The Compulsory Earthquake Insurance rate in the 10 cities at the focus of the earthquake is at an average of 49 percent. So, what damages does compulsory earthquake insurance and DASK cover?
WHICH BUILDINGS ARE COVERED BY COMPULSORY EARTHQUAKE INSURANCE?
Compulsory Earthquake Insurance, in general, is a type of insurance developed to cover the material damages caused by the earthquake for the dwellings located within the municipal borders.
The buildings secured by Compulsory Earthquake Insurance are as follows:
– Buildings built in the form of dwellings on immovables registered in the title deed and subject to private ownership
– Independent sections within the scope of the Condominium Ownership Law No. 634
– Independent departments located inside these buildings and used for commercial, office and similar purposes
– Dwellings built by the state due to natural disasters or made with the loan provided
– Compulsory Earthquake Insurance also complies with the above conditions; buildings where floor easement is established
– The title deed has not yet been Deciphered and the title deed registry has the qualification “land, etc. buildings that appear in the form of ”
– The title deed is valid for cooperative residences whose allocation has not yet been made.
WHAT DOES DASK COVER?
DASK covers the material damages caused directly by the earthquake and the fire, explosion, tsunami and landslide caused by the earthquake with the Compulsory Earthquake Insurance within the limits specified in the policy.
Foundations, main walls, common walls separating independent sections, garden walls, retaining walls, atva and soles, merpen, lifts, landings, hallways, roofs, chimneys, of a similar nature to the foregoing sections of the building, together or separately, are complementary covers.
The Natural Disaster Insurance Institution (DASK) offers coverage in a maximum amount determined by the increase in construction costs every year. The maximum amount of collateral given by DASK was determined as 640 thousand Turkish Liras in all types of buildings as of November 25, 2022.
