In Turkey, where people have had to face the harsh reality of earthquakes, many are wondering in which situations the compulsory earthquake insurance (DASK) will cover their losses. Questions about how much DASK pays citizens and what is included under DASK are being followed closely.
Compulsory earthquake insurance is required for residential properties in Turkey. For sale transactions or other official procedures involving a dwelling, DASK is necessary. Homes whose owners pay the insurance premiums are protected against earthquake damage. People are interested in precisely what is covered under DASK in the event of an earthquake.
WHAT DAMAGES DOES DASK COVER?
Compulsory earthquake insurance provides coverage for many structural elements of buildings. Covered risks include foundations, load-bearing walls, partition walls separating independent units, garden and retaining walls, ceilings and floors, staircases, elevators, landings, corridors, roofs, chimneys and a range of other structural components.
If damage occurs to an element covered by the policy, payments are made to policyholders under DASK. Certain conditions must be met for payments to be made for the risks included in the insurance.
WHICH BUILDINGS ARE COVERED BY DASK?
DASK is a compulsory earthquake insurance that applies to a wide range of buildings. It particularly provides coverage for the following types of properties:
- Residential buildings constructed on privately owned land registered in the land registry.
- Independent units covered under Law No. 643.
- Independent commercial spaces within those buildings such as shops and offices.
- Houses constructed by the state or built with state-provided disaster recovery loans.
- Buildings for which a right of superficies (site easement) has been established.
- Cooperative housing where title deed allocation has not yet been completed.
WHAT IS THE COVERAGE AMOUNT UNDER DASK?
DASK coverage limits are adjusted annually in line with increases in construction costs. Under the most recent regulation, the maximum coverage amount has been set at 640,000 TRY. When calculating payouts, different assessment methods are applied, but the maximum payment that can be made is 640,000 TRY. Determining the coverage amount takes into account details such as the cost to rebuild the insured building.