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:
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:
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.
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 640,000 for all building types as of 25 November 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.
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:
Compulsory Earthquake Insurance is also valid for buildings which comply with the above conditions and are defined below:
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.
The following building types are excluded from the Compulsory Earthquake Insurance:
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