Elite Sinerji-Blog-Real estate insurance in Turkey

Real estate insurance in Turkey



Turkey attracts the attention of tourists, investors and those considering permanent residence in this unique country. Its rich history, cultural heritage and stunning natural beauty capture the attention of many.

However, like many other regions prone to seismic activity, Turkey carries a risk of earthquakes. Earthquakes can occur from time to time and their strength can vary. This, of course, causes some concern among those considering purchasing real estate in this country.

Nevertheless, Turkey has taken important steps to ensure the safety and protection of both its citizens and foreign investors. One such key measure is the mandatory insurance against natural disasters, including earthquake insurance.


Types of real estate insurance in Turkey


There are two main types of home and real estate insurance in Turkey that are important to know when purchasing real estate in Turkey: compulsory and voluntary.


1- Mandatory Earthquake Insurance (DASK): DASK is "Doğal Afet Sigortaları Kurumu" in Turkish, which translates to "Disaster Insurance Policy".  This is a state insurance that is compulsory when purchasing real estate in Turkey. It also requires annual renewal for both citizens and foreigners who own real estate in the country. The main purpose of this type of insurance is to protect against the effects of earthquakes. The state undertakes to compensate the damage to the property in case of a catastrophic event, depending on the degree of damage. This type of insurance is supervised at the municipal level in each city.


2. Voluntary Private Property Insurance: This type of insurance can be purchased voluntarily by the property owner. In addition to protection against earthquakes, it also provides coverage against other types of damage that may be caused to the property such as floods, fires, etc.


Tourists and foreign residents who own property in Turkey often prefer to focus on the regions of Antalya and Alanya, as they are considered to be among the safest in terms of earthquakes. However, it is important to note that according to Law No. 587 "On Compulsory Earthquake Insurance in Turkey", earthquake insurance is compulsory for buildings in all regions of the country, without exception.


How to apply for earthquake insurance in Turkey?


In order to apply for compulsory earthquake insurance (DASK) when buying real estate, you need to go to the nearest insurance agency and provide the following documents:


1. A copy of the Turkish real estate ownership document (TAPU).

2. Full address of the real estate.

3. The passport numbers of the individuals that are indicated in the certificate of ownership.

4. Turkish tax numbers for all individuals listed on the TAPU.

5. Information about the size of the land plot and property in square meters.


These documents are required to apply for compulsory earthquake insurance and ensure that your property is well protected in the event of natural disasters.


How is the cost of compulsory earthquake insurance (DASK) determined?


The cost of compulsory earthquake insurance (DASK) depends on the rate and guidelines set for this type of insurance. It is calculated based on several key factors including:


1. The type of building structure.

2. The storey of the building.

3. The year the building permit was issued.

4. Location of the building.

5. The total square footage of the building.


Prices for earthquake insurance in 2023


The DASK insurance cost per square meter for reinforced concrete buildings in 2023 is 3,016 Turkish Liras. For other types of buildings in 2023, the basic DASK insurance cost of 2,080 Turkish Liras per square meter is set.


When purchasing real estate in Turkey, especially for foreigners, it is advisable to carefully study the rules and requirements of compulsory insurance and possibly consider voluntary insurance to ensure maximum protection of your property. This will help you feel confident in the event of unforeseen events and provide an additional level of security for your property in this beautiful country.


Elite Sinerji: reliable residential developments with high standards of earthquake resistance and safety


Elite Sinerji's residential developments meet high standards, including building inspection requirements, earthquake resistance and safety. We pay special attention to earthquake resistance, exceeding standards to ensure safety. Our goal is comfortable housing with high reliability and safety.