Earthquake insurance policy in Turkey

If you are thinking of moving to Turkey and settling in it, it is important to know the earthquake insurance policy in Turkey and the procedures that you must follow.

The earthquake insurance policy in Turkey is one of the most important procedures to be followed if you want to obtain adequate protection from this natural hazard and earthquakes are not just a passing event, but rather a real problem that affects people's lives and carries with it many material and human losses and Turkey is among the countries that witness significant seismic activity, which makes obtaining an earthquake insurance policy necessary to mitigate these negative effects and protect our property and our lives.

What is earthquake insurance in Turkey and what is its importance?

Turkey is one of the most earthquake-prone countries in the world, and therefore earthquake insurance is of great importance in Turkey and earthquake insurance supports the national economy in the event of any natural disaster, as the insurance provides coverage for the loss resulting from damage to property.

For this, the Turkish government has issued strict legislation that requires owners to obtain earthquake insurance before conducting any real estate transaction, including the purchase or sale of any property and earthquake insurance emphasizes the importance of the social responsibility and legal duties of the property owner, as the owner bears full responsibility for any damage that occurs to the real estate as a result of the earthquake.

The specifications of buildings resistant to earthquakes in Turkey

The Turkish government is keen to construct earthquake-resistant buildings, as these buildings are characterized by specifications that make them more resistant to ground movements and these specifications include the use of high-quality cement and iron in construction, and the use of reinforced concrete with columns, beams and ribs that give it the necessary strength to withstand earthquakes and foundations that are deep enough to withstand sudden earthquake events are installed, and the specifications include many other factors that contribute to making buildings more earthquake-resistant and safer for residents.

The role of construction companies in securing the safety of real estate in Turkey

Construction companies play a crucial role in securing the safety of real estate in Turkey and it uses modern and advanced technologies in constructing earthquake-resistant buildings and takes into account seismic specifications within its designs and it also tests each building before its construction is completed to ensure its ability to withstand earthquakes and to avoid any kind of errors in its design and installation.

Construction companies abide by the seismic regulations and laws issued by the Turkish government and ensure their application to all their real estate projects in Turkey and this enhances the sense of confidence of foreign investors in the Turkish real estate market and raises the level of safety in real estate investments.

Earthquake insurance costs in Turkey and ways to pay it

Earthquake insurance is a necessity for the property owner in Turkey, as it includes protecting the property from any damages resulting from an earthquake and the cost of insurance varies according to the value of the building, its location, area and other criteria, and ranges between 300 and 700 Turkish liras annually.

Payment methods are available in a flexible manner, as payment can be made via the Internet, various bank networks, or even through post offices and care must be taken to pay the insurance value on the specified dates in order to avoid financial penalties and the loss of the right to insurance protection.

Obligation to obtain earthquake insurance in Turkey

The real estate owner in Turkey must commit to obtaining earthquake insurance, in order to ensure the safety of his property and protect it from any possible earthquake and this requires paying earthquake insurance fees in Turkey periodically, which is a mandatory legal procedure and the building determines the value of earthquake insurance in Turkey, as well as its age, location, area and shape, and it must renew the insurance annually and the commitment to earthquake insurance in Turkey is a guarantee of the safety of the property owner's property and its protection from financial losses in the event of any possible earthquake.

Reasons that prompted the Turkish government to make earthquake insurance compulsory

The danger of earthquakes prompted the Turkish government to issue a compulsory earthquake insurance decision and Turkey is constantly exposed to various types of earthquakes and natural disasters due to its presence within seismic lines, which makes it need to prepare it to deal with these disasters in a better way.

The Turkish government has been keen to oblige real estate owners to obtain an earthquake insurance policy to protect their properties in the event of any earthquakes or natural accidents and the Turkish government has also carried out a comprehensive planning for the urban transformation of old buildings that do not meet the requirements of earthquake resistance, and this makes them safer and more resistant to earthquakes in the future.

Indicators of the resistance of real estate in Turkey to earthquakes

Real estate in Turkey is earthquake-resistant compared to other regions in the world that are constantly exposed to the risk of earthquakes, as for example, some buildings in Istanbul were able to withstand the earthquake that hit the city in 2019, and the disaster did not result in a large number of victims and some indicators of the resistance of Turkish real estate to earthquakes include the size of the iron drops used in construction, the weight distribution and the floor of the building in addition to the concrete.

Are real estate in Istanbul earthquake resistant?

Many people wonder if there are earthquake-resistant buildings in Istanbul and the answer is yes. Since the 1999 earthquake, the Turkish government has taken several measures and strictures in building and design laws to ensure the safety of buildings in the event of earthquakes, as all authorized new buildings must also follow international standards for earthquake-resistant construction.

In addition, all homes built prior to this must verify that they comply with the new standards and make the necessary improvements to improve their safety in the event of an earthquake.

Common questions:

1. What is the importance of the earthquake insurance policy in Turkey?

The policy provides financial protection to individuals and companies in the event of an earthquake, as material losses to which the insured is exposed in the event of an earthquake are compensated.

2. What are the steps required to obtain an earthquake insurance policy in Turkey?

You need to go to an approved insurance company and apply for the insurance policy, and you will be required to pay insurance fees periodically.

3. Does earthquake insurance cover all types of losses?

No, the scope of coverage differs according to the type of insurance policies, as some may only cover losses of buildings, while others may cover losses of contents, furniture and electronic equipment and therefore, you should check the terms of the insurance before subscribing to it.

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