Turkey News
Earthquake insurance is an important issue in the modern world, it should be considered by all homeowners and is a mandatory document.
Earthquakes can cause devastating damage to homes and commercial properties and leave people without a roof over their heads. This is why it is important to make sure you have the right earthquake insurance. In this report, we explain the basics of earthquake insurance and what it covers.
What is the concept of earthquake insurance?
Earthquake insurance is a type of property insurance that covers loss and damage caused by earthquakes.
It is intended to protect homeowners from the financial damage that an earthquake can cause. Earthquake insurance covers not only the structure of the house, but also all other buildings such as garages, sheds and outbuildings.
When purchasing earthquake insurance, it is important to understand what the policy covers. Generally, these policies cover damage caused by ground movements, landslides, and other types of ground movements related to earthquakes.
They do not provide protection against flooding or other weather-related events. It is also important to understand the deductible associated with the policy. The deductible is the amount you must pay before the insurance company will pay for the claim.
Benefits of Earthquake Insurance
Earthquake insurance is an important form of protection for homeowners, helping to cover the costs of repairs and replacements in the event of a devastating earthquake. Here are some of its advantages.
Earthquakes can cause severe damage to your home and in some cases even lead to complete destruction. The policy gives you peace of mind knowing that you are financially protected in the event of a major earthquake.
Earthquake insurance protects you from the financial burden that comes with rebuilding or repairing your home after an earthquake. This coverage can help you pay for costly repairs or replacements required due to seismic activity.
Earthquake insurance can usually be tailored to your individual needs and budget. You can adjust the amount of insurance coverage you receive depending on certain risk factors and geographic location.
Earthquake insurance is often cheaper than many people think. Depending on where you live and how much coverage you want to purchase, the policy is often very affordable and worth the money if a major earthquake occurs in your area.
Purchasing is a great way to ensure you are protected from costly damage caused by seismic activity, and with this coverage you can have peace of mind.
Documents required to purchase earthquake insurance
To obtain this document, you must submit certain documents. This may include:
Submit a copy of the residence permit.
Submit the document with the tax number.
Bring a receipt for payment of earthquake insurance fees.
Proof of ownership of the insured property.
The detailed address of the property.
If you are unsure about what documents are required for your insurance, you should contact your insurance company for clarification.
Properties not covered by earthquake insurance
Earthquake insurance is a specialized type of property insurance that helps protect homeowners and businesses in earthquake-prone areas. However, the insurance does not cover all types of properties, for example:
Abandoned buildings and apartments.
Country houses in villages and popular areas.
Properties that are not licensed by the relevant Turkish authorities.
Buildings not subject to Turkish building regulations.
Buildings threatened with demolition by the Turkish government.
Before you submit an application, it is important to understand what types of properties are covered and what are not.
Costs covered by earthquake insurance
Earthquake insurance can help cover a range of costs related to damage caused by an earthquake, such as:
First the floors.
Secondly, the corridors within the buildings.
Third, the bishop.
Fourth, stairs and electric elevators.
Fifth, the basics of real estate construction.
Sixth, the walls connected to the property.
Costs not covered by earthquake insurance
Earthquake insurance is a good way to protect yourself and your property from the damage an earthquake can cause, but it doesn’t cover everything. Costs not covered by earthquake insurance include:
Cases of death and physical and psychological harm.
Moving costs if you have to leave your home due to damage.
Debris removal costs.
Unemployment.
Repair any non-structural damage, such as: B. on furnishings, devices or other internal items.
Goods in stores.
Rent compensation.
Legal fees if you have to go to court for any reason related to the earthquake.
It is important that you understand what your specific policy covers so you can be sure you are adequately protected.
How much do earthquake insurance fees cost?
Insurance fees vary depending on the location and size of the home, the number of rooms in the property and the age of the building or business insured.
Generally, fees depend on the amount of coverage provided and other factors, such as whether outbuildings or additional buildings need to be covered.
Before making a decision, it is important to obtain important information from different insurance companies to compare rates and coverage levels.
Where is the earthquake insurance fee paid?
Earthquake insurance fees are typically paid in several places, particularly:
Insurance companies.
Turkish banks and expenses.
Post offices and departments.
When is the earthquake insurance fee paid?
The earthquake insurance fee is usually paid to the insurance company. However, keep in mind that the insurance fee is paid annually to ensure you are covered in the event of an earthquake.
In conclusion, every investor undoubtedly needs earthquake insurance information when investing in real estate in Turkey. So you can visit our website to get some information you may need when issuing this document. Don’t hesitate If you want to ask for help, you can now contact our specialized consultants and tell them all your requests and questions. They will reply you as soon as possible.