Earthquake insurance and compensation for foreigners and Turks

In the event of an earthquake in Turkey, you should not worry because there is an earthquake insurance law that supports and bears the costs and damages with the property owner and may be fully compensated for everything he lost, and given the importance of this issue in this article we will talk about the people who are compensated, about some laws Related to this matter, if you want more details, follow us to the end.

History of earthquakes in Turkey

Turkey has a long history of earthquakes, the most notable of which was the earthquake of 356 CE on the island of Crete. However, the most devastating earthquake that hit Turkey occurred in 1999, when two major earthquakes hit the Duzce and Golcuk regions, respectively.

The most devastating earthquake that struck Turkey on February 6, 2023 was in southern Turkey and northern Syria, with a magnitude of 7.8 on the Richter scale, resulting in 17,127 deaths and 43,953 injuries. Another violent earthquake shook Turkey on December 27, 1939, recording a magnitude of 7.4 and continued. For 45 seconds - the longest duration of an earthquake in Turkish history. As a magnitude 7.4 earthquake struck Kocaeli state (NW) on August 17, 1999 and lasted 45 seconds.

What is meant by earthquake insurance in Turkey?

Earthquake insurance in Turkey is a form of insurance coverage that provides protection for buildings and homes in the event of an earthquake and includes earthquake coverage and its catastrophic consequences, equipment and ambulances that may be necessary in the event of an earthquake. This type of insurance is provided by the Disaster Insurance Company in Turkey, The cost of the policy is determined by the property's proximity to seismic areas and the insurance can provide peace of mind to those living in earthquake-prone areas, as it can help reduce damage to buildings and make it easier for patients to receive hospital treatment if needed.

Do foreigners and Turks benefit from earthquake insurance?

The Turkish government provides earthquake insurance for both Turks and foreigners. This insurance helps victims of earthquakes or other natural disasters obtain financial compensation for their losses. The insurance also covers any medical expenses that may arise from the disaster. The government also provides support to those affected by the disaster, and ensures that Turks and foreigners get a foothold of equality on relief and assistance.

All foreign residents in Turkey with a valid residence permit can benefit from public health insurance. Home insurance is also available against earthquakes and covers the costs of repairing or replacing buildings or other property damaged by the disaster. Foreigners and Turks have equal access to these benefits, allowing They protect themselves from any financial losses caused by natural disasters.

Buildings covered by earthquake insurance

Earthquake insurance in Turkey covers a variety of buildings and includes buildings used for commercial purposes, such as offices and stores, as well as buildings used as public service buildings. The law also requires that any building subject to the Public Housing Law must be covered by earthquake insurance.

In addition, earthquake insurance is required to cover any physical damage caused by an earthquake, fire, explosion or tsunami and these policies are designed to provide protection to home and business owners in the event of a disaster.

Buildings not covered by earthquake insurance

There are a number of buildings that are not covered by the insurance law, such as those located in rural or remote areas, abandoned buildings, and buildings that do not meet the conditions stipulated for construction. Therefore, before making the decision to buy, you must have a good understanding of the condition of the building in which you intend to own.

Do earthquakes affect real estate prices?

The devastating earthquake that struck the eastern Mediterranean and severely affected Turkey is expected to have a significant impact on the real estate market in the region, while real estate prices were already rising in Turkey before the earthquake, current projections indicate that they will now increase more rapidly as a result of the disaster and this is true Particularly in cities such as Istanbul, where the earthquake has caused a huge amount of destruction and experts have warned that rents and real estate prices may rise by up to 30% due to the demolition of many homes in the affected areas.

Do constructing companies offer earthquake guarantees?

Construction companies in Turkey are legally required to build earthquake-resistant buildings, and foreign investors can rest assured that their investments are protected in the event of any disaster. The authorities in Turkey did not differentiate between foreign and Turkish investors when it comes to this aspect.

Specifications of earthquake resistant buildings

Building joints must be able to absorb shocks from earthquakes of up to 7.3 on the Richter scale. In 2007 a law was passed in Turkey defining the specifications of earthquake-resistant buildings, and a survey was conducted of all real estate in Turkey and Istanbul to measure compliance; To build a resistant structure, the soil study report must first be extracted to test the suitability of the land for construction, and the building must be designed so that it maintains its balance inside and out on the basis of horizontal planning for urban expansion, and earthquake-resistant buildings must have engineering supervisors to ensure that all designs are implemented correctly.

The cost of an earthquake insurance policy

The cost varies according to the location of the property, its size, type, and other details, but the matter is not a concern for the investor or the owner of the property because it is considered a small cost in front of the privileges that will be reaped behind it.

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