What Is Property Insurance in Turkey?
In Turkey, aside from compulsory property insurance, additional insurances are supposed to cover your belongings. Home or household goods insurance is extra insurance to supplement existing building or earthquake insurance. It covers belongings, furniture, appliances, electronics, and other personal items. Coverage and cost will vary significantly depending on the type of property owned and whether it is rented out.
Household goods insurance in Turkey generally covers:
- The theft of your possessions
- Damages that may occur to your belongings due to all the situations specified in the insurance of your building
- Accidental damage to your belongings depending on your policy
Why Do You Need Home Insurance in Turkey?
Housing insurance or liability insurance is recommended to secure the building or property against situations such as theft and fire. In Turkey, you must get your homes insured against earthquakes as it is located in a seismically active zone. Thus, the government mandates that every house has a primary type of insurance called DASK.
However, the coverage of DASK is minimal and only valid in cases of natural disasters. So, you may want to purchase private home insurance.
Many insurance companies and banks offer insurance packages apart from compulsory earthquake insurance for every homeowner In Turkey.
What Are the Types of Real Estate Insurance in Turkey?
Housing insurance in Turkey consists of 3 types:
- Insurance for when the property is the principal residence
- Insurance for a holiday home
- Insurance for homes to be rented all year
Turkish companies usually do not divide their policies into these categories. Instead, they shape your policy according to your specific situation, adding different items to your needs and receiving premiums.
For example, if you vacate your home for a month or more, you will be offered convenient insurance. And if you're planning to rent, you'll also be able to add extra insurance for an additional fee to cover that.
What Are the Home Insurance Prices in Turkey?
Insurance premiums will vary from company to company and according to the coverage provided by your policy.
Household goods insurance is relatively affordable in Turkey. However, if your property is going to be unoccupied for a long time or your belongings/the contents of your home are of high value, the insurance company will ask you to pay higher amounts for protection. The location of your property will also be a determining factor for your premiums.
Getting both building and contents insurance for your home from the same company will often be much cheaper than mixing and matching policies from different insurance companies. Furnished seasonal vacation rentals tend to have higher insurance premiums.
How to Apply for Home Insurance in Turkey?
Applying for home insurance today is quick and easy. Most insurers will only ask you to submit an online form with minimal information, such as your name, email address, and contact number. Some companies also have online cost calculators that help you estimate the different costs for varying types of home content insurance or levels of coverage.
If you are insuring a building, you will be asked to provide the full address, title deed, and information, such as construction year, building style, total number of floors, and damage status. If you are insuring an apartment, you may also be asked to provide information about its gross area and intended use.
What Is Earthquake Insurance "DASK"?
Every owner of a Turkish property needs to get the national compulsory earthquake insurance, called DASK. The DASK will be done before the Tapu (title deed) transfer to complete the paperwork. It covers a year and is being paid in one payment, and is approximately 2.15 TL per m2. For example, a newly built apartment of 200 m2 would pay 430 TL annually. When it comes to renewals, there are discounts available.
What Does DASK Insurance Cover in Turkey?
Whether partially or completely, if your home is damaged, DASK will cover the damage to the following components:
- Main walls
- Common walls separating independent sections
- Garden walls
- Retaining walls
- Ceiling and floors
Additional areas of the building have qualities similar to those mentioned above.