Damages caused by earthquake, fire after earthquake and explosion as a result of earthquake are covered.
While the insured is the person who is covered by the policy, the insurant is the one who will pay the premium.
Buildings built as residential buildings, which are registered as land properties in the land registry, are covered by the compulsory earthquake Insurance as per the Decree Law No. 587. The dwellings without independent title deeds can be insured on the basis of the declaration of the insurant and with the information stated in the land deed.
When calculating the independent section, the gross m2 included in the property tax return is taken as the basis.
If the building is built as a residence, the subsequent change of use does not change the status of the residence and the independent sections are covered by compulsory earthquake Insurance.
No, common areas in buildings are not covered by compulsory earthquake Insurance.
2% exemption is applied for each damage in compulsory earthquake Insurance. Damages not exceeding 2% of the policy amount are paid by the insured. If the loss exceeds the exemption fee, the Insurance company pays the exemption fee by deducting the compensation.
If the insured has an Insurance that includes both compulsory earthquake Insurance and self-regulated earthquake Insurance, the damage is paid first from compulsory earthquake Insurance. Since the compulsory earthquake Insurance has a certain upper limit, in case the damage that occurs exceeds this limit, the guarantee of the housing Insurance is applied.
Buildings belonging to public institutions and organizations, buildings made in residential areas of villages, buildings all used for commercial or industrial purposes, (such as factories and commercial buildings), Buildings built after December 27, 1999 but without a building license under the relevant legislation are not covered by compulsory earthquake Insurance.
The independent sections described by the Property Law No. 634, the buildings built as 'dwelling' on the real estates registered to the deed and subject to private ownership, the independent sections within these buildings which are used as workplaces, buildings built or given by the state due to natural disasters and made with credit are covered by compulsory earthquake Insurance.