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Mustafa Hakan Özelmacıklı, CEO of Altın Emlak, a real estate sales and rental company (a division of ALTIN Şirketler Grubu) has made an important statement recently regarding the number of compulsory earthquake insurances issued for houses. In November 2020 alone - after the notorious October events - 971,895 documents were issued. By the end of 2020, the number of issued certificates reached 9 million 992 thousand; and together with insurances issued for incomplete January 2021, the limit of 10 million was successfully overcome.
Let us recall that three months ago, as a result of a very strong - 6.6 points on the Richter scale - earthquake in the Aegean Sea between Turkey and Greece, Izmir suffered the most: dozens of buildings were damaged. New houses construction has already begun (https://turk.estate/news/nachalos-stroitelstvo-domov-vzamen-razrushennih-silnim-zemletryaseniem-v-izmire/).
Renovation work is also underway as part of the social earthquake protection program almost in every district of Istanbul (https://turk.estate/news/v-stambule-idyot-renovatciya-117-tisyach-mnogokvartirnih-domov/). In general, in Turkey (where 92% of the territory falls into the zone of significant seismic risk), the Plan to Make Cities Earthquake-Resistant is being implemented. The country needs to strengthen and modernize at about 40% of buildings (https://turk.estate/news/ in pochti-40-protcentov-mnogokvartirnih-domov-v-turtcii-nuzhdayutsya-v-ukreplenii-ot-zemletryasenij/) in the sense of earthquake resistance, and earthquake insurance is required (https://turk.estate/news/nedvizhimost-v-turtcii-strahuyut-ot-zemletryasenij-v-obyazatelnom-poryadke/).
Mr. Özelmacıklı clarified that by 01 January 2021, the maximum amount of the DASK policy (for details on insurance, see below) for houses that imply compulsory earthquake insurance would have increased to 268,000 Turkish liras, and the cost of 1 square meter for reinforced concrete houses - up to 1268 Turkish Lira.
In the coastal provinces on the Sea of Marmara, registration statistics for insurance policies against earthquakes are as follows: the highest percentage of insurance is in Bolu (94.6% of buildings). This is followed by Yalova (90.5%), Tekirdağ (87.6%) and Sakarya (87%). After the earthquake in Bingöl the percentage of guaranteed real estate immediately increased by 9% compared to the previous year - up to 81.3%; in Izmir - + 5.4% to the same indicator a year ago, or up to 61.4%. In Mugla, Çanakkale and Kocaeli the average percentage is around 70%.
Hakan Özelmacıklı hasexplained that the company always insists that its customers always issue DASK policies for rented or posessed real estate and inform Altın Emlak of the insurance policy number: “Earthquakes pass, but life goes on. And insurance against nature riot is our social responsibility.”
From the Editor: DASK (Doğal Afet Sigortaları Kurumu, or Compulsory Earthquake Insurance Policy) covers material damage directly caused by an earthquake and fire, explosion, tsunami and landslide, within the financial limits specified in the policy. Partial damages are also compensated, the amount is paid in cash.
When determining the maximum coverage amount, the need to restore destroyed dwelling (excluding the cost of the land plot) is considered. If the housing price exceeds the maximum coverage provided by DASK, the insured may receive additional coverage from insurance companies for the missing amount. To do this, you need to make house insurance in advance from private insurers.