With the Compulsory Earthquake Insurance, financial damages to the insured building caused by fire, explosion, tsunami and landslide that may occur during or as a result of an earthquake are covered by the Turkish Catastrophe Insurance Pool (TCIP) up to the insurance amount. Moreover, even if your building is completely or partially damaged, it is under coverage. Compulsory Earthquake Insurance, or more commonly known as TCIP, is a compulsory insurance type that came to the fore as Turkey’s location is on the earthquake zone and there were major losses due to it.
In accordance with the Catastrophe Insurance Law No. 6305;
- Independent sections within the scope of the Property Ownership Law No. 634,
- Buildings constructed as residences on immovable registered in the title deed and subject to private ownership, and independent sections within these buildings used for commercial, office and similar purposes.
- Houses built by the government or with a loan given due to natural disasters are subject to Compulsory Earthquake Insurance.
In the determination of the Compulsory Earthquake Insurance cost, the square meter price determined in the "Compulsory Earthquake Insurance Tariff and Instruction" published by the Insurance and Private Pension Regulation and Supervision Agency for the construction style of the insured dwelling is multiplied by the gross surface area (or approximate surface area) of the same dwelling. In any case, the insurance cost of a house with Compulsory Earthquake Insurance cannot exceed the maximum coverage amount determined in the "Compulsory Earthquake Insurance Tariff and Instruction".
In accordance with the Regulation on the Working Principles of the Turkish Catastrophe Insurance Pool, the existence and validity of the Compulsory Earthquake Insurance is controlled by the relevant institutions in the title deed transactions, water and electricity subscription transactions and mortgage transactions regarding the buildings and its independent sections that are within the scope of Compulsory Earthquake insurance.
* As an insurance agent of Allianz Sigorta A.Ş., Mandatory Earthquake Insurance offered by HSBC Bank A.Ş. is issued in the name and account of the Turkish Catastrophe Insurance Pool (TCIP).