Compulsory Earthquake Insurance (DASK) premiums double!

At the beginning of 2023, which we are in, (on February 6), severe earthquakes occurred in the Southeast Anatolia region, affecting 11 provinces and causing tens of thousands of people to die, and nearly 1 million people to be injured and lost limbs. 3 months after this disaster, the expected change was made for Compulsory Earthquake Insurance (DASK).

Compulsory Earthquake Insurance (DASK) premiums are doubled: From the state in the first year!

According to the news of Noyan Doğan published by Hürriyet today, a new regulation for Compulsory Earthquake Insurance (DASK) is at the door. Now, both the premiums paid for TCIP and the amount of coverage to be received in a possible disaster doubles.

For example, with the new regulation, a premium of 708 TL will be collected for a 100 m² house, while this amount will increase to 1,416 TL. The good side of this situation is that the double increase will also be reflected in the collateral. Because the amount of collateral, which is above the average level of 300 thousand TL, will exceed 600 thousand TL.

In addition, the highest collateral amount for a 100 m² house is currently 640 thousand TL, but with the new regulation, it will increase to 1 million 280 thousand TL. This is seen as an adequate level in many provinces.

However, it should be noted that it is still well below the desired level in Istanbul, Izmir and the surrounding provinces. Because, especially in relatively new or renovated buildings, the price of 100 m² flats starts from 2-3 million TL and goes up to 10 million TL.

On the other hand, assuming that these new apartments are inspected unlike the ones in Hatay and will be earthquake resistant, there is no need to worry. For old buildings with a price of 1-2 million TL, TCIP seems to meet the guarantee to a large extent.

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