The importance of the earthquake document in Turkey

Created: 2021-04-23
Last Updated: 2024-04-26
Views: 4341

The real estate market in Turkey is one of the most preferred investment destinations by foreign investors due to its advantages and factors that serve the owner even in the most difficult circumstances, including the earthquake insurance policy in Turkey.

First
The imposition of extracting an earthquake insurance policy in Turkey:
After the severe damage that was caused to Turkey after the devastating Marmara earthquake that struck the country in the year one thousand nine hundred and ninety-one, a new law was issued according to which the owners of real estate in Turkey, whether they are Turkish citizens or foreigners, obtain earthquake insurance for all buildings that are newly built and Carrying out restoration work for old buildings so that the Turkish government is able to cover the damage that may affect residential buildings and citizens in the event of exposure to natural disasters or earthquakes.

Second
How the earthquake insurance policy works in Turkey:
Currently, obtaining an earthquake insurance policy is a mandatory condition for all real estate in Turkey, and this document provides assistance represented by the owner obtaining construction and restoration dues in the event of any damage to the property due to natural disasters such as earthquakes, fires and collapses so that the owner is able to overcome these The crisis, with the help of the funds provided to him, and as we mentioned, the work on this document has been in effect since the Marmara earthquake, which left heavy damage to lives and livelihoods. Therefore, the Natural Disaster Insurance Corporation was established, which operates under the direct supervision of the Ministry of Finance in Turkey.
The earthquake insurance policy is extracted immediately after the completion of the construction of real estate in Turkey, as the title deed of the property is not delivered or any services provided by the state such as electricity, water, gas, landline phone service and even the Internet are obtained unless the owner pays the earthquake insurance and Presenting the earthquake insurance policy, and after registration, the payment turns into an annual one where a fixed date is set to be notified by the property owner and during which he visits the natural disaster insurance institution to pay the amount or the full amount can be paid in any one of the licensed banks in Turkey or through an office Mail or one of the branches of the insurance companies offices, meaning that the payment method is available for the owner to choose the most suitable and most comfortable for him.

Third
The importance of earthquake insurance policy in Turkey:
The earthquake insurance policy for real estate is very important and that great importance stems from the fact that this document helps the owner in maintaining the safety of his property from demolition and emphasizes the property's ability to resist earthquakes and in the event of any natural disaster such as fires, earthquakes, or floods. Leading to real estate damage, Turkey's real estate that holds an earthquake insurance policy has the advantage of obtaining financial compensation from the Turkish government in order to cover the costs of damage and repairs that will be entrusted to the owner.
Also, the great interest in implementing the earthquake insurance policy and emphasizing its importance has helped raise the level of awareness of the population in Turkey to the importance of building disaster-resistant properties and the need to preserve property and rights in the event that they are affected by reasons beyond human control, such as natural disasters, by obtaining insurance. Earthquakes from the state, in addition to the fact that this insurance helps in determining the damages and the costs involved in the occurrence of any earthquake or natural disaster of any kind.

Fourthly
Real estate in Turkey covered by earthquake insurance policy:
The earthquake insurance policy covers an important number of types of real estate in Turkey, and its coverage is intended to pay financial expenses to repair the damage to these buildings in the event of a natural disaster such as earthquakes, and these properties include: residential properties registered with the governmental Land Registry Department such as apartments in Turkey And villas in Turkey and residential complexes, as well as government-owned buildings that are considered to be their property and are granted to residents during periods of disaster and emergency, as well as commercial real estate from offices and commercial stores and companies registered with the Land Registry Department or the Real Estate Registry Department in Turkey, and it is added to Those floors that are subject to the property law, such as service facilities and roofs, and earthquake insurance also includes real estate under construction and those that possess the title to the real estate easement, as well as buildings that do not meet the construction requirements and are classified as commercial real estate, but they are included in the earthquake insurance law.

Fifthly
Turkey real estate that does not obtain an earthquake insurance policy:
All real estate in Turkey that is not subject to the conditions and laws of the state in construction are not allowed to obtain earthquake insurance, and the same is true for abandoned and uninhabited buildings, abandoned commercial offices, as well as rural properties that are built in villages in contravention and do not apply. Building laws and not obtaining government licenses, and to the foregoing are the buildings that received a demolition notice from the Turkish government.

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The importance of the earthquake document in Turkey