The purchase of real estate in Turkey by foreign citizens has recently gained high popularity. According to the official reports of the Turkish Institute of Statistics, the number of houses, apartments, apartments and villas sold is growing from year to year.
Such a systematic growth in sales is quite justified, since the Republic of Turkey can offer property owners from abroad all the conditions for a comfortable stay:
wonderful climate and the opportunity to enjoy the sun almost all year round;
high standard of living and quality of service provided in all industries;
good liquidity of investments;
excellent quality of housing.
An official contract is drawn up when an insurance policy is issued. At the same time, it is important to be extremely careful, to take into account all points that are significant for the owner, since under the terms of insurance only those types of damage caused are covered, which will be spelled out in the agreement.
What does real estate insurance in Turkey give? It provides protection for living from various unforeseen situations that cause damage. For example, fires or floods, and other force majeure. According to the terms of the insurance contract, if the insured event occurred through no fault of yours and the employees of the insurance company recorded it, the victim receives a monetary compensation for losses.
Is property insurance compulsory in Turkey?
There are two types of insurance in the Republic of Turkey:
Compulsory insurance in Turkey includes DASK earthquake insurance. The generally accepted rule in the state is this type of compulsory insurance, which is controlled at the level of the municipal authorities of the city. If a cataclysm occurs, depending on the degree of damage to the premises, the state will reimburse the losses.
In addition to DASK Turkey, local citizens and foreigners can take out private voluntary real estate insurance.
In this case, the insurance policy includes not only protection against earthquakes, but also against other types of influences that damage your property.
As a rule, there are so-called standard policies, which include about 15 types of risks, for which there is financial compensation for losses. For example, fire, flooding with water, power outages, all kinds of accidents, losses resulting from breakdowns of household appliances, office equipment, furniture, etc.
Overseas homeowners who rent out their apartments must pay mandatory insurance coverage to protect their property.
As for the legislative rules of insurance, in the Republic of Turkey they are regulated and subject to all the basic requirements in this area around the world. Therefore, most of the citizens moving to the country for permanent residence take out both medical and real estate insurance, realizing that it is better to deposit a relatively small amount so that later they do not pay much more.
DASK insurance – what it covers, features
DASK stands for Dogal Afet Sigortalari Kurumu. It covers cases related to natural disasters, in particular, earthquakes, fires, landslides, explosions. DASK insured residential and commercial property in Turkey.
DASK is issued once a year and is regulated by Law No. 587 of “On Compulsory Earthquake Insurance in Turkey”. Valid throughout the country. According to official figures, the Turkish DASK is considered one of the best insurance against disasters in the world.
The amount that each home or commercial property owner pays annually will depend on several conditions.
So, the main one is the location of the property. The territory of the state is conditionally divided into several zones depending on the risks of pronounced seismic activity, or, more simply, earthquakes.
The amount of insurance payment also depends on the area of the real estate. The larger the square, the higher the amount of payment for the annual insurance registration.
Another factor affecting the amount of payment for an earthquake insurance policy is considered to be the structural features of the building where the apartment is located, or a detached house. The used building materials, technologies for the construction of the foundation, frame, roof are taken into account.
It is from these above-mentioned components that the final amount for the DASK is formed.
DASK cost and documents for registration
As a rule, the cost of a DASK insurance policy in Turkey ranges from 15 to 150 euros / year. For example, let’s take the city of Alanya: here the registration will cost you 40 euros per year.
For registration, the owner of real estate will need the following list of documents:
Copy of TAPU (certificate of ownership).
Individual tax numbers for all homeowners.
Owner / s passport numbers.
Insurance is issued very quickly. This will take only half an hour. Also, this service can be ordered online in Turkey online.
With regard to insurance payments, the total amount will depend on the degree of damage to property in the event of an insured event. All costs associated with damage to ceilings, floors, roofs, stairs and landings will be reimbursed. Experience has shown that payments are sufficient to cover all repair costs.
DASK is also considered mandatory when registering water and electricity subscribers in Turkey.
Overseas property buyers should know that the safest place among Turkish Mediterranean resorts is the city of Alanya.