What is DASK insurance?
Why you need DASK insurance when buying a property in Turkey
DASK is a policy created by the World Bank and Turkish Government and provided by the Turkish Catastrophe Insurance Pool (TCIP).
It is insurance cover for material damages that occur to buildings caused by earthquakes. It is also known as Compulsory Earthquake insurance. For the purpose of this blog we refer to this insurance as DASK
The Turkish Government mandate that all property owners in Turkey hold DASK insurance, DASK insurance is intended to cover material damages on dwellings caused by earthquakes, as well as possible damage caused by fires, explosions, tsunamis and landslides that are a direct result of an earthquake.
DASK aims to provide insured property owners with the chance to get on with their lives following an earthquake. DASK launches a maximum coverage limit each year which is linked with the growth in construction expenses. The maximum sum insured amount given by DASK is 215 thousand TL for all building types as of September 2019.
In calculating the DASK insurance indemnity limit, the re-building cost of the property (excluding the value of the land) is taken into consideration. The cost of DASK insurance and the indemnity calculation can vary depending on the property size, location and construction type of the dwelling, on condition that it does not surpass the maximum sum insured given by DASK.
If the total building value surpasses the maximum sum insured given by DASK, property owners can obtain additional cover for the rest of the amount by purchasing a homeowners insurance policy which expressly covers costs in excess of the DASK insurance cover limit.
Certain types of property may not be covered by DASK insurance, these include;
- Buildings used for commercial or business use e.g. office blocks
- Buildings that are under construction and are not yet complete
- Buildings that are constructed against building codes
DASK insurance must be taken out every year.
DASK insurance only covers the material damages to buildings that are caused by earthquakes. The following types of losses are not covered:
- Debris removal costs
- Loss of profit
- Business interruption
- Loss of rent
- Alternative residence and workplace costs
- Damage to all kinds of movable properties, goods, etc.
- All bodily injuries and death
- Non-material damages
- Independently of the earthquake, damages which occur in time due to the flawed structure of the building
However, having an additional home insurance policy may cover for these types of loss in addition to any DASK insurance purchased.
Do I need other property insurance when I have DASK insurance?
As above, DASK insurance only covers the cost of material damages on dwellings caused by earthquakes as well as any possible explosions, fires landslides or tsunamis that are caused because of an earthquake. DASK insurance does not provide cover for any other perils such as theft or water damage caused by leaks etc.
In order to obtain a DASK insurance quotation for you, we require:
- A copy of your TAPU (Title deeds)
- Passport numbers for all those named on the TAPU
- Turkish Tax Reference numbers for all those named on the TAPU
- The size of your property in m2 (including any balconies and terraces).
- The full Turkish address of the property
- A live Intasure Holiday Home Policy must exist for the same address – Intasure excludes cover for damages caused by Earthquake unless there is a valid DASK Insurance policy in place
* Terms and Conditions apply, for limitations and exclusions, please read the policy documents for full details. For full terms, conditions and exclusions relating to DASK Insurance, please refer to the DASK website: www.tcip.gov.tr
*The opinions and views expressed in the above articles are those of the author only and are for guidance purposes only. The authors disclaim any liability for reliance upon those opinions and would encourage readers to rely upon more than one source before making a decision based on the information.