid Turkish phone number
- The exact correct address of the property
- Number of floors of the property
- Construction year of the property
Providing these details, the cost of DASK insurance varies according to the size and the location of the property.
Cost of home insurance in Turkey
As we mentioned above, home insurance fees in Turkey depend on the property features. They also vary according to the package and the additional features the property’s owner requires.
It can also change according to the selected bank and insurance agency. It generally costs around 200 to 300 TL yearly.
What does DASK insurance COVER?
As previously explained, the DASK home insurance in Turkey consists exclusively of insurance against earthquakes. Thus, in case of a seism, the DASK insurance will be responsible for covering the following items of your property:
- Foundations and main walls
- Common and garden walls
- Floors, ceiling, and roof
- Stairs and lifts
- Landings and corridors
Yet, the mandatory DASK insurance coverage doesn’t include these elements:
- Debris evacuation cost
- Business suspension
- Loss of rent
- All goods and movable properties
- Alternative home or workplace
However, every property owner can add to these mandatory items the package he prefers with additional features according to his situation and type of property.
Turkey’s earthquake presents a significant challenge, particularly for individuals who are thinking about investing in the real estate market. Therefore, DASK insurance constitutes an important instruction for buying a property in Turkey. The MEO Consultants team conducts the required research to advise their clients on the most suitable and secure homes. Moreover, they assist them in all the property purchase procedure.
Schedule a risk-free consultation for further information.
