The fact that our country is located on one of the most active earthquake zones in the world and the fact that a large part of our population live in depressed open spaces and unprotected buildings act on the facts, the importance of earthquake insurance also arises spontaneously.
What is Earthquake Insurance?
Compulsory Earthquake Insurance aims to mitigate the losses occurring after earthquake disaster and compensate 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 damages caused by earthquake disaster. The earthquake insurance provides for the damage of the buildings caused by the earthquake as well as the financial damages that will directly cause the fires, explosions and earthquakes that occur as a result of the earthquake directly to the insured building.
What Happens If Earthquake Insurance Does Not Exist?
In order to be able to apply for the housing insurance for the purchase of the housing loan, the condition of earthquake insurance is required. Furthermore, according to the new Disaster Insurance Law, which was enacted in August 2012, people without Earthquake Policies are no longer able to connect electricity and water to their homes. Earthquake insurance is also very important in order to cover the material and moral damages that may occur in your home during any earthquake.
Do not forget to take your earthquake policy as soon as possible due to the geographical conditions and legal obligations of your country, and be sure to renew your upcoming policies. The policies presented by the Natural Disaster Insurance Institution are regulated by the authorized insurance agency and the policy period must be renewed every year after the end of the policy period.