There are two types of insurance policies for Properties in Turkey. These are the compulsory earthquake insurance and other non-compulsory property insurance.
Compulsory: DASK (The Turkish Catastrophic Insurance Pool-TCIP) has been established by the virtue of Decree Law no:587 in order to write compulsory Earthquake Insurance and to do the other tasks given by the Decree. Compulsory Earthquake Insurance is underwritten by TCIP. The insurance companies are authorised to sign insurance agreement with the name and account of TCIP. In Turkey, Compulsory Earthquake Insurance is mandatory for all houses except for the buildings which belong to public establishments and the buildings constructed on village settlement areas.
Non-compulsory: The other property insurance types can be freely bought from the market and they cover some risks including theft and fire. Foreigners are permitted to conclude property insurance contract in Turkey. There are no legal restrictions for foreigners to buy all insurance types. Additionally, real persons and legal entities are obliged to buy insurance policies from the insurance companies operating in Turkey. The Insurance companies must have a licence to operate in Turkey. Those companies are not treated differently in terms of capital requirement whether they are domestic or foreign. It is possible to establish an insurance company in Turkey with %100 foreign capital.
Property Insurance can be divided into several types. Full insurance covers both the building and contents. In cooperatives and condominiums, a common insurance is drawn for the building itself. Then the residents must draw special home contents insurance.
Home insurance is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. It requires that at least one of the named insured occupies the home.
Riviera Invest helps you find the insurance that best suits you and your property. We are cooperating with Gökce Sigorta (Insurance) who has 7 / 24 customer service. Award winning Gökce Sigorta was founded in 1990, and is an agent for many of the biggest insurance companies in Turkey. Among them:
- Ergoİsviçre Insurance Co.
- Ergoİsviçre Life Inc.
- Yapi Kredi Sigorta A.Ş.
- Acibadem Insurance Co.
- Fiba Sigorta A.Ş.
- Axa Insurance Co.
- Axa Life Insurance Co.
- Aviva Insurance Co.
- Işık Sigorta AS
- HDI Sigorta AS
Contact us today free insurance counseling!