Benefits of Home Insurance

Benefits of Home Insurance

The benefits of home insurance are plenty. It provides a guarantee of compensation for your home and furniture in case of a disaster such as an earthquake, fire, robbery, and flood.

It’s not mandatory but optional to get home insurance. However, if you have taken a housing loan, the bank might ask you to get mandatory insurance during the payment period.

Turkey is in an earthquake zone and therefore a country that poses risk. Those who haven’t obtained home insurance take financial loss after a potential earthquake.

On the other hand, those who have gotten home insurance receive payment based on the damage and compensate for their loss, which is one of the benefits of home insurance. You don’t have to pay exorbitant prices for it -low premiums that you will pay on a monthly basis will get you home insurance.

You should know the differences between mandatory earthquake insurance and home insurance. DASK, the mandatory earthquake insurance, will only compensate for certain expenses, which means it covers very little, while home insurance has the potential to cover everything related to your home.

Based on the scope of it, home insurance covers damages to your home and furniture, hotel expenses after the earthquake, locksmith expenses if you got locked out, maintenance expenses for the air conditioner and combi once a year, and other relevant expenses.

If homeowners purchased home insurance, they would be protecting themselves from the results of a disaster. Given all the benefits of home insurance, it is in fact a necessity.

What Does Home Insurance Cover For?

  • As a standard, home insurance covers fire incidents unless it was started intentionally or due to your neglect.
  • It also covers damages to your fixed wiring.
  • In case of any damage to your home due to geographical and climatic conditions, you can benefit from the insurance.
  • You can guarantee compensation for potential damages due to protests or acts of terrorism.
  • You can also protect yourself from any loss due to robbery by opting for home insurance that covers it.
  • Home insurance also acts as a guarantee for the furniture in the home you rented.
  • It will keep benefiting you regarding installment and electricity malfunctions, damages to your windows, and if you got locked out.

Is It Mandatory to Get Home Insurance?

Getting home insurance is optional rather than mandatory. However, if you are buying a new property using a housing loan, your bank might ask you to buy home insurance during the debt period.

You shouldn’t confuse DASK (Mandatory earthquake insurance) with home insurance. DASK’s coverage is limited, and it is mandatory to get it. On the other hand, home insurance is optional and covers many issues.

How Are the Payments Made In Case of Any Damage?

After the insurance owner notifies the insurance company of the damage, the stages of the process are appointing an expert, evaluating the documents, and compensating for the damage.

The insurance company should determine the damage level and compensation amount and notify the insurance holder within 15 days the most after receiving the documents. Upon the approval of the file, the compensation is granted to the insurance holder within roughly 30 workdays.

What is Home Insurance?

Home insurance is a type of insurance that protects you against risks under agreed terms. The benefits of home insurance bring many financial advantages in case of disasters.

You might be wondering about the optional home insurance: “What happens if I don’t get home insurance?” The answer is that you would have left your home unprotected against any possible damage, and you would have missed all the benefits of home insurance.

Home insurance premiums differ based on the size of your home, its value, and whether it is located in an earthquake zone.

What Should I Pay Attention to When Buying Home Insurance?

First, you should pay attention the to address information. You should determine the policies by submitting the right data to the right address.

Guarantees regarding the building, furniture, decoration, and windows value should be identified properly. Information on the building age, size, measures taken for security and against fire should be correct and complete. Exceptions in the policy should be evaluated if there are any.

How Are the Premiums Determined?

Home insurance premiums are determined in accordance with the city the home is in, the size and style of the building, which floor the apartment is on, the security measures taken, and limits determined on the guarantees on the policy.

The existence of the DASK policy also reduces the premiums. You can also arrange home insurance only for the furniture without the guarantee for the building. In this case, the premium cost is lower.

Home insurance covers the main guarantees, earthquake, fire, flood, burglary, and terror. Decoration, damage to the windows, guarantees for electronic appliances, guarantees for cash and valuables, and pecuniary liability for tenants/neighbors can also be added to it, which is one of the benefits of home insurance.

Differences Between Home Insurance and DASK

DASK compensates the amount stated on the policy to the insurance holder in cases such as earthquakes and fires due to earthquakes, while home insurance pays the price for the guarantee that covers the building minus the amount paid by DASK.

If the building value is ₺50,000 on the DASK policy, and ₺150,000 on the home insurance policy, the home insurance pays an additional ₺100,000 after the earthquake.

While DASK compensates for earthquake and related risks, home insurance provides more comprehensive protection, such as against earthquake, burglary, fire, landslide, internal water, flood, storm, hail, snow, car, and airplane crashes to the building, and pecuniary liability for the neighbors. In fact, the benefits of home insurance are based on how comprehensive it is.

By getting home insurance, you gain the right to amend the financial value of your home after disasters such as earthquakes.

With additional guarantees that you will add to the policies, you will be protecting your furniture against home accidents or burglary. In recent years, additional benefits of home insurance such as paint, combi maintenance, rug cleaning, and locksmith services are offered for free, provided that they are stated in the policy and contracted service providers render such services.

Both tenants and homeowners can experience the benefits of home insurance. Homeowners can benefit from all the guarantees while tenants are compensated for damages during their contract period.

Join The Discussion

Compare listings

Compare