Mandatory Earthquake Insurance (DASK) for Foreign Investors in Turkey
Mandatory Earthquake Insurance (DASK) for Foreign Investors
When investing in Antalya property for sale, one important consideration is the mandatory earthquake insurance (DASK). This insurance is a legal requirement in Turkey, designed to protect homeowners from the financial risks of earthquake-related damages. In this article, we will discuss the key aspects of DASK, including its coverage, cost, and relevance for foreign investors.
What is Mandatory Earthquake Insurance (DASK) in Turkey?
DASK, short for “Doğal Afet Sigortaları Kurumu” (Natural Disaster Insurance Institution), is a state-backed insurance policy that covers damages caused by earthquakes. It is a legal obligation for property owners in Turkey, and it applies to all residential buildings, including Antalya investment property.
What Does DASK Cover?
DASK provides coverage for a wide range of damages resulting from earthquakes. This includes damages to the structure of the building, such as walls, roofs, and foundations. It does not cover movable property inside the home, such as furniture or personal belongings. Foreign investors purchasing Antalya property for sale should be aware that DASK only covers structural damage, making additional property insurance necessary for comprehensive protection.
How Much Does DASK Cost?
The cost of DASK is based on several factors, including the size, location, and age of the property. Properties in earthquake-prone areas, like Antalya investment property, may have slightly higher premiums due to the increased risk. However, DASK is relatively affordable and provides crucial financial security. For a typical apartment, the annual premium can range from 150 to 400 Turkish Lira, depending on the specifics of the property.
Why is DASK Important for Foreign Investors?
For foreign investors, especially those purchasing Antalya property for sale, understanding DASK is crucial. Earthquakes are a real risk in Turkey, and the government enforces the mandatory insurance to ensure that property owners are financially protected. In addition to the legal obligation, having DASK ensures that your investment property in Antalya is safeguarded in case of natural disasters.
How to Get DASK for Your Investment Property in Antalya?
To get DASK, property owners must apply through insurance companies authorized to issue these policies. When purchasing Antalya property for sale, the property owner or real estate agent can facilitate this process. The policy is usually renewed annually, and failure to have DASK can result in penalties, as well as difficulties in accessing utilities and completing property sales.