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Guarantees and Coverage

Compulsory Earthquake Insurance Coverage

With Compulsory Earthquake Insurance, the TCIP covers the material losses which are directly caused by an earthquake and any fire, explosions, tsunami or landslides which occur as a result of an earthquake within the limits specified in your policy, in cash.

Even if your building is completely or partially damaged, it remains under guarantee.

The following building sections are guaranteed together or separately:

  • Foundations
  • Main walls
  • Common walls separating the independent sections
  • Garden walls
  • Retaining walls
  • Ceilings and floors
  • Stairs
  • Elevators
  • Landings
  • Corridors
  • Roofing
  • Chimneys
  • Complementary parts of the building similar to those above

Cases Excluded from the Coverage

Compulsory Earthquake Insurance covers the material losses in your building caused by the earthquake by events caused by the earthquake.

Any losses which occur in the following cases are not covered by the coverage:

  • Debris removal costs,
  • Loss of profit,
  • Interruptions to business,
  • Loss of rental income,
  • Alternative residential or workplace expenses,
  • Financial responsibilities and or similar responsibilities on other indirect losses which may be claimed,
  • All kinds of movable goods, articles and similar items,
  • All bodily harm, including death,
  • Non-pecuniary (immaterial losses, in emotional, moral nature and similar) compensation claims,
  • Damages not caused by the earthquake or events caused by the earthquake such as fire, explosions, giant waves (tsunami) or landslides,
  • Damages which occur over time as a result of the building's own defects and characteristics, regardless of a specific earthquake event.

Various housing insurance policies are available in relation to the losses with the characteristics set out above, which can be purchased in addition to the Compulsory Earthquake Insurance.

Maximum Coverage Limit

With the Compulsory Earthquake Insurance, the TCIP aims to enable insurance holders to safely resume their lives after a possible earthquake disaster.

Under the banner of "The earthquake will pass, life will continue..." the TCIP provides guarantees to a maximum amount determined according to the increase in construction costs each year. The maximum guarantee amount specified by the TCIP was TL 320,000 for all building types as of 1 January 2022.

When determining the maximum guarantee amount, the cost of rebuilding the demolished dwelling (excluding the plot value) is taken into account. The guarantee amount (insurance amount) of the insured party is determined on the basis of the size and construction type of their dwellings, provided that it does not exceed the maximum guarantee amount.

Where the value of the dwelling exceeds the maximum guarantee amount set by the TCIP, the insured party has the option to receive additional coverage from insurance companies for any excess portion. Housing insurance may be purchased from private insurance providers for such insurance.

Buildings under Coverage

The Compulsory Earthquake Insurance, in general terms, is an insurance system developed to cover the material losses caused by an earthquake for dwellings within the boundaries of a municipality.

In accordance with the Catastrophe Insurances Law No. 6305, the buildings defined below are covered:

  • Buildings, built as dwellings on immovable property, which are registered in the title deed and are subject to private ownership,
  • Independent sections within the scope of the Property Ownership Law No. 634
  • Independent sections which are located in these buildings and used for commercial purposes, as offices or for similar purposes.
  • Dwellings built by the state or with the loans disbursed due to natural disasters

Compulsory Earthquake Insurance is also valid for buildings which comply with the above conditions and are defined below:

  • Buildings for which floor servitude is established,
  • Buildings for which the correction in their type has not been made yet in the title deed, and whose qualification is "plot etc." in the title deed registry.
  • Cooperative housing where the title deed has not yet been allocated,

Dwellings which do not yet have an independent title deed and which were built prior 2000 can be insured based on the declaration of the insured person and with the information pertaining to the plot title deed.

Buildings excluded from the Coverage

The following building types are excluded from the Compulsory Earthquake Insurance:

  • Buildings and independent sections which are subject to Law 2946 on Public Housing dated 9 November 1983, or used as public service buildings,
  • Buildings built in and around village settlement areas and in hamlets by those who are registered to the village population and who are permanent residents of the village,
  • Buildings which are used for commercial or industrial purposes in their entirety,
  • Buildings which were not designed and did not receive engineering services,
  • Buildings which are found to have been modified or weakened in a manner which would adversely affect their structural integrity,
  • Buildings constructed in violation of the relevant legislation and design in a manner which would adversely affect their structural integrity,
  • Buildings which are condemned for demolition by authorized public institutions and buildings which are not suitable for residential use, are neglected, derelict or abandoned.”

Optional Earthquake Insurance may be purchased for buildings which are outside the coverage of Compulsory Earthquake Insurance.

Village settlements are excluded from the insurance coverage due to the low level of income in general, the lack of municipal control over the buildings and the difficulty in providing insurance.

However, it is possible to purchase Optional Earthquake Insurance for buildings located in villages if requested.

Likewise, Optional Earthquake Insurance may be purchased for buildings used for commercial and industrial

 

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