Turkish Catastrophe Insurance Pool – Earthquake is considered an important reality in Turkey. Homeowners are required to have legally compulsory earthquake insurance to minimize financial losses and to quickly heal the wounds of the earthquake In the event of a possible earthquake. Compulsory earthquake insurance can be made by insurance companies.
What is the Purpose of the Turkish Catastrophe Insurance Pool?
Turkish Catastrophe Insurance Pools aims can be listed as follows:
- To secure all residences against earthquakes.
- To share the burden of financial damage by reinsurance.
- To reduce the costs of the state from earthquakes and to create funds for future damages.
- To contribute to healthy construction in our country.
- To contribute to the development of insurance awareness in society. These goals are also important in terms of overlapping with the common interests of both the state and the inhabitants.
The specified building parts are covered together or separately:
Foundations, main walls, common walls separating independent sections, garden walls, retaining walls, ceilings and floors, stairs, elevators, landings, corridors, roofs, chimneys and complementary parts of the building similar to the items we have listed.
Situations outside the scope of coverage:
Compulsory earthquake insurance covers material damages in your building caused by earthquakes and earthquakes.
It is out of the coverage your losses in the following situations.
- Costs of wreck removal.
- Loss of profit.
- Business interruption.
- Rent deprivation.
- Alternative residence and workplace expenses.
- Financial liabilities and all other indirect damages that can be claimed.
- All kinds of movable goods, goods, etc.
- All bodily injuries and death.
- Spiritual damages demands.
- Damages other than fire, explosion, tsunami, or landslide resulting from earthquakes and earthquakes.
- Apart from the earthquake, damages occurred over time due to the building’s own defective structure.
For the damages with these features, you can choose different house insurances that you will take out in addition to the Compulsory Earthquake Insurance.
Turkish Catastrophe Insurance Pool says that: “Earthquake will pass, life will continue…” It provides a maximum amount of coverage determined according to the increase in construction costs every year. The maximum coverage amount given by DASK is 240 thousand TL for all building types as of January 01, 2020.