Introduction - AssetSure are
able to offer insurance for an Turkey holiday home. Holiday
home purchase in Turkey
has been escalating quite dramatically in the
last few years. Once considered a backwater for European holiday makers and
property buyers, the combination of cheap property prices, beautiful weather and
welcoming culture has seen a surge of development as Turkey becomes a popular
location to obtain a
second home. In particular, travel package providers and
Holiday TV companies have been focussing on Turkey and the images of the
beautiful white beeches and Turquoise water around Oludeniz on the South West
Coast are particularly inviting. This " Turquoise Coast" region is now
considered to be one finest beech resorts in the world and with flights becoming
cheaper and more readily available, holiday home purchase in the region is set
to continue at a steady pace. Prices are considerably lower than those
obtainable in Spain and the region is experiencing wide scale growth
Turkey is located at the northeast end of the Mediterranean and is where Europe
meets Asia. To the North is the Black Sea and to the West the Aegean. Its near
neighbours are Greece, Bulgaria, Russia, Ukraine and Romania. The Dardanelle's,
the sea of Marmara and the Bosporus divide the country. Part of Turkey rests
above the North Anatolian fault, which is wedged between two large tectonic
plates, Eurasia and Africa/Middle East. These plates occasionally grind together
which can create earthquakes.
For this reason, when you buy
holiday home insurance in Turkey, you will need to
make sure that your policy is compliant with all local laws. In Turkey, there
are basically two types of property insurance and you can buy it locally or from
a company based in the United Kingdom that have the appropriate licence to sell
Turkish property Insurance.
Types of Property Insurance -the two type so property insurance are:-
Compulsory - known as DASK (The
Turkish Catastrophic Insurance Pool -TCIP). This
mandatory insurance was introduced to provide compulsory Earthquake Insurance.
Insurance companies are authorised to sign insurance agreements with the name
and account of TCIP. Insurance is mandatory for all buildings except public
establishments and property constructed on village settlement areas.
The potential for large scale disaster had become a major concern for the
Turkish government partially following Earthquakes in the 1990s and this led to
the setting up of the TCIP. The government considered that they were exposed to
possible large compensation claims as catastrophe insurance had not been widely
purchased. TCIP has now established itself as trusted provider of Earthquake
insurance and has extended cover to over 2 million homes.
Property that requires compulsory Earthquake Insurance:-
1. If you Home is located within council borders you will need to buy compulsory
earthquake insurance.
2. Private buildings that are owned by individuals that have deed papers
3. Independent parts of buildings that come under Law No: 634**
4. Parts of buildings that are being used as offices, shops etc. that are
contained within the principal building.
5. Buildings that have been constructed by the government after a disaster or
buildings that have been built for the same reason with finance that
the government has provided.
Non Compulsory Property Insurance - this includes holiday home insurance and can now be purchased from a number of
overseas product providers that are licensed to provide building and contents
insurance in Turkey. When purchasing your policy make sure that you enquire as
to what arrangements are make for the purchase of compulsory Earthquake cover.
Insurance polices obtained from a Uk insurance provider will usually cover all
the perils you would expect to find on a UK home insurance policy, such as Fire,
Storm, Tempest Flood etc however, earthquake cover is usually restricted to
excess of loss, that is amounts above the limits provided by TCIP. you will need
to check the construction of your property as more often than not, unless it is
built with a steel concrete carcass, cover is not available.
* In Turkey, they have a specific law that deals with Flat ownership. This law,
Turkish Flat Ownership Law (Law No : 634 ) states that for a building with more
than 8 independent units, the owners have to organise and elect a management
committee and also vote and elect a : Manager, Site Supervisor, Secretary and
other independent members. The Main building, will be managed by estate owners
and the management style is decided together with the owners by the committee
taking in to consideration the the provisions of law.
Overseas property insurance and holiday home insurance for.... Australia,
Austria, Belgium, Bulgaria, Brazil, Canada, Cape Verde, Chile, Croatia, Cyprus,
Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece,
Egypt, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein,
Luxembourg, Malta, Monaco, Montenegro, Morocco, Netherlands, New Zealand,
Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South Africa, Spain,
Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom (UK)
and Venezuela.
Guide to Holiday Home Insurance Turkey