The real estate market in Turkey is characterized by the fact that it includes a lot of terms and information that may be new to many foreign investors, including the earthquake document in Turkey.
After the tragic earthquake that struck Turkey in the year thousand nine hundred and ninety-nine, which was called the Marmara earthquake, the Turkish government imposed an insurance policy against pests, natural disasters, and earthquakes, which has become mandatory since its history, and a real estate insurance document can be obtained in Turkey Against earthquakes by applying the Natural Pest Foundation, which operates under the supervision of the Ministry of Finance in Turkey.
This insurance covers earthquakes and subsequent disasters such as fires, floods, and tides, and the Natural Pests Foundation compensates people affected by these disasters through financial assistance.
An earthquake insurance policy is essential when buying a property in Turkey. Some people may ask what the benefit from it is or what I might lose if I did not get it, so it can be said that this policy is of great importance and great benefit as it works to protect all forms of real estate in Turkey, whether commercial real estate or residential real estate from various forms of natural disasters and earthquakes and obtaining an earthquake insurance policy guarantees reinsurance and mitigation of damage to your property after the earthquake, as it has helped to raise the level of the construction boom in the country as an insurance policy Earthquakes are keen to establish modern facilities that are subject to modern laws and regulations following international standards. Also, buildings that do not have an earthquake insurance policy, considered threatened and dangerous, are demolished and rebuilt to preserve public safety.
Given the great importance provided by this document, the Turkish government has implemented a package of measures for all residents to extract an earthquake insurance policy, as you, as the owner of the property, cannot obtain water, gas, electricity, or even landline and internet service only after extracting it. Therefore, the task of obtaining an earthquake insurance policy falls on the shoulders of the property owner, not the tenant, as he pays the amount of the property insurance against earthquakes every year. The amount that must be paid varies according to several factors, such as the area in which the property is located, the building it contains, and the unique structure. With it, as well as the construction and construction date and the total area of the property, the value of earthquake insurance cannot exceed forty US dollars per year as a maximum. Therefore, in all cases, it is considered a relatively low value.
You can pay for earthquake insurance at any insurance company or bank of your choice, or by mail, according to your preferred method.
Although the service and compensation that the earthquake insurance policy provides in the event of any disaster or damage to the property, its services do not cover the damages if the property does not fulfill its conditions, as there are several types of real estate in Turkey that cannot be An earthquake insurance policy is extracted for it, such as abandoned buildings that are not inhabited by any residents, as well as unlicensed buildings that are built illegally in Turkey, as well as homes and homes that are built in the countryside without obtaining a building permit from the municipality and it is added to the list. In addition, the buildings previously received a demolition notice issued by the Turkish government. As for the rest of the forms of real estate in Turkey that do not fall under any of the previous characteristics, all of them are considered entitled to obtain an earthquake insurance policy, whether they are commercial or residential properties, provided that these properties are registered in the Department The title deed in Turkey and the real estate under construction will also obtain earthquake insurance in the event of obtaining the real estate easement title.
The earthquake insurance policy's list of damages covered and compensated for is impressive and satisfactory. Still, it is not comprehensive or unconditional as this policy does not cover the physical or psychological damage that occurs to people after disasters or earthquakes, nor does it compensate for the losses that result due to the suspension of rent and Neither the costs that are paid to remove the rubble, nor the deaths, and also it is not responsible for the expenses of moving to a new house or a new business, in addition to the losses that affect the furniture and the belongings of its inhabitants and the goods and of course the damages that occur to the building due to a construction failure.
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