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Property Insurance in Turkey

| Created : 2023-03-14
| Updated : 2024-03-11
Created : 2023-03-14
Updated : 2024-03-11

Whether you own or rent a home, housing insurance can provide essential financial protection against unexpected events such as fire, theft, earthquake, and flood. With certain coverage limits, this type of insurance can help you repair or replace your property and belongings, giving you peace of mind in the event of a disaster.

Do You Need a Property Insurance in Turkey?

Property insurance is optional in Turkey, not compulsory. Although it is not compulsory unlike property tax, it is recommended that this insurance be taken out by the landlords and tenants due to the wide range of main and additional coverages. Thanks to the guarantees that you have determined according to your needs and included in the policy, it is possible to receive payments to cover the damages that may occur in your home or belongings due to various reasons, from natural disasters to theft, from fire to public riots.

What are the Top Insurance Companies in Turkey?

The top insurance companies in Turkey are listed below:

  • Allianz Insurance
  • Anadolu Anonim Turkish Insurance Company
  • Aksigorta
  • Axa Insurance
  • Mapfre Insurance
  • Sompo Japan
  • Ziraat Insurance
  • Solar Insurance
  • People's Insurance
  • Nature Insurance

What are the General Conditions of Housing Insurance?

The general conditions of housing insurance are listed below:

  • General conditions of optional coverage included in the Housing Package policy
  • General terms of fire insurance
  • General terms of the 3rd Party Liability Policy
  • General terms of theft insurance
  • General terms and conditions of glass breakage insurance
  • Legal protection insurance general conditions

What is the Difference Between Dask and Property Insurance?

DASK aims to compensate for the damages caused by the earthquake and earthquake-related fire, tsunami, and landslide in the building. Housing insurance, on the other hand, covers not only the house but also the belongings inside the house.

What is DASK?

DASK is a Natural Disaster and Insurance Institution, which was established in 2000, and is the institution responsible for the acquisition and activities of Compulsory Earthquake Insurance in Turkey.

Citizens provide financial security with Compulsory Earthquake Insurance against negativities that may occur in the buildings they live in, such as fire, landslide, or tsunami, due to an earthquake.

How is DASK Renewal Made?

A compulsory earthquake insurance policy must be renewed every year. Renewals can be made from any authorized insurance company, agency, or bank branch.

What is DASK Guarantee?

Compulsory earthquake  (DASK) insurance coverages are as follows:

Material damages are directly caused by the earthquake. Damages caused by fire, explosion, hurricane, explosion, tornado, landslide, or giant wave (tsunami) caused by the earthquake in the insured buildings. The foundations, main walls, common walls separating the independent sections, garden walls, retaining walls, ceilings and floors, stairs, elevators, landings, corridors, roofs, chimneys, and similar complementary parts of the building are insured up to the insurance cost.

What Does Property Insurance Cover?

Property insurance covers are listed below:

  • Fire, explosion, lightning, the weight of snow, landslide, storm,
  • Flood and inundation
  • Strikes, lockouts, riots, popular movements, malicious acts, terrorism,
  • Problems with internal water,
  • Smoke,
  • Fuel leak,
  • Land vehicle crash,
  • Aircraft crash,
  • Boat crash,
  • Debris removal costs,
  • Theft,
  • accidental breakage,
  • Glass and mirror breakage,
  • Rental loss,
  • Alternative residence and moving costs,
  • Third-party liability,
  • Fixed decoration,
  • Electronic device guarantee,
  • Extortion, snatching, pickpocket guarantee,
  • Coverage for goods found outside the residence,
  • Guarantee of belongings belonging to third parties in the residence,
  • housing adaptation,
  • Earthquake (Optional coverage and included in the policy if requested by the insured),
  • Home help services,
  • Inflation hedge advantage.

Which Company Has the Best Insurance Policy in Turkey?

The companies which have the best insurance policy in Turkey are listed below:

  • Allianz Insurance
  • Anadolu Insurance
  • Anonim Turk Insurance Company

How much does it Cost to Have My House Insured in Turkey?

Offers for home insurance prices may vary according to the age of the residence, the province and district where it is located, and the floor it is located. For this reason, much more detailed information about home insurance prices can be obtained from insurance agencies or call center numbers on the websites of insurance companies.

Is Property Insurance Obligatory for a Newly Purchased Home in Turkey?

Unlike earthquake insurance, home insurance is not compulsory. However, home insurance covers many different situations that are not covered by compulsory earthquake insurance. In addition, in cases where housing loans are used, banks may request housing insurance.