Earthquake Insurance in Real Estate Purchase and Sale: Which Types of Insurance are Valid ?
Earthquake resistance of buildings and plots is an important factor in real estate buying and selling. The earthquakes experienced in recent years have once again revealed the importance of the earthquake resistance of buildings. Therefore, earthquake insurance is also a factor that should be taken into account in the purchase and sale of real estate. In this article, we will give information about the types of earthquake insurance applicable to the purchase and sale of real estate.
Earthquake insurance is a type of insurance offered by insurance companies that aims to cover damages that may occur in natural disasters such as earthquakes. This type of insurance is very important, especially for those who live in areas with a high risk of earthquakes. Since Turkey is a country with a high earthquake risk, earthquake insurance is an important factor in the purchase and sale of real estate.
In the purchase and sale of real estate, it is an important issue whether the purchased or sold real estate is insured for earthquakes. Therefore, it is important to learn some information about earthquake insurance in real estate buying and selling.
Types of earthquake insurance
Earthquake insurance, there are many types of insurance offered in different scopes. Among these types of insurance, there are compulsory and voluntary types of insurance. Dec.
Compulsory earthquake insurance: DASK
DASK, known as compulsory earthquake insurance, is a type of insurance that is mandatory in all residences in Turkey. DASK is offered by the Natural Disaster Insurance Institution. This type of insurance aims to cover the damages caused by earthquakes. DASK has an important role in the purchase and sale of real estate because it is a mandatory type of insurance for housing. It is important to pay attention to whether the purchased or sold houses are covered by the DASK.
Voluntary earthquake insurance
Voluntary earthquake insurance is a type of insurance that is not mandatory. This type of insurance is offered in a more comprehensive way, unlike DASK. Voluntary earthquake insurance aims to cover the damages of buildings and objects that may occur due to earthquakes. Voluntary earthquake insurance can be purchased by residential owners or business owners. This type of insurance is an important factor in the purchase and sale of real estate, because the voluntary earthquake insurance of a real estate to be bought or sold provides security against the possible earthquake risk.
Within the scope of voluntary earthquake insurance, it is possible to protect buildings and goods, as well as businesses against the risk of earthquakes. This type of insurance offers a more comprehensive insurance, unlike DASK, and includes different types of coverage. Voluntary earthquake insurance is offered by insurance companies and can be purchased individually.
Other types of insurance
Apart from earthquake insurance, there are also other types of insurance that should be taken into account when buying and selling real estate. These types of insurance may vary depending on the location of the real estate, the purpose of use and other factors. Some important types of insurance are:
-Housing Insurance: It is the insurance of houses against risks such as fire, flood, theft.
-Non-DASK Natural Disaster Insurances: These are the types of insurance offered to cover damages caused by natural disasters such as storms, floods, landslides, except for earthquakes.
-Rent Loss Insurance: It is a type of insurance that covers the loss of rental income if the tenant does not pay the rent.
Earthquake insurance in contracts
In the purchase and sale of real estate, information about earthquake insurance should be included in the contracts to determine whether the real estate has earthquake insurance. Therefore, in the contracts concluded between the buyer and the seller, it should be clearly stated which types of insurance the real estate has, including Dec or voluntary earthquake insurance. This information is important in terms of determining the rights and responsibilities of the parties in the purchase and sale of real estate.
Earthquake insurance is an important factor in the purchase and sale of real estate. Which types of insurance immovables have, including DASK or voluntary earthquake insurance, can determine how safe the immovable property is against earthquake risk. Therefore, during the purchase and sale of real estate, it is important to have information about the earthquake insurance of real estate. In addition, buyers must conduct an examination of the earthquake insurance of the real estate, while sellers must clearly declare the status of this insurance. Buyers should be careful about this, as they will have to assume the risk if the property does not have earthquake insurance. In addition, voluntary earthquake insurance may also be preferred in the purchase and sale of real estate. This type of insurance offers a more comprehensive protection according to DASK and provides a higher level of assurance against the risk of earthquakes.
In addition to earthquake insurance, other types of insurance are also of great importance in the purchase and sale of real estate. Housing insurance provides protection against risks such as fire, flood, theft. Non-DASK natural disaster insurances cover damages caused by natural disasters other than earthquakes. Rent loss insurance, on the other hand, covers the loss of rental income in case the tenant does not pay the rent.
The existence and status of insurances in the purchase and sale of real estate is an important factor affecting the value of real estate. Therefore, the insurance status of real estate should be accurately determined and clearly declared. Buyers should investigate the status of the insurance of the real estate and, if necessary, should also make a claim for additional types of insurance October. Sellers, on the other hand, are obliged to accurately declare the insurance status of the real estate.
As a result, earthquake insurance and other types of insurance in real estate buying and selling are important for the security and value of real estate. Information about the earthquake insurance of real estate helps buyers and sellers to determine their rights and responsibilities. Therefore, during the purchase and sale of real estate, it is important to have information about the insurance status of the real estate and to declare this information correctly.