Real estate not covered by earthquake insurance in Turkey
Last Updated: 2023-07-27
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Real estate not covered by earthquake insurance in Turkey
One of the laws that you must implement in Turkey is to obtain insurance against earthquakes when you buy a property in it and not obtain it means that you are in a major problem and pay large fines. Despite all these strict laws there are some real estate and buildings that are not required to bring earthquake insurance, but what is the reason for which it was exempted from this insurance, and the most important question is what are those buildings that have been exempted from insurance, all of this we will know and in detail through the next lines.
There are many buildings and real estate in Turkey that are not covered by the earthquake insurance decision, the most important of which are buildings or real estate that are built without the permission of the Turkish government or that were established in a way that violates the laws established in the country. Some of the buildings that are not covered by earthquake insurance in Turkey are the simple houses that exist in the countryside and villages, in addition to the real estate in the old popular areas that do not contain international specifications for modern construction, and the properties built without a permit are real estate that is not covered by earthquake insurance, and finally, the ones that took a notification from the Turkish state stating that they will be demolished for some reason. These types of real estate or real estate cases are among the most important properties that are not covered by earthquake insurance.
The insurance of the earthquake in Turkey is of the utmost necessity to obtain, first of all, because it will be responsible for many things and cover many of the costs and expenses that the Turkish state will bear at that time. One of the most important expenses incurred by earthquake insurance is that in the event of any earthquake occurring in the area in which the property is located and exposed for problems and damages, all that will be destroyed in the property, including walls, ceilings, corridors, and partitions between rooms, elevators and stairs, as well as damage to surfaces, all of which will be covered by the earthquake insurance.
Are there expenses that earthquake insurance is not responsible for?
Yes, of course, there are some matters and expenses for which earthquake insurance is not responsible and has nothing to do with, such as removing rubble from the building and transferring it to the place designated for it, and also if the earthquake caused the property owner to stop his work, then this insurance is not responsible for compensating him for what he lost. This insurance does not compensate the property owner for what he lost in terms of furniture and furnishings, and it will not be its job to bear the costs of moving you from one apartment to another if you want to. Moreover, this insurance does not bear the deaths that result from the earthquake or if physical or psychological damage occurs this is not on its list of works.
Why is the Turkish state insisting on imposing earthquake insurance on its land?
Never, the decision to impose earthquake insurance is not arbitrary or for some purpose, but rather in order for Turkey to be an integrated country immune from this danger always threatening it, especially since earthquakes are always going on and after many devastating earthquakes happened, Turkey decided to impose it. This insurance is considered primarily protective. First, all the weakly constructed buildings that could not bear the earthquake were demolished, rebuilt and deliberately planned during the construction of modern buildings, which is to add durable materials that are resistant to any earthquake that occurs.
Do all real estate in Turkey bear the same cost as earthquake insurance?
It is certain that not all types of real estate and buildings in Turkey bear the same costs, this is not a law or a common matter, but rather this issue differs from one property to another and from one building to another; there are several factors that determine how much the cost of earthquake insurance will be, and the most important factors are the age of the building, whether the building is new or old, also the location in the city where the property is located, in the city center differs from whether it is located on its outskirts. Among the things that are taken into consideration is the external and design body of the property, and of course the area of the property has a prominent role in determining this issue, so a small property differs from a large one, but in general the annual cost of this insurance is not more than forty US dollars maximum.
Who is the biggest beneficiary of earthquake insurance in Turkey?
In this matter, there is no greater beneficiary, but both the state and the people get the benefit. The people benefit that this insurance will bear with it part of the expenses and damages that resulted from the earthquake, and it will also ensure that you stay in a sound property or building that is not exposed to serious danger. The state is also benefits from this insurance, as the expenses will be reduced in turn; when the building is immune to earthquakes, it means that the resulting repairs will be simple.
The earthquake insurance policy in Turkey should be generalized to all countries in the world because of its benefits to society as a whole. It is true that this insurance has annual costs, but this is nothing compared to the safety and comfort that you will enjoy.
Edited by Mersat Real Estate Team ©
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