DASK Earthquake Insurance: Most Important Aspects to Know Before Settling on Your Dream Home

For many people who want to move to a different country, their destination’s geology, climate and the natural phenomena that occur regularly are important factors to consider. 

This article is meant to provide insight on how to be prepared to live in an earthquake zone and list some facts about the mandatory DASK earthquake insurance for renting or purchasing property in Turkey. 

The risk of earthquakes

The global increase in the frequency of unnatural climate events in recent years has affected our awareness about natural disasters and their impact. 

During these times of distress, we are reminded of why preparation for natural disasters is extremely important. If these events are cyclic and somewhat expected like earthquakes, it is even more imperative that we take precautions to protect ourselves and our assets.

Turkey lies on several fault lines, consisting of the three main fault lines: North Anatolian Fault Line, East Anatolian Fault Line and West Anatolian Fault Line. Many of these fault lines are close to cities such as Istanbul and Izmir and on the West, and Kahramanmaraş, Hatay and Erzincan on the East, Elazığ in the center, and many more. 

Most earthquakes in Turkey are caused by the shaking of the surface of the earth due to the sudden release of energy from these natural geological faults. When the faults move relative to each other, stress accumulates over a period of time, – which can range from decades to centuries – eventually causing a tremor when the stress is released. 

For a country in an earthquake zone such as Turkey, there are several precautions in place to ensure the recompensation of residents and minimize damages to buildings that may happen during an earthquake. 

The first precaution one must take is thoroughly analyzing their residence for risk of collapse during an earthquake. Risk factors include the age of the building (older buildings tend to pose a higher risk), materials used in construction (concrete buildings are riskier than wood or steel frame buildings), height of the building, whether the building is used for its intended purpose, shape of the building, and the foundation of the building. 

It is advised that one requests this information before renting or purchasing a property in an earthquake zone. If the building satisfies the necessary safety checkpoints and is deemed fit to withstand an earthquake one can proceed with the next step, which is acquiring DASK earthquake insurance.

What is DASK earthquake insurance?

As a provision against massive damages that earthquakes can cause in Turkey, DASK (Natural Disasters Insurance Organization) mandates that every property holds earthquake insurance. DASK collaborates with private insurance companies to inspect the earthquake payout system that is in place. 

The purpose of DASK earthquake insurance is to recover any financial damages that may result from an earthquake and the natural occurrences that result from an earthquake. With this insurance, the government is able to collect the necessary finances required to rebuild after the natural disaster. Generally, the payout made by DASK equals the amount needed to rebuild the insured building.

Here are some basic facts about DASK earthquake insurance:

• It legally requires renewal every year 
• It is required in order to register utilities such as gas, electricity and water as well to rent the property to a tenant.
• The insurance covers all damages to the insured building, and not to any belongings that are inside the building.
• DASK earthquake insurance rates are determined every year according to the risk of damage to the building and the region’s risk coefficient. The rates are determined after the examination of experts.
• DASK is required to cover the full payout amount if the building collapses entirely. The amount of payout depends on the damage to the building. 

The minimum insurance premium for earthquake insurance is set at an affordable rate to the general public, although additional coverage to DASK insurance can be purchased from any insurance provider. The payout made by DASK is generally proportional to the insurance premium just as any other type of insurance policy. 

Due to the mandatory nature of DASK, it is imperative that one pays attention to it before they sign a rental contract. 

Differences between DASK earthquake insurance and home insurance

One of the things to note is that DASK earthquake insurance should not be confused with home insurance. Here are some key differences between the two:

• While DASK earthquake insurance is mandatory, home insurance is optional.
• Home insurance policies are based on the terms of the insurance provider, but DASK insurance cannot be canceled and has to be renewed each year.
• DASK insurance provides payouts only in the occurrence of an earthquake. Home insurance can provide coverage for events outside of earthquakes such as fires, etc. 
• The insurance premiums will differ for DASK insurance and home insurance. The mandatory DASK insurance rates are set each year with a fixed minimum and maximum premium amount each year. Home insurance premiums are usually determined by the insurance provider and depend on additional coverage requested. 
• Both insurance policies qualify for discounts. DASK insurance discount levels vary depending on the number of floors and the age of the building. Home insurance discounts are set by the insurance provider.

DASK insurance is available to purchase easily, efficiently and reliably through Settle Turkey. For more details on acquiring DASK insurance and to get a price quote from our experts, contact us so we can connect you to an insurance provider.