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The Importance of Earthquake Insurance for Residence

The Importance of Earthquake Insurance for Residence
13 December 2018

The fact is that our country is located on one of the most active fault line zones in the world. In addition, the large part of our population lives in depressed open spaces and unprotected buildings, thus the importance of earthquake insurance also arises spontaneously.
The individuals, who want to make investments or purchase property in Turkey, should be careful about the natural disaster like an earthquake. Thus, constructions nowadays are building as adapted for natural disasters, especially for earthquakes.

What is Earthquake Insurance and What Happens If We Do Not Have It?

Compulsory Earthquake Insurance targets to mitigate the losses occurring after the earthquake disaster and atone as much as possible in material terms. It is a kind of insurance that has been put into effect by the Decree Law No. 587 since September 27, 2000, and provides assurance against the damages caused by earthquake disaster.
In order to be able to apply for the housing fuse for the purchase of the housing loan, the condition of earthquake insurance is required. Furthermore, according to the new Natural Disaster Insurance Law, which was altered in August 2012, people, who do not have Earthquake Policies, are no longer able to connect electricity and water to their homes. Earthquake assurance is also very important to cover the material and moral damages that may occur in your home during an earthquake. People, who want to make investments in Turkey, should take care of these insurances carefully.
To sum up, investors should research carefully about finding apartments, which have insurance, in Turkey.